Manmohan Singh, India’s former Prime Minister and a celebrated economist, passed away on Thursday at the age of 92, leaving behind a legacy that transformed India’s economic framework. Widely regarded as the architect of the 1991 economic reforms, Singh’s vision transitioned India from a struggling protectionist economy to a global economic powerhouse.
Shaping India’s Economy
As Finance Minister in 1991, Singh played an important role during one of India’s worst economic crises. Facing a severe balance of payments crisis and diminishing foreign reserves, Singh introduced bold liberalization measures, dismantling decades of restrictive economic policies. His reforms invited foreign investment, reduced bureaucratic hurdles, and integrated India into the global economy. His iconic declaration, “No power on earth can stop an idea whose time has come,” symbolized a new era for the nation.
Singh also had a profound influence on India’s equity markets. His policies cultivated investor confidence, leading to the rapid growth of the stock market. Key measures during his tenure included the opening of the financial sector to private players and the introduction of regulations that enhanced transparency. Furthermore, the dematerialization of shares, which replaced physical certificates with electronic records, modernized India’s financial infrastructure and boosted market efficiency.
During his tenure as Prime Minister (2004–2014), Singh emphasized inclusive growth. Initiatives like the MGNREGA and the Right to Education Act reflected his commitment to addressing inequality and improving livelihoods.
A Complex Legacy
While Singh’s reforms laid the foundation for India’s economic rise, his leadership faced challenges. His second term as Prime Minister was turbulent due to allegations of corruption and ineffective policies, which overshadowed his previous merits. However, his personal integrity and scholarly approach to governance remained beyond reproach.
Enduring Impact
Manmohan Singh dedicated his life to shaping a modern, progressive India. His economic policies catalyzed the rise of the middle class and positioned the country as a global player. As India reflects on his passing, his vision of reform and progress continues to inspire future generations.
