Remember the budget that ended licence raj?

July 10, 2014 11:13

As finance minister Arun Jaitley reads out his budget, here's a look back at the budget in 1991, which was delivered by Manmohan Singh as finance minister (and guided by the prime minister, Narasimha Rao). It was the moment that the "Licence Raj" began to be dismantled, enabling much more rapid economic growth in India in the subsequent two decades, and dramatic reductions in poverty.

In 2014, following the decisive election of Narendra Modi as prime minister, expectations grew that India would again see liberalising economic reforms.

The Economist's 1991 report on the budget. Read

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