P. V. Narasimha Rao was an Indian lawyer, politician and 9th Prime Minister of India. He supervised a major economic transformation and launched the reforms to rescue the almost bankrupt nation from economic collapse. He is often considered to be the "Father of Indian Economic Reforms".
Background
Rao was born on 28 June 1921 in a village near Narsampet. When he was 3 years old Narasimha was adopted and brought up to Vangara village by agrarian family. Rao studied at Osmania University and Fergusson College.
He was a very gifted person. He knew eight Indian languages (Telugu, Hindi, Urdu, Oriya, Marathi, Bengali, Gujarati, Tamil) and in addition to them he could speak English, French, Arabic, Spanish, German, Greek, Latin and Persian.
Rao had three sons and five daughters. Two his sons followed Rao's career in politics.
Career
P.V. Narasimha Rao was an advocate and agriculturalist before he entered politics. He was an energetic freedom fighter at the time of India’s Independence movement. Then he entered into fulltime politics and became a member in Indian National Congress. He served as a cabinet Minister in Andhra Pradesh between 1962 and 1971. Later he became the chief minister of Andhra Pradesh from 1971 - 1973. During the time of split in Indian National Congress in 1969, he stayed loyal to Indira Ghandhi. He served in the cabinets of Indira Gandhi and Rajiv Gandhi.
After the assassination of Rajiv Gandhi, he was invited to head the Congress. In 1991, Congress won the majority in the parliament and he was elected as a Prime minister of India.
He made many revolutions to improve Indian economy. The major goals set by him were removing fiscal deficit, increasing investment in infrastructure and privatization of the public sector. He made some regulatory changes in foreign direct investment. He introduced the SEBI act in 1992 and Security Law to regulate all the security market intermediaries. He introduced computer based trading systems in National Stock Exchange.