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PV Narasimha Rao’s 1991 economic reforms transformed India into a market-oriented economy.
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Ratan Tata praised Rao’s vision and leadership in putting India on the global map.
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Rao was posthumously awarded the Bharat Ratna in 2024 for his contributions.
Ratan Tata, former Chairman of Tata Group, expressed heartfelt gratitude to PV Narasimha Rao, India’s former Prime Minister, for his pivotal role in shaping the country’s economic landscape. In a 1996 letter, Tata acknowledged Rao’s courageous and far-sighted economic reforms, which opened up India to the world.
The 1991 reforms, led by Rao and Finance Minister Dr. Manmohan Singh, abolished industrial licensing, reduced public sector monopoly, and simplified business rules. This transformation helped India recover from a severe economic crisis and propelled its growth. Rao’s vision has had a lasting impact on India’s economy.
Rao’s legacy was recognized with the Bharat Ratna, India’s highest civilian honor, in 2024. Ratan Tata’s own business achievements, including strategic acquisitions, have contributed significantly to India’s global presence. The letter, shared by RPG Enterprises’ Harsh Goenka, showcases Tata’s appreciation for Rao’s leadership and its enduring influence on India’s economic progress.
Beautiful writing from a beautiful person…. pic.twitter.com/AOxJPmVqNL
— Harsh Goenka (@hvgoenka) October 15, 2024
