The Father Of Economics In India

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Sajan Walia April 18, 2020

BitXmi.Com

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P.V. Narasimha Rao Biography

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  • P.V. Narasimha Rao is known as the father of economic reforms in India. He made beneficial changes in economic reforms. His full name was Pamulaparthi Venkata Narasimha Rao. He was born on 28th June 1921 in Narsampet, Warangal, Telangana. And was a lawyer and a politician. P. V. Narasimha Rao was the ninth Prime Minister of India. Almost for Six years from 1991 to 1996, he served as the ninth Prime Minister of India. Also, under the leadership of P. V. Narasimha Rao, India saw a tremendous change in the area of economies and national security. In the history of Indian politics, P. V. Narasimha Rao, as a Prime Mister marked a milestone as he was from the first non-Hindi speaking region. He made a significant contribution to making the economy as a global economic superpower.

P.V. Narasimha Rao’s Early Life

  • P.V. Narasimha Rao was born in a Telugu speaking family in a small village near Karimnagar. He was from a farming background family. His father, Pamulaparthi Sitarama Rao, and mother, Pamulaparthi Rukmini, died when P. V. Narasimha Rao was small. He then completed his education in Kathkuru village while staying with his relatives and later studied at Fergusson College in Pune. He then pursued his bachelor’s degree from an Osmania University in Hyderabad. P.V. Narasimha Rao also completed his master’s degree in Law from Hislop College in Nagpur. P. V. Narasimha Rao was a knowledgeable person, and he has complete knowledge of the law and economics. P.V. Narasimha Rao was also comfortable in many languages like Oriya, Hindi, English, Gujarati, Tamil, Kannada, Urdu, Sanskrit, Bengali, and Marathi.
  • P. V. Narasimha Rao was not only comfortable with Indian regional languages, but also he is comfortable with the languages of other countries like Spanish, German, French, Arabic, and Persian. P.V. Narasimha Rao was a very humble man and also contributed to the freedom struggle for India’s Independence. He was a member of the Indian National Congress and was the best leader of the country. He died in the year 2004 through a heart attack in Delhi AIIMs.

P.V. Narasimha Rao’s Family And Personal Life

  • P.V. Narasimha Rao was the son of Pamulaparthi Sitarama Rao, and his mother’s name was Pamulaparthi Rukmini. He was born in an agrarian family and was from extremely humble social origins. He got married to Satyamma Rao, and during his married life, he had eight children. In the year 1970, his wife, Satyamma Rao, passes away. P.V. Narasimha Rao’s elder son was the member of the legislative assembly, the constituency of Hanamakonda, and was also the minister of education in the cabinet of Kotla Vijaya Bhaskara Reddy. During his lifetime, he deeply intertwined with both his books and in the fight for Independence of India.

Political Journey of P.V. Narasimha Rao

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Image Source: INC

  • P.V. Narasimha Rao counted among one of the honest politicians with strong opinions against the dynastic politics in Congress. Even before becoming a member of the Indian congress party, he becomes one of the prominent members of the Vande Mataram Movement in the 1930’s. He frequently arrested due to his miscellaneous political mobilizations that are related to the freedom movement. P.V. Narasimha Rao officially becomes a member of the Indian National Congress after Indian gained Independence. From the year 1971 to 1973, he took the responsibilities of the Chief Minister of the erstwhile Andhra Pradesh. For the lower castes, he implemented a revolutionary land-reform policy.
  • P. V. Narasimha Rao was also known as the distinguished scholar-intellectual. In May 1991, he was chosen as a leader of the congress party after Rajiv Gandhi’s assassination. Jawaharlal Nehru left the quasi-socialist structure, and then it was P. V. Narasimha Rao, who immediately began his efforts to restructure the Indian economy by converting the quasi-socialist. He made more improvements in the quasi-market structure into the free market system. Hindu fundamentalism becomes a significant force in national politics during the tenure of P. V. Narasimha Rao. In September, P.V. Narasimha Rao was charged with corruption and bribery in the alleged vote-buying scheme, so he resigned as party chief.

P.V. Narasimha Rao contribution in Indian Economics

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  • P.V. Narasimha Rao was mostly recognized for the economic reforms that took place under his tenure of being Prime Minister. During P.V. Narasimha Rao’s tenure, he played a crucial role in liberalizing the country’s economy, along with Dr. Manmohan Singh, the appointed minister of Finance. The new reforms and the improvement of the older economic system led to tremendous change and encouragement to formulate the New Economic Policy of 1991. Because of the new reform, it becomes a great encouragement for the Foreign Direct Investment, reforming the capital market, deregulating local business. It also helped in transforming the existing trade regime of the country. Many economic strategies were executed by P. V. Narasimha Rao; some of them are like:
  1. Introduction of SEBI Act of 1992 and the securities laws.
  2. Abolishing the Controller of the Capital Issues 1992.
  3. In 1992 opening up of Indian’s equity market to investment by foreign institutional investors.
  4. Encouraging foreign direct investment.
  5. FDI approval procedure.
  6. Reducing the rate of tariffs.
  7. In the year 1994, start National stock exchange as a computer-based trading system.

These strategies made great and effective changes in the Indian economy.

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