Narasimha Rao changed India's future, we are enjoying fruits of his reforms today: Chandrababu Naidu

Former prime minister PV Narasimha Rao was a visionary who changed the future of India and we are enjoying the fruits of his reforms today, Andhra Pradesh Chief Minister N Chandrababu Naidu said on Tuesday.

Addressing a lecture on ''The Life and Legacy of former PM Shri PV Narasimha Rao'', Naidu termed him a ''great statesman'' and recalled that he knew 17 languages.

''Before 1991, India followed the socialist economic model. Economy saw 'licence raj', foreign investment was limited... By 1991, India was facing a major economic crisis. By mid-1991, foreign exchange reserves hit an all time low. We were forced to pledge our sovereign gold,'' he said.

''It was time to bring bold reforms, and usher in forward-looking policy. He became (Rao) PM in June 1991, he recognised the crisis was an opportunity, and that India needed bold economic reforms. He launched the historic economic reforms,'' Naidu said.

''He changed the future of India, we are all here today enjoying the fruits of this reform,'' he said.

The Andhra Pradesh chief minister said this was despite the fact that the government then did not have an absolute majority.

''He (Rao) was heading a minority government, not a comfortable government. To bring in bold reforms, political consensus is required. He was able to convince all stakeholders,'' Naidu said.

He said after the reforms by Rao, Atal Bihari Vajpayee during his tenure worked on building the infrastructure.

Naidu also lauded Prime Minister Narendra Modi, crediting him for India's economic growth.

He said India witnessed coalition governments from 1989-2004, and because of economic reforms, coalition governments were able to produce better results.

''In 2014 came a turning point... Modi ji brought not just political stability, but also a renewed sense of global pride,'' Naidu said.

''Wealth has to be created, but we have to continuously reduce the gap between the haves and have nots. That is the best policy Narendra Modi ji has brought,'' he said.

Naidu said the next 20 years are very crucial for India.

''India will move to the position of being the third largest economy by 2028... I am 100 per cent confident, by 2047, we will be the number one economy,'' he said.

Naidu also took a tour of the Prime Ministers' museum and library earlier.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)