P. V. Narasimha Rao

Through the Years

Despite being a trained lawyer educated at Fergusson College, Pune, Rao was a self-described ‘quiet politician’ who rarely sought the limelight until becoming Prime Minister in 1991.

Rao's 1991 government was a minority one, formed with external support after Congress won 244 seats, a precarious position that made his economic reforms all the more daring.

In 1994, Rao became one of the few Indian Prime Ministers to address a joint session of the U.S. Congress, highlighting India’s emerging global economic role.

Rao’s 1991 economic liberalisation policies ended decades of license raj and state-controlled commerce, opening India to foreign direct investment and global trade. These reforms laid the foundation for India’s rapid economic growth in subsequent decades and influenced policy frameworks in institutions like the Reserve Bank of India and the Ministry of Commerce. His tenure marked a decisive shift from socialist economic models to market-driven reforms that continue to shape India’s economic policies.