NEW DELHI: Former Prime Minister Manmohan Singh, who died on Thursday, will be remembered for guiding India through a transformative decade of economic growth and development.
From 2004 to 2014, under his leadership, India achieved an average growth rate of 7.7%, evolving into a nearly two trillion dollar economy and solidifying its position as a country. world economic power.
According to a statement issued by Congress, in 2014, India rose from the tenth largest economy to the third largest globally, significantly improving the standard of living of millions of people.
Reports indicate that India’s economic trajectory under Manmohan Singh peaked in fiscal 2007, achieving an extraordinary GDP growth rate of 10.08% at factor cost, the highest since economic liberalization in 1991. .
Revised calculations using the FY2012 base year series further underlined the strong post-FY2004 expansion, highlighting the transformative impact of Singh’s strategy. economic policies.
This economic journey began during his tenure as Finance Minister from 1991 to 1996, when he spearheaded India’s economic liberalization.
In his historic budget speech of July 1991, Singh had said: “No power on earth can stop an idea whose time has come. The emergence of India as one of the world’s leading economic powers is one such idea.”
His tenure as Prime Minister was marked by a rights-based governance model, which institutionalized the right to food, the right to education, the right to work and the right to information, revolutionizing Indian politics and empowering the citizens, the statement reads.
Academic and professional eminence
Singh’s academic career began with a Tripos in Economics at the University of Cambridge in 1957, followed by a PhD in Economics from the University of Oxford in 1962.
He joined the Government of India as an Economic Adviser in the Ministry of Commerce in 1971, quickly rising to Chief Economic Adviser in 1972. Over the decades, he held key positions including:
- Secretary at the Ministry of Finance
- Vice President of the Planning Commission
- Governor of the Reserve Bank of India
- Secretary General of the Southern Commission in Geneva
- President of the University Grants Commission
His contributions also extended to serving as Advisor to the Prime Minister and Leader of the Opposition in Rajya Sabha (1998-2004).