PV Narasimha Rao, one of India’s most capable Prime Ministers (1991–1996), was one of the first non-Nehru Prime Ministers to complete a full term. His tenure represented India’s transition to the post-Cold War world. At the same time, his government implemented ambitious economic reforms, liberalising the economy to accommodate globalisation.
Within two months of taking power, his administration, along with Dr. Manmohan Singh, depreciated the rupee by 23%, delicensed most sectors, and liberalised the Indian economy for foreign investment.
This approach drew significant foreign direct investment (FDI), transforming India into a “giant market.” Furthermore, under Rao’s leadership, India enhanced its relations with the United States and the West, culminating in the establishment of the US-India Commercial Alliance (USICA) in 1995.
Rao’s government also worked to improve relations with neighbours, making treaties with China and Nepal. Participating in regional trade agreements such as the South Asian Preference Trade Agreement (SAPTA). Rao’s administration also implemented India’s “Look East” policy, which turned the country’s attention to Southeast Asia, a region that had previously been overlooked during the Cold War.
Furthermore, Rao prioritised security programmes such as the ballistic missile technology development, which demonstrated India’s technological strengths while strengthening its external security. Despite significant disagreements with the United States over the missile programme, economic considerations contributed to the overall stability of bilateral relations.
Overall, the Narasimha Rao government is recognised with transforming India’s foreign policy through economic diplomacy, strategic initiatives, and active participation in the global community.
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E. (2024, February 10). Contributions of Former Prime Minister PV Narasimha Rao – BugNews. BugNews. https://bugnews.in/contributions-of-former-prime-minister-pv-narasimha-rao/