Manmohan Singh

Singh's 1991 budget as India's finance minister formed part of a wider programme opening trade, investment and industry during a balance-of-payments crisis. His contribution included reducing protection and presenting a case for greater competition, with Prime Minister Narasimha Rao supplying political backing. The useful comparison is between changing incentives and guaranteeing results: lower barriers created opportunities but did not by themselves resolve infrastructure constraints, unequal access or poverty.