Editing Manmohan Singh (section)

==== Economic policy ====
In 1991, Singh, as Finance Minister, abolished the [[Licence Raj]], source of slow economic growth and [[Corruption in India|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 his finance minister, [[P. Chidambaram]], presided over a period where the Indian economy grew with an 8–9% economic growth rate. In 2007, India achieved its highest GDP growth rate of 9% and became the second [[List of countries by real GDP growth rate|fastest growing major economy]] in the world.<ref>{{cite web |url=https://www.cia.gov/the-world-factbook/countries/india/ |title=CIA – The World Factbook |publisher=Cia.gov |access-date=15 February 2011 |archive-date=18 March 2021 |archive-url=https://web.archive.org/web/20210318202107/https://www.cia.gov/the-world-factbook/countries/india |url-status=live }}</ref><ref name="astaire">{{cite web|url=http://www.ukibc.com/ukindia2/files/India60.pdf |title=The India Report |publisher=Astaire Research |url-status=dead |archive-url=https://web.archive.org/web/20090114195859/http://www.ukibc.com/ukindia2/files/India60.pdf |archive-date=14 January 2009 }}</ref> Singh's ministry enacted a [[National Rural Employment Guarantee Act, 2005|National Employment Guarantee Act]] (MGNREGA) in 2005.<ref>{{cite web|url=https://haryanarural.gov.in/mahatma-gandhi-national-rural-employment-guarantee-scheme-mgnregs/#:~:text=The%20Government%20of%20India%20passed,to%20do%20unskilled%20manual%20work.|title=MAHATMA GANDHI NATIONAL RURAL EMPLOYMENT GUARANTEE SCHEME (MGNREGS)|publisher=HaryanaRural.gov|accessdate=26 December 2024|archive-date=26 December 2024|archive-url=https://web.archive.org/web/20241226214300/https://haryanarural.gov.in/mahatma-gandhi-national-rural-employment-guarantee-scheme-mgnregs/#:~:text=The%20Government%20of%20India%20passed,to%20do%20unskilled%20manual%20work.|url-status=live}}</ref>

Singh's government continued the [[Golden Quadrilateral]] and the highway modernisation program that was initiated by [[Atal Bihari Vajpayee|Vajpayee]]'s government.<ref>{{cite web|title=Economic benefits of golden Quadilateral|date=4 May 2013|url=http://businesstoday.intoday.in/story/economic-benefits-of-the-golden-quadrilateral-project/1/194321.html|publisher=Business today|access-date=14 June 2013|archive-date=7 June 2013|archive-url=https://web.archive.org/web/20130607070517/http://businesstoday.intoday.in/story/economic-benefits-of-the-golden-quadrilateral-project/1/194321.html|url-status=live}}</ref> Singh also worked on reforming the banking and financial sectors, as well as public sector companies.<ref>{{cite news|title=Banking on reform|url=http://www.indianexpress.com/news/banking-on-reform/1059372/|access-date=14 June 2013|newspaper=Indian Express|archive-date=27 July 2013|archive-url=https://web.archive.org/web/20130727111620/http://www.indianexpress.com/news/banking-on-reform/1059372|url-status=live}}</ref> The Finance ministry worked towards relieving farmers of their debt and worked towards pro-industry policies.<ref>{{cite web|title=Farmer Waiver Scheme- PM statement|url=http://pib.nic.in/newsite/erelease.aspx?relid=39122|publisher=PIB|access-date=14 June 2013|archive-date=7 January 2016|archive-url=https://web.archive.org/web/20160107072045/http://pib.nic.in/newsite/erelease.aspx?relid=39122|url-status=live}}</ref> In 2005, Singh's government introduced the [[value added tax]], replacing [[sales tax]]. In 2007 and early 2008, the [[Great Recession]] impacted India.<ref>{{Cite web |date=17 November 2008 |title=JPMorgan cuts India growth forecast, sees rate cuts |url=http://in.reuters.com/article/businessNews/idINIndia-36541420081117 |archive-url=https://web.archive.org/web/20081216072137/http://in.reuters.com/article/businessNews/idINIndia-36541420081117 |archive-date=16 December 2008 |website=[[Reuters]]}}</ref><ref>{{cite news|title=Global inflation climbs to historic levels|url=https://www.nytimes.com/2008/02/12/business/worldbusiness/12iht-inflate.1.9963291.html|newspaper=The New York Times|author=Kevin Plumberg|author2=Steven C. Johnson|access-date=17 June 2011|date=2 November 2008|archive-date=1 May 2011|archive-url=https://web.archive.org/web/20110501111029/http://www.nytimes.com/2008/02/12/business/worldbusiness/12iht-inflate.1.9963291.html|url-status=live}}</ref>