Why in News? 
Telangana Governor Jishnu Dev Varma unveiled a portrait of former Prime Minister P.V. Narasimha Rao at Raj Bhavan ahead of his birth anniversary. 

P.V. Narasimha Rao: Architect of Economic Reforms in India 

• P.V. Narasimha Rao was the 9th Prime Minister of India (1991–1996). 
• Known as the ‘Father of Indian Economic Reforms’, he played a crucial role in shifting India from a socialist to a liberalized economy. 

Key Challenges and Impact of Reforms 

• Economic Crisis: Rao took charge during a severe balance of payments crisis with depleting foreign reserves, prompting urgent reforms. 
• Political Resistance: Faced strong opposition from within his party and other factions against liberalization. 
• Social Concerns: Reforms raised fears of growing inequality and neglect of the agriculture sector. 
• Positive Impact: Reforms led to higher GDP growth, improved fiscal health, increased FDI, and the rise of a strong urban middle class. 
• Challenges Post-Reforms: Despite growth, benefits remained uneven, with rural and agricultural sectors lagging behind. 

P.V. Narasimha Rao