Focus: Facts for prelims
Why in News?
The Prime Minister has paid tribute to former Prime Minister, Shri PV Narasimha Rao Ji on his 101th birth anniversary.
About PV Narasimha Rao:
- PV Narasimha Rao was born on 28th June 1921 in erstwhile Nizam’s Hyderabad state.
- He was a freedom fighter, academician, and literary figure.
- His term as the Prime Minister of India was 1991-1996.
- He was born to a farmer’s family in Lanepalli (Telangana’s Warangal District.)
- He was a pioneer of all rural economies and rural welfare.
- The sectors where he made initiatives to bring development are (but not limited to):
- Clean Water
- Development of Women and Children in Rural Areas
- Primary health care
- Primary Education sector
- Empowerment of Artisans
- Animal Husbandry and Poultry
- Small Industries
- Khadi and Village Industries
- Textiles, etc.
- He is also called as the pioneer of inclusive growth.
During his Tenure:
- The fund to implement schemes for rural development was increased to Rs.30000 crores in the 8th Five Year Plan, from Rs. 7000 crore in Seventh Five Year Plan.
- The foreign exchange had increased 15 fold in 1996. It was Rs. 3000 crores in 1991.
- With his economic reforms, the GDP hovered around 7-7.5 percent.
- He published ‘SahasraPhan’, a Hindi translation of the famous Telugu Novel ‘Veyi Padagalu’.
- He sought to dismantle the restrictions imposed under the license raj, reduce red tape and make Indian industries more competitive.
- He is known for bringing the policy of economic liberalisation in India.
- The economic liberalisation in India is referred to the liberalisation of the country’s economic policies.
- It was initiated in 1991 with the goal of making the economy more market- and service-oriented, and expanding the role of private and foreign investment.
- In terms of foreign policy, he established diplomatic relations with Israel.
- The Look East Policy of India was also initiated during his tenure.
- He is also known for reversing decades of unfriendly relations between India and the United States by bringing them together.
- The 73rd and 74th Constitutional Amendments Act empowering local bodies were enacted during his tenure.