Manmohan Singh’s Budget revolutionised how India looks at economy: Congress

New Delhi: The Congress said on Wednesday that former Prime Minister Manmohan Singh’s Budget in the 1990s revolutionised the country’s outlook towards its economy.

“Manmohan Singh’s Budget revolutionised how India and the government looked at the economy,” Congress spokesperson Pawan Khera said in a short video posted X remembering the 33rd anniversary of Manmohan Singh’s Budget on July 24, 1991.

“'No power on earth can stop an idea whose time has come’. These historic words of Victor Hugo were quoted by Manmohan Singh on July 24, 1991, while presenting his first Budget. Today marks the 33rd anniversary of that landmark budget,” the Congress spokesperson said.

He also said that Manmohan Singh as the Finance Minister presented a ‘historic’ Budget 33 years back.

“We were going through a balance of payment crisis wherein our foreign reserves could have catered for our needs only for two weeks,” he said.

The process of economic reforms by Manmohan Singh crystalised reforms through various policy announcements and radical decisions wherein the industrial policy was completely radicalised barring for 18 sectors, Khera said.

“The Licence Raj was abolished in all industries. Import tariffs were reduced, export subsidies were done away with, FERA was amended, and a lot of measures were taken to attract FDI to ensure that new investment comes in and creates job opportunities for our youth,” the Congress spokesperson said.

He also said the middle class has been completely ignored in the Budgets presented by the NDA government.

“The current NDA government has given nothing to the middle class,” Khera said.

He also said that economic reforms had basically started to take place in the 1980s when the country was led by Prime Minister Rajiv Gandhi.

“We are now reaping the benefits of the reforms which began in the 1980s,” Khera said.

He also said that the '80s was a revolutionary era in which Rajiv Gandhi, who had a vision, launched several missions to take the country forward into the 21st century.

On Tuesday, the Union government presented the annual Budget for 2024-25, which has been severely criticised by the opposition, primarily led by the Congress.