3. Economic reforms (1991) In 1991, when the Chandrashekhar government had to keep India's gold stocks as pawns to pay for oil imports, India decided to go in for economic reforms under the leadership of the then Prime Minister P V Narasimha Rao and Finance Minister Dr Manmohan Singh.
License permit raj was dismantled, economic liberalization swept through Indian economy, doors were opened for foreign direct investments, and India took its first steps towards becoming a major emerging power on the international scene.
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