Manmohan Singh Passes Away: 92 साल की उम्र में भारत के पूर्व प्रधानमंत्री और अर्थशास्त्री डॉ. मनमोहन सिंह ने आखिरी सांस ली. भारतीय राजनीति और इकनॉमिक रिफॉर्म्स में उनका योगदान हमेशा याद किया जाएगा.
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~ED.148~HT.336~GR.121~
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~ED.148~HT.336~GR.121~
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NewsTranscript
00:00If India is the 5th largest economy in the world today, then the former Prime Minister Dr. Manmohan Singh, who played the biggest role in this, was behind it.
00:09Being a finance minister, Manmohan Singh understood the serious state of the economy of the country and felt the need for time, and brought a new economic policy in 1991 in the direction of the then Prime Minister P. V. Narasimha Rao.
00:21This did not lead to major economic improvements, but showed India the way to progress.
00:25The economy slowly began to pick up speed, and economic policy means those things that the government does in the economic field.
00:32In this, the level of taxation, the government budget, the lack of funds, and the interest rate, along with the government interference in the economy, are included in many areas.
00:42By 1985, the problems of tax balance had begun in India. This happened because the government spent more, while the income was less.
00:52Apart from this, there was a lot of inequality between income and wealth.
00:57By the end of 1990, it was in a serious financial crisis, and the government was close to default.
01:02Due to this, the Central Bank refused to give new loans, and India had to face a financial crisis in 1991.
01:10This was related to foreign loans, and the government was not at all capable of repaying its loans taken from foreigners.
01:18The foreign currency market, which we have made for petroleum and other things, had fallen to a level that could not be run.
01:28Then, under the leadership of the then Prime Minister PV Narasimha Rao and the then Finance Minister Manmohan Singh,
01:34major decisions were taken on the policy of privatization, borrowing, and foreign currency in 1991.
01:43It was very important to solve the financial crisis of 1991, and to correct the weakness of the tax balance, and to take this step to bring balance to the cash flow.
01:54As a major reform, corporate tax, which was very high before, was gradually reduced, the tax flow was made simple, and rates were reduced.
02:03In 1973-74, there were 11 tax slabs, whose rates were 10-85%.
02:09Between 1990-1991 and 1991-1996, in 5 budgets, Finance Minister Manmohan Singh reduced the IT slab to 20, 30, and 40%.
02:20In the new reform, privatization was approved, which means that all public and private sectors were interfered with.
02:30And under the reform, there was a reduction in taxation in the public sector, and in addition to maintaining the cash flow,
02:37the government did better to bring balance in the government budget at that time,
02:43and Manmohan Singh played a major role in bringing India out of this financial crisis.
02:49So what is your opinion on this news?
02:51Give us your opinion in the comment box and keep watching GoodReturns for such updates.
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