Modi hails Rao’s visionary economic leadership

New Delhi

Prime Minister Narendra Modi on Saturday paid rich tributes to former Prime Minister P.V. Narasimha Rao on his birth anniversary, calling him a visionary leader who guided India through a critical phase in its development journey.

Taking to social media platform X, PM Modi lauded Rao for his “effective leadership” and said the nation remained grateful to him for his role during a transformative era. “His intellect, wisdom and scholarly nature are widely admired,” Modi added.

Rao, who served as Prime Minister from 1991 to 1996, is credited with initiating landmark economic reforms that liberalised the Indian economy. His tenure began at a time when India faced a severe balance of payments crisis. Under his leadership, and with Dr. Manmohan Singh as Finance Minister, the government dismantled many aspects of the Licence Raj and opened the economy to global markets. These measures not only helped India recover from the economic crisis but also laid the foundation for sustained economic growth over the next several decades.

In recognition of his contributions, the Modi government posthumously awarded P.V. Narasimha Rao the Bharat Ratna, the country’s highest civilian honour, in 2024. Rao’s legacy continues to be a subject of political reflection and academic study, with many considering his leadership a defining chapter in India’s modern economic history. The Prime Minister’s tribute has been seen as a significant gesture across political lines, acknowledging Rao’s contributions beyond party boundaries.