Cabinet of India
He was called to New Delhi following Rajiv Gandhi's mandate in the 1984 general election. Singh was appointed to the post of Finance Minister in the tenth Cabinet of India, where he oversaw the gradual relaxation of the License Raj (governmental regulation) as Gandhi had in mind. During his term as Finance Minister, he oversaw the reduction of gold smuggling by reducing gold taxes and giving the police a portion of the confiscated gold. He also gave extraordinary powers to the Enforcement Directorate of the Finance Ministry, the wing of the ministry charged with tracking down tax evaders, then headed by Bhure Lal. Singh's efforts to reduce government regulation of business and to prosecute tax fraud attracted widespread praise.