Editing V. P. Singh (section)

=== Minister of Finance (1984–1987) ===
He was called to New Delhi following [[Rajiv Gandhi|Rajiv Gandhi's]] mandate in the [[1984 Indian general election|1984 general election]]. Singh was appointed to the post of [[Minister of Finance (India)|Finance Minister]] in the [[Tenth cabinet of India 1984|tenth Cabinet of India]], where he oversaw the gradual relaxation of the [[License Raj]] (governmental regulation) as Gandhi had in mind.<ref>{{Cite web|last=Singh|first=Hemant|date=2020-06-03|title=List of Finance Ministers of India|url=https://www.jagranjosh.com/general-knowledge/list-of-finance-ministers-of-india-1473760031-1|access-date=2020-10-29|website=Jagranjosh.com}}</ref> During his term as Finance Minister, he oversaw the reduction of gold smuggling by reducing gold taxes and giving the police a portion of the confiscated gold.<ref>{{Cite web|date=2019-01-14|title=Finance Ministers who shaped India's economy – Pillars of Indian economy|url=https://economictimes.Indiatimes.com/news/economy/finance-ministers-who-shaped-indias-economy/pranab-mukherjee-1982-1984/slideshow/67522259.cms|access-date=2020-10-29|website=[[The Economic Times]]}}</ref> He also gave extraordinary powers to the [[Enforcement Directorate]] of the Finance Ministry, the wing of the ministry charged with tracking down tax evaders, then headed by Bhure Lal. Singh's efforts to reduce government regulation of business and to prosecute tax fraud attracted widespread praise.<ref>{{Cite book|url=https://books.google.com/books?id=5y8mAAAAMAAJ&q=Parliamentary+debates|title=Parliamentary Debates|date=1985|publisher=Lok Sabha Secretariat|pages=[https://books.google.com/books?id=Kk1PAQAAMAAJ&dq=Vp+Singh+as+Minister+of+Commerce&pg=RA1-PA105 105]|language=en}}</ref>

Following a number of high-profile raids on suspected evaders&nbsp;{{ndash}} including [[Dhirubhai Ambani]] and [[Amitabh Bachchan]]&nbsp;– Gandhi was forced to sack him as Finance Minister, possibly because many of the raids were conducted on industrialists who had supported the Congress financially in the past.<ref>In May 1985, Singh suddenly removed the import of [[Terephthalic acid|Purified Terephthalic Acid]] (PTA) from the Open General License category. As a raw material, this was very important to manufacture polyester filament yarn. This made it very difficult for Reliance Industries under [[Dhirubhai Ambani]] to carry on operations. Reliance was able to secure, from various financial institutions, letters of credit that would allow it to import almost one full year’s requirement of PTA on the eve of the issuance of the government notification changing the category under which PTA could be imported.</ref> However, Singh's popularity was at such a pitch that only a sideways move seemed to have been possible, to the Defence Ministry (in January 1987).<ref>[https://www.nytimes.com/1987/03/02/business/in-india-economic-gains-and-new-perils.html?scp=182&sq=%22v%20p%20singh%22&st=cse In India, economic gains and new perils]. ''The New York Times''. (2 March 1987). Retrieved 14 September 2011.</ref> Then he succeeded his position to [[Rajiv Gandhi]].<ref>{{Cite web|title=India – V.P. Singh's coalition—its brief rise and fall|url=https://www.britannica.com/place/India|url-status=bot: unknown|archive-url=https://web.archive.org/web/20201030103945/https://www.britannica.com/place/India|archive-date=30 October 2020|access-date=2020-10-29|website=Encyclopedia Britannica|language=en}}</ref>