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Hailing the 1991 'Liberalisation budget', which was delivered on July 24 in 1991, Congress President Mallikarjun Kharge on Thursday called for "robust second-generation economic reforms," alleging that the current "disastrous policies" of the BJP government lack both vision and action.
Comparing the current economic policies of the government in the 1991 Liberalisation period, Kharge said that a series of economic reforms executed under former PM Narshimha Rao and the then former Finance Minister Manmohan Singh strengthened the middle class of the country. "Under the guidance of PM PV Narasimha Rao and the then Finance Minister, Dr. Manmohan Singh, India embarked on a transformative journey with a series of economic reforms that played a pivotal role in shaping the middle class for generations to come. The Congress party takes immense pride in its economic liberalisation policies, a landmark achievement that significantly spurred India's inclusive growth and helped lift crores out of poverty," Kharge wrote on X. "Today, we once again face an urgent need for impactful, robust second-generation economic reforms," he added. Kharge asserted that inequality in society has widened under the Modi government, while the economy is witnessing stagnant growth. "Our economy is reeling at a sub-par growth rate, inequality has widened, wage growth has miserably stagnated, household savings are getting depleted, youth do not have jobs, middle class and poor are being robbed to help cronies, and we are facing a trade war, which would hurt both our agriculture and manufacturing sectors. Thanks to the disastrous economic policies of the Modi Govt, which lacks both vision and action," the Congress president posted on X. The Congress president's remarks come today as the then Union Finance Minister Manmohan Singh had given the 1991 Budget speech on July 24, marking the series of policies for enabling the liberalisation of the economy. Former PM Rao, along with Finance Minister Manmohan Singh, initiated the LPG reforms (Liberalisation, Privatisation, and Globalisation) that were introduced as a cornerstone of India's economic strategy to overcome the crisis and promote sustainable growth. (ANI)
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