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Business News/ Photos / In Pics: The 9 architects of India’s liberalization

In Pics: The 9 architects of India’s liberalization

Led by Manmohan Singh, these nine men put India on the path of economic glasnost

P.V. NARASIMHA RAO: Often touted as the chief architect of Indian economic reforms, Rao headed a minority government in India and yet was able to push through domestic and external economic liberalization during his five years in office. HT

1/9P.V. NARASIMHA RAO: Often touted as the chief architect of Indian economic reforms, Rao headed a minority government in India and yet was able to push through domestic and external economic liberalization during his five years in office. HT

MANMOHAN SINGH: Hand-picked as finance minister by Rao, Singh presented the historic July 1991 Union budget that ushered in economic reforms and the opening up of the Indian economy.

2/9MANMOHAN SINGH: Hand-picked as finance minister by Rao, Singh presented the historic July 1991 Union budget that ushered in economic reforms and the opening up of the Indian economy.

MONTEK SINGH AHLUWALIA: As commerce secretary and later finance secretary, Ahluwalia carried out some of the most important economic reforms such as broadbanding of licences and deregulation. Priyanka Parashar/Mint

3/9MONTEK SINGH AHLUWALIA: As commerce secretary and later finance secretary, Ahluwalia carried out some of the most important economic reforms such as broadbanding of licences and deregulation. Priyanka Parashar/Mint

NARAYANAN VAGHUL:  The Vaghul Committee in 1987 recommended a phased decontrol and development of money markets and the gradual integration of these markets with other key short-term markets such as the treasury bills market. Sai Sen/Mint

4/9NARAYANAN VAGHUL: The Vaghul Committee in 1987 recommended a phased decontrol and development of money markets and the gradual integration of these markets with other key short-term markets such as the treasury bills market. Sai Sen/Mint

RAJA CHELLIAH: Considered the father of India’s tax reforms, Chelliah (right) headed the tax reforms committee set up in 1991. The committee’s recommendations included lowering of tax rates and making the tax regime more competitive. HT

5/9RAJA CHELLIAH: Considered the father of India’s tax reforms, Chelliah (right) headed the tax reforms committee set up in 1991. The committee’s recommendations included lowering of tax rates and making the tax regime more competitive. HT

SHANKAR ACHARYA: As the chief economic adviser in the finance ministry from 1993 to 2000, Acharya played a key role in the implementation of economic reforms initiated by the Rao government. Priyanka Parashar/Mint

6/9SHANKAR ACHARYA: As the chief economic adviser in the finance ministry from 1993 to 2000, Acharya played a key role in the implementation of economic reforms initiated by the Rao government. Priyanka Parashar/Mint

ASHOK DESAI: Desai knew Singh since they were together at Cambridge in the 1950s. As chief consultant, he reversed old socialist polices to tame sloth in the bureaucracy and demolish the expected opposition to reforms from within.

7/9ASHOK DESAI: Desai knew Singh since they were together at Cambridge in the 1950s. As chief consultant, he reversed old socialist polices to tame sloth in the bureaucracy and demolish the expected opposition to reforms from within.

CHAKRAVARTHI RANGARAJAN: He was responsible for drafting the report that became the foundation for introducing exchange rate policy reforms. Later, he went on to head the Reserve Bank of India. Ramesh Pathania/Mint

8/9CHAKRAVARTHI RANGARAJAN: He was responsible for drafting the report that became the foundation for introducing exchange rate policy reforms. Later, he went on to head the Reserve Bank of India. Ramesh Pathania/Mint

P. CHIDAMBARAM: Much before he presented the “dream budget” in 1997, Chidambaram as the commerce and industry minister in Rao’s cabinet abolished quantitative restrictions on imports and replaced the Chief Controller of Imports and Exports with the Directorate General of Foreign Trade.

9/9P. CHIDAMBARAM: Much before he presented the “dream budget” in 1997, Chidambaram as the commerce and industry minister in Rao’s cabinet abolished quantitative restrictions on imports and replaced the Chief Controller of Imports and Exports with the Directorate General of Foreign Trade.

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