1991: How P. V. Narasimha Rao Made History

by Sanjaya Baru

It is significant, and relevant to our argument about PV’s centrality to the reform process, that as prime minister he not only retained the industries portfolio but also kept the Ministry of Civil Supplies and Public Distribution under his charge. The now famous national rural employment guarantee programme (NREGA) had its initial launch during PV’s tenure as prime minister.

The economic crisis of 1991 was as much a consequence of bad economic management of the preceding half decade during the tenures of Rajiv Gandhi

While Nehruvians defined this combination of socialism and capitalism as a ‘mixed economy’, Marxist critics dubbed it ‘state capitalism’ and free market critics labelled it ‘bureaucratic socialism’.

The meteoric rise plummeted to virtual zero some time in 1987—at about mid-term. Thereafter the hero of young India became almost a source of derisive entertainment to kids in a million homes.

Singh’s bottom line was his concern for his personal reputation. Each time he was charged with sleeping at the wheel he would threaten to quit. PV had a difficult time handling