Focus: Facts for prelims
Why in News?
The Prime Minister has paid tribute to former Prime Minister, Shri PV Narasimha Rao Ji on his birth anniversary.
PV Narasimha Rao
- PV Narasimha Rao, born on 28th June 1921, was a prominent figure in Indian politics and served as the Prime Minister of India from 1991 to 1996. Here are some key details and highlights of his life and tenure:
Early Life and Background:
- PV Narasimha Rao was born in the erstwhile Nizam’s Hyderabad state, now in Telangana, India.
- He hailed from a farmer’s family in Lanepalli, Warangal District, Telangana.
Contributions to Rural Development:
- PV Narasimha Rao was known for his initiatives to bring development and welfare to rural areas.
- He focused on sectors such as clean water, women and children’s development, primary healthcare, primary education, empowerment of artisans, animal husbandry, poultry, small industries, khadi and village industries, textiles, and more.
- His efforts aimed at inclusive growth and upliftment of rural economies.
Tenure as Prime Minister:
- PV Narasimha Rao’s tenure witnessed significant economic reforms and policy changes.
- He played a key role in dismantling the restrictions of the license raj, reducing red tape, and promoting economic liberalization.
- The economic liberalization policies introduced during his tenure aimed at making the Indian economy more market-oriented, encouraging private and foreign investment, and increasing competitiveness.
- The GDP growth rate during his tenure hovered around 7-7.5%.
- He increased the allocation of funds for rural development schemes to Rs. 30,000 crores in the 8th Five Year Plan, up from Rs. 7,000 crores in the previous plan.
- Under his leadership, foreign exchange reserves increased significantly, from Rs. 3,000 crores in 1991 to 15 times that amount by 1996.
Other Notable Achievements:
- PV Narasimha Rao published ‘SahasraPhan,’ a Hindi translation of the famous Telugu novel ‘Veyi Padagalu.’
- He played a role in establishing diplomatic relations with Israel.
- He initiated the Look East Policy, which aimed to strengthen India’s ties with countries in East and Southeast Asia.
- He worked towards improving India’s relations with the United States, reversing decades of strained relations and bringing the two countries closer.
- The 73rd and 74th Constitutional Amendments Act, empowering local bodies and promoting decentralization, were enacted during his tenure.
