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initiated by Late Prime Minister Narasimha Rao and his Finance minister Manmohan Singh, India's economy expanded rapidly. The Rao administration initiated the privatization of large, inefficient and loss-inducing government corporations. The UF government had attempted a progressive budget that encouraged reforms, but the 1997 Asian financial crisis and political instability created economic stagnation. The Vajpayee administration continued with privatization, reduction of taxes, a sound fiscal policy aimed at reducing deficits and debts and increased initiatives for public works. The Golden Quadrilateral project aimed to link India's corners with a network of modern highways. Cities like Bangalore, Hyderabad, Pune and Ahmedabad have risen in prominence and economic importance, became centres of rising industries and destination for foreign investment and firms. Strategies like forming Special Economic Zones - tax amenities, good communications infrastructure, low regulation - to encourage industries has paid off in many parts of the country.A rising generation of well-educated and skilled professionals in scientific sectors of industry began propelling the Indian economy, as the information technology industry took hold across India with the proliferation of computers. The new technologies increased the efficiency of activity in almost every type of industry, which also benefitted from the availability of skilled labor. Foreign investment and outsourcing of jobs to India's labor markets further enhanced India's economic growth. A large middle-class has arisen across India, which has increased the demand, and thus production of a wide array of consumer goods. Unemployment is steadily declining, and poverty has fallen to approximately 27%. Gross Domestic Product growth increased to beyond 7%. While serious challenges remain, India is enjoying a period of economic expansion that has propelled it to the forefront of the world economy, and has correspondingly increased its influence in political and diplomatic terms.