1. Home
2. Education

Today in History 21 June

YB WEB DESK. Dated: 6/21/2022 3:09:53 PM

P. V. Narasimha Rao is Sworn in as the Ninth Prime Minister of India

On June 21st 1991, P.V Narsimha Rao was sworn in as the ninth Prime Minister of India. Pamulaparti Venkata Narasimha Rao, popularly known as P.V Narsimha Rao was born on June 28th 1921 in Varanga (present day Hyderabad). Born to a humble Telegu Karanam family, Rao did his Bachelor’s of Arts from Osmania University and completed his Masters in Law from Fergusson College, Pune. Rao was an active freedom fighter in his youth and later joined full time politics as a member of the Indian National Congress. Narasimha Rao also served as Chief Minister of Andhra Pradesh from 1971 to 1973 and is remembered for his land reforms. Under then Prime Minister Indira Gandhi, Rao
handled many portfolios including Home, Defence and Foreign Affairs. In 1991, Rao almost retired from politics, but it was the assassination of Congress President Rajiv Gandhi which made him return. Since the Congress had won the largest number of seats in the 1991 elections, Rao became the ninth Prime Minister of India. P.V Narsimha Rao was the first person outside of the Nehru-Gandhi family to serve as Prime Minister of India for five consecutive years. Rao’s cabinet also consisted of, for the first time, a non-political economist, Dr.Manmohan Singh, as the Finance Minister (who later went on to become Prime Minister of India). When in office, Rao put in place reforms aimed at opening up to foreign investments,
reforming capital markets, deregulating domestic business and reforming the trade regime. Rao’s government also aimed at reforming fiscal deficit, increasing investment in infrastructure and privatization of the public sector. Opening India to foreign trade meant making changes in the regulation of foreign direct investment and trade reforms being out into place. Not only would this give India a spot in the international market, but it would also help in balancing external loans. Major economic policies put in place by Rao included, abolishing the 1992 Controller of Capital Issues, which decided the prices and numbers of shares a company could issue.