Pamulaparti Venkata "Narasimha Rao" (28 June 1921 – 23 December 2004) was an Indian lawyer, politician, and activist who served as the ninth Prime Minister of India (1991–1996). He led an important administration, overseeing a major economic transformation and several home incidents affecting national security of India. Rao who held the Industries portfolio was personally responsible for the dismantling of the Licence Raj as this came under the purview of the Industries Ministry. He is often referred to as the "Father of Indian Economic Reforms". Rao accelerated the dismantling of the license raj, reversing the socialist policies under the government of Rajiv Gandhi. He is best remembered for employing Dr. Manmohan Singh as his Finance Minister. Dr. Manmohan Singh launched India's globalization angle of the reforms that implemented the IMF policies to rescue the almost bankrupt nation from economic collapse. Rao was also referred to as Chanakya for his ability to steer tough economic and political legislation through the parliament at a time when he headed a minority government.

Manmohan Singh (Punjabi: ਮਨਮੋਹਨ ਸਿੰਘ [mənˈmoːɦən ˈsɪ́ŋɡ], Hindi: मनमोहन सिंह [mənˈmoːɦən ˈsɪŋɦ] ( listen); born 26 September 1932) is the 13th and current Prime Minister of India. He is the only Prime Minister since Jawaharlal Nehru to return to power after completing a full five-year term. A Sikh, he is the first non-Hindu to occupy the office. Singh is also the 7th Prime Minister from the Indian National Congress (Congress) party. He is a four-time Member of Parliament from the Upper House of the Parliament of India, the Rajya Sabha, representing the state of Assam. His term in the 14th Rajya Sabha was from 22 May 2004 to 26 February 2009. In the 15th Rajya Sabha his term started 22 May 2009 and is scheduled to continue till 2014. On 27 May 2012, he became the first Indian Prime Minister to visit Myanmar in 25 years.

Born in Gah, Punjab in British India (now Pakistan) in 1932, he migrated to India with his family at the time of Partition in 1947. Singh studied at Panjab University, University of Cambridge and University of Oxford. Thereafter, while Singh was working at United Nations Conference on Trade and Development (UNCTAD), Lalit Narayan Mishra, the then Indian Minister for Foreign Trade, appointed Singh as an advisor to his ministry. He was appointed Governor of the Reserve Bank of India between 1982 and 1985, Deputy Chairman of the Planning Commission of India from 1985 to 1987 and Secretary General of the South Commission from 1987 to 1990. Elected to the Rajya Sabha in 1991, he was inducted into Prime Minister P. V. Narasimha Rao's cabinet as Finance Minister the same year, a post he held until 1996. His tenure as Finance Minister is best remembered for the economic reforms he carried out, which ended the Licence Raj system and helped open the Indian economy.