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ECONOMIC POLICY OF MANMOHAN SINGH

In 1991, Singh as Finance Minister freed India from the Licence Raj, source of slow economic growth and corruption in the Indian economy for decades. He liberalised the Indian economy, allowing it to speed up development dramatically. During his term as Prime Minister, Singh continued to encourage growth in the Indian market, enjoying widespread success in these matters. Singh, along with the former Finance Minister, P. Chidambaram, has presided over a period where the Indian economy has grown with an 8–9% economic growth rate. In 2007, India achieved its highest GDP growth rate of 9% and became the second fastest growing major economy in the world. 


Singh's government has continued the Golden Quadrilateral and the highway modernisation program that was initiated by Vajpayee's government. Singh has also been working on reforming the banking and financial sectors, as well as public sector companies. The Finance ministry has been working towards relieving farmers of their debt and has been working towards pro-industry policies. In 2005, Singh's government introduced the value added tax, replacing sales tax. In 2007 and early 2008, the global problem of inflation impacted India.
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