The economic liberalisation of 1991, initiated by then Indian prime minister P. V. Narasimha Rao and his finance minister Manmohan Singh, did away with investment, industrial and import licensing and ended many public monopolies, allowing automatic approval of foreign direct investment in many sectors [REF].
The effect of these reforms have been positive, and since 1990, India has had high growth rates, and has emerged as one of the wealthiest economies in the developing world.