When India was on the verge of exhaustion of its foreign reserves in June 1991, which might have lasted only 3 weeks and international financing organizations like the world bank and IMF stopped assistance, India was facing the worst financial crisis in its recorded history due to the wide gap between imports and exports resulting in fiscal imbalances a 60-year-old was sworn in as the Prime Minister of India and he put India's gold reserves as collateral and got a loan of $2.2 B from the world bank. He happens to be P.V.Narsimha Rao who previously worked as India's foreign affairs, Defence, and Industries minister. He is also regarded as " The father of Indian Economic Reforms". Later, starting in July 1991 major economic reforms were formulated under Mr. Rao's leadership. He appointed Manmohan Singh who went on to become Prime minister as his finance minister. Major reforms undertaken by them are: - They liberalized the Indian economy and opened up India
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