India mourns the demise of Dr. Manmohan Singh, the 13th Prime Minister, who passed away today at the age of 90. Renowned as a visionary economist and politician, Dr. Singh played a key role in transforming India’s economy as the first Finance Minister. 1991–1996) and later as Prime Minister (2004–2014). Here are seven of his landmark decisions that reshaped India’s economic landscape:
1. liberalization of the economy
In 1991, Dr Singh ended the oppressive License Raj, and opened all but five national security sectors to private enterprise. This change allowed businesses to operate independently, leading to industrial growth and job creation.
2. currency devaluation
Dr. Singh to promote trade and exports devaluation A 20 percent appreciation of the Indian rupee, which will make Indian goods more competitive globally. This move provided much-needed employment and revenue to the economy.
3. emergency financial measures
Facing a balance of payments crisis, Dr. Singh convinced the Reserve Bank of India to pledge its gold reserves with the Bank of England. This bold move secured a vital loan from the International Monetary Fund (IMF), thereby averting national debt default.
4. strengthening financial markets
Dr. Singh empowered the Securities and Exchange Board of India (SEBI) as the sole regulator of the stock markets, thereby ensuring transparency and trust in India’s financial markets. Additionally, his government introduced tax concessions to support the growing services sector.
5. Promoting foreign investment and entrepreneurship
Dr. Singh invited foreign direct investment to promote industrialization, while also encouraging domestic entrepreneurship. This dual strategy accelerated India’s transformation into a globally competitive economy.
6. India-US nuclear deal
During his tenure as Prime Minister, Dr. Singh achieved the India-US nuclear deal despite political opposition. The agreement marked a turning point in India’s energy policies, paving the way for increased energy security and international cooperation.
7. Implementation of MNREGA
The Mahatma Gandhi National Rural Employment Guarantee Act (MNREGA) of 2005 provided a safety net for rural families. This policy enhanced rural livelihoods while ensuring financial inclusion.
Beliefs and influences
Dr Singh’s economic decisions have won him global accolades, including awards such as the Padma Vibhushan and Finance Minister of the Year awards from prestigious organisations. His policies not only saved India from economic stagnation but also established it as a global economic player.
Summary
Dr. Manmohan Singh’s economic reforms as Finance Minister and Prime Minister reshaped India. From liberalization and rupee devaluation to the India-US nuclear deal and MNREGA, his visionary policies promoted trade, industrialization and financial stability, leading to 8.5 percent GDP growth during his tenure. His demise is the end of an era for India.
