New Delhi, Jul 24 (IANS): Congress President Mallikarjun Kharge on Monday hailed the 1991 liberalisation budget of P.V. Narasimha Rao-led Congress government as a "momentous occasion" saying India embarked on a transformative journey with a series of economic reforms that played a key role in shaping the middle class for generations to come.

Kharge also said that the Congress holds great pride in its significant achievement of Economic Liberalisation.

In a tweet, the Congress president said, "The 1991 Liberalisation Budget marked a momentous occasion for India and its people. Under the guidance of P. V. Narasimha Rao and the then Finance Minister, Dr. Manmohan Singh, India embarked on a transformative journey with a series of economic reforms that played a pivotal role in shaping the middle class for generations to come."

"The Congress party holds great pride in its significant achievement of Economic Liberalisation, which facilitated India's growth and lifted crores of people out of poverty and oppression. This landmark initiative remains a testament to the nation's progress and prosperity," Kharge, who is also Leader of Opposition in Rajya Sabha added.

Notably, the year 2023 marks the completion of 32 years of economic liberalisation initiated by Dr Manmohan Singh under the guidance of the then Prime Minister Rao.

Back in 1991, India was facing an unprecedented balance of payments crisis, staring at default of its external debt obligations and was reeling under high inflation.

Dr Singh eased imports, allowed foreign investment and started disinvestment in inefficient public sector units ushering in a series of reforms.

The 1991 economic reforms have been adopted by successive governments of, both, the BJP and the Congress.