-By Anubhavananda
(Lanka-e-News -29.Dec.2024, 8.00 PM) According to the latest World Energy Outlook 2024 report by the International Energy Agency, India is set to become the third-largest economy in the world by 2028, joining the ranks of economic powerhouses like China and the United States. Three decades ago, such a prediction for India would have been a mere dream. However, Dr. Manmohan Singh, often referred to as the architect of modern India, turned that dream into reality. On December 26th, this visionary economist and former Prime Minister passed away, leaving behind a legacy that transformed India’s economic trajectory.
Dr. Manmohan Singh was more of a statesman and economist than a conventional politician. A graduate of Cambridge University with a degree in economics, he later earned a Ph.D. from Oxford University in 1962 with a dissertation titled India’s Export Performance, 1951–1960: Export Prospects and Policy Implications. His academic prowess earned him roles in institutions such as the United Nations Conference on Trade and Development (UNCTAD) and the Reserve Bank of India, where he held key positions like Chief Economic Advisor and Governor.
By 1991, India was on the brink of economic collapse due to severe balance-of-payment crises, soaring deficits, and dwindling foreign exchange reserves. The Gulf War and the collapse of the Soviet Union, India’s main trading partner, further exacerbated the situation. With barely enough reserves to cover three weeks of imports, India was forced to pledge its gold reserves. Amid this turmoil, Dr. Singh was appointed Finance Minister in the newly elected government led by P.V. Narasimha Rao.
In one of the most significant reform movements in India’s history, Dr. Singh introduced sweeping economic liberalization policies. These included devaluing the rupee, reducing import tariffs, encouraging foreign investment, and privatizing state-owned enterprises. His reforms laid the foundation for India’s rapid economic growth, with GDP growth rates climbing to 6-10% annually.
From a GDP of $266 billion in 1991, India’s economy grew to $3.94 trillion by 2023. Purchasing Power Parity (PPP) surged from $1 trillion to $14.6 trillion over the same period. India also became a major player in global reserves, holding $652.9 billion in foreign exchange by the end of 2024.
In 2004, Congress Party leader Sonia Gandhi chose Dr. Singh as the party’s Prime Ministerial candidate, a move that surprised many. Initially reluctant to accept the role, Dr. Singh agreed, driven by Gandhi’s insistence. His tenure from 2004 to 2014 was marked by significant economic growth, social welfare programs, and legislative reforms.
During his first term, Dr. Singh expanded social security for the underprivileged, introduced the Aadhar system for direct benefit transfers, and enacted the Right to Education Act to ensure free and compulsory education for children. His government also passed the Right to Information Act, empowering Indian citizens to question those in power.
In 2005, as Prime Minister, Dr. Singh apologized in Parliament for the anti-Sikh riots of 1984, where thousands of Sikhs were killed following the assassination of Prime Minister Indira Gandhi. His apology was unprecedented and deeply appreciated by the Sikh community and beyond.
Dr. Singh’s tenure also saw India opening its nuclear sector to international cooperation, culminating in the U.S.-India Civil Nuclear Agreement, which marked a new chapter in bilateral relations.
Unlike many leaders, Dr. Manmohan Singh was not an authoritarian reformer. He prioritized social justice and avoided oppressive economic policies. His focus on democratic values and inclusivity earned him admiration both domestically and internationally. Comparing him to leaders with autocratic tendencies is a gross injustice to his legacy.
Dr. Manmohan Singh’s contributions to India’s economic transformation and democratic strength remain unparalleled. His humility, intellect, and vision will continue to inspire generations to come.
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by (2024-12-29 14:26:44)
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