Dear Columbus ,
You are correct ....
SRI .P.V.NARASIMHA RAO 's Achievements
Rao had great interest in Indian literature among 16 languages. He was very fluent in many languages including his mother tongue " Telugu, Marathi, Hindi, English, Tamil, French etc. He was able to speak 17 languages "
P.V.Narasimha Rao chose Manmohan Singh for the job. Manmohan Singh, an acclaimed economist, played a central role in implementing these reforms.
1 Time M.L.A
6 Times M.P.
Major reforms in India's capital markets led to an influx of foreign portfolio investment. The major economic policies adopted by Rao include:
• Abolishing in 1992 the Controller of Capital Issues which decided the prices and number of shares that firms could issue.
• Introducing the SEBI Act of 1992 and the Security Laws (Amendment) which gave SEBI the legal authority to register and regulate all security market intermediaries.
• Opening up in 1992 of India's equity markets to investment by foreign institutional investors and permitting Indian firms to raise capital on international markets by issuing Global Depository Receipts (GDRs).
• Starting in 1994 of the National Stock Exchange as a computer-based trading system which served as an instrument to leverage reforms of India's other stock exchanges. The NSE emerged as India's largest exchange by 1996.
• Reducing tariffs from an average of 85 percent to 25 percent, and rolling back quantitative controls. (The rupee was made convertible on trade account.)
• Encouraging foreign direct investment by increasing the maximum limit on share of foreign capital in joint ventures from 40 to 51% with 100% foreign equity permitted in priority sectors.
• Streamlining procedures for FDI approvals, and in at least 35 industries, automatically approving projects within the limits for foreign participation.
The impact of these reforms may be gauged from the fact that total foreign investment (including foreign direct investment, portfolio investment, and investment raised on international capital markets) in India grew from a minuscule US $132 million in 1991–92 to $5.3 billion in 1995–96. Rao began industrial policy reforms with the manufacturing sector. He slashed industrial licensing, leaving only 18 industries subject to licensing. Industrial regulation was rationalized.
SOURCE :INTERNET :clap::clapping:
You are correct ....
SRI .P.V.NARASIMHA RAO 's Achievements
Rao had great interest in Indian literature among 16 languages. He was very fluent in many languages including his mother tongue " Telugu, Marathi, Hindi, English, Tamil, French etc. He was able to speak 17 languages "
P.V.Narasimha Rao chose Manmohan Singh for the job. Manmohan Singh, an acclaimed economist, played a central role in implementing these reforms.
1 Time M.L.A
6 Times M.P.
Major reforms in India's capital markets led to an influx of foreign portfolio investment. The major economic policies adopted by Rao include:
• Abolishing in 1992 the Controller of Capital Issues which decided the prices and number of shares that firms could issue.
• Introducing the SEBI Act of 1992 and the Security Laws (Amendment) which gave SEBI the legal authority to register and regulate all security market intermediaries.
• Opening up in 1992 of India's equity markets to investment by foreign institutional investors and permitting Indian firms to raise capital on international markets by issuing Global Depository Receipts (GDRs).
• Starting in 1994 of the National Stock Exchange as a computer-based trading system which served as an instrument to leverage reforms of India's other stock exchanges. The NSE emerged as India's largest exchange by 1996.
• Reducing tariffs from an average of 85 percent to 25 percent, and rolling back quantitative controls. (The rupee was made convertible on trade account.)
• Encouraging foreign direct investment by increasing the maximum limit on share of foreign capital in joint ventures from 40 to 51% with 100% foreign equity permitted in priority sectors.
• Streamlining procedures for FDI approvals, and in at least 35 industries, automatically approving projects within the limits for foreign participation.
The impact of these reforms may be gauged from the fact that total foreign investment (including foreign direct investment, portfolio investment, and investment raised on international capital markets) in India grew from a minuscule US $132 million in 1991–92 to $5.3 billion in 1995–96. Rao began industrial policy reforms with the manufacturing sector. He slashed industrial licensing, leaving only 18 industries subject to licensing. Industrial regulation was rationalized.
SOURCE :INTERNET :clap::clapping:
