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Economic realities were such that the government led by Narasimha Rao and his Finance Minister Dr Manmohan Singh decided to take one of the most radical breaks from the past. Dr Manmohan Singh says "Whether our government came into office, foreign exchange results had totally disappeared, we had no money to import even the most essential things which we needed. No foreigner was willing to give any loan to India, even the Non-Resident Indians who had kept money with our banks started withdrawing money. It was such a difficult situation that we had to pledge gold with the Bank of England to raise even a small loan. That was the situation which we inherited and it was a very humiliating thing for India and we resolved that. We must create an environment whereby such things will not happen." L
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