New Delhi: Former Prime Minister and veteran Congress leader Manmohan Singh passed away at 92 on Thursday in Delhi. He was 92.
As an economist, policymaker, and leader and ultimately the prime minister, he played a central role in shaping India’s economic trajectory, steering the country through challenging times, and implementing reforms that have had lasting effects.
Born on September 26, 1932, in Punjab, he earned his Bachelor's and Master's degrees in Economics from Panjab University in 1952 and 1954. In 1957, he completed his Economic Tripos at Cambridge University, followed by a DPhil in Economics from Oxford University in 1962.
Architect of 1991 economic reforms
In 1991, India was on the verge of a sovereign default due to a severe economic crisis. The Gulf War of 1990-91 caused a sharp rise in oil prices and a decline in remittances from Indian workers abroad. As a result, India's foreign exchange reserves plummeted to under $6 billion, which was barely sufficient to cover two weeks of the country’s imports.
"No power on earth can stop an idea whose time has come. I suggest to this august House that the emergence of India as a major economic power in the world happens to be one such idea,” Singh said as he presented the Budget that reformed the economic arena.
As the finance minister he played a pivotal role in steering India’s economic liberalization, implementing major reforms that included opening up the economy, reducing import restrictions, and privatizing state-owned enterprises.
Energy and momentum diminished
While the economy continues to be seen as a bright spot for growth and progress, those who experienced his era as a policymaker in the 1990s and 2000s would agree that some of the energy and momentum has since diminished.
Also Read |
Delhi Police tighten security ahead of festive season
Served as India's Prime Minister from 2004-2014
Singh served as the 13th Prime Minister of India for two consecutive terms, from 2004 to 2014. As India’s fourteenth Prime Minister, Singh was widely recognized as a thoughtful scholar and a visionary. He is admired for his meticulous work ethic, academic approach, and for being approachable and humble in his demeanor.
His government focused on social welfare programs, including the National Rural Employment Guarantee Act (NREGA) and the Right to Information Act, which aimed to empower the rural poor and improve governance.
Singh's leadership ensured that India weathered the global financial crisis better than many other nations, and the country emerged relatively unscathed.
33-year member of Rajya Sabha
Earlier this year, Singh retired from the Upper House, ending his 33-year Rajya Sabha stint.
Singh never contested a Lok Sabha election. He was first nominated to the Rajya Sabha by the Congress party in October 1991, just months after becoming the Union Finance Minister. He represented Assam for five terms in the Rajya Sabha before moving to Rajasthan in 2019 for his final term.
Governor of the Reserve Bank of India (1982-1985)
During his tenure, Dr. Manmohan Singh oversaw significant legal reforms in the banking sector, including the introduction of a new chapter in the Reserve Bank of India Act and the establishment of the Urban Banks Department.
After his time at the Bank, Singh held various positions before being appointed Finance Minister. His tenure in this role was marked by his leadership in ushering in liberalization and implementing wide-ranging economic reforms in India.
Also Read |
AQI remains 'very poor' in Delhi
His expertise in macroeconomic management laid the groundwork for the reforms he would later implement as Finance Minister.
Chief Economic Adviser (1982-1985) & Trade and commerce secretary (1976-1980)
Singh served as the Chief Economic Adviser to the Government of India, advising on critical economic policy matters.
Further, he held the position of secretary in the ministry of commerce and helped India navigate international trade issues.
Awards and accolades
Singh's dedication to development and his numerous accomplishments have earned him several prestigious awards.
