Deregulation and liberalization of India's economy

"Saddled with state control and aspiring to socialist ideals, India's economy post-Independence went through many turbulent periods, most notably in the 60s and mid 70s. By the late 80s, the Balance of Payments crisis worsened, and, at one point, the country was left with barely weeks of foreign exchange. The Government, under PV Narasimha Rao and with Manmohan Singh as its Finance Minister, began the deregulation and liberalization of the economy."