The Budget that changed our lives
Business Today

The Budget that changed our lives

Manmohan Singh's  game-changing budget in 1991 ended the licence raj. A look at how have things changed in the last 27 years
1991 was the year when Dr Manmohan Singh opened up the economy by bringing some radical reforms
Quick facts
  • 1991: External debt was pegged at 23% of GDP
  • 2017: External debt stood at 20.2% of GDP in March 2017
  • 1991: Fiscal deficit was at 8% of GDP
  • 2016: Fiscal deficit was at 3.5% of GDP
  • 1991: Foreign Exchange Reserves were Rs 2500 cr
  • 2017: Foreign Exchange Reserves were Rs 26 lakh cr


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