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The country is paying tribute to Manmohan Singh, the architect of India’s liberalization and former Prime Minister of the country, on his demise. It has to be mentioned that the Sensex, which was around 1,000 points in 1991, has increased 79 times to reach 79,000 points only because of the reforms of Manmohan Singh.
Which has given excellent returns to long term investors. Market analysts acknowledge his contributions. Who have created immense wealth for investors since 1991. Manmohan Singh served as the Finance Minister of India under then Prime Minister Narasimha Rao from June 1991 to May 1996. Manmohan led transformational economic reforms during this period. Reforms that liberalized India’s economy. It also paved the way for the Indian market to global markets. Also promoted privatization and globalization. Manmohan Singh later served as the 13th Prime Minister of India for two consecutive terms from May 2004 to May 2014.
Market experts say Manmohan Singh’s tenure as Finance Minister and later as Prime Minister fundamentally shaped India’s stock market. His bold reforms led to an increase in the proportion of companies listed on the stock market. Manmohan ended the license raj in 1991. It also highlighted the potential of private enterprise. Due to which the stock market got strengthened. These improvements were visible on BSE Sensex. Due to Manmohan’s reforms, the stock market increased by 263 percent between 1991 and 1992 to reach 4,500 points. Liberalization in 1991 brought significant reforms in the Indian stock market. India’s then Finance Minister, Manmohan Singh, led a series of liberalization measures. Which changed the economic landscape of India and laid the foundation of modern India. This includes various regulations such as trade liberalization. The decision to allow foreign investment in India also proved to be very important.
Market experts further said that Manmohan Singh also led various institutional reforms. It also includes the creation of market regulator Securities and Exchange Board of India (SEBI) as a regulatory authority. Which was considered an important step to ensure transparency and accountability in the stock market. India’s GDP growth rate during Singh’s first tenure as Prime Minister of India averaged 6.9 percent. The reason for this was said to be growth in key sectors and increase in spending on infrastructure. The increase in business led to a boom in the stock market and foreign investors started seeing India as an attractive destination. This period saw the fastest rise in the history of the Indian stock market. Driven by a combination of economic growth, structural reforms and rapid expansion.
The benchmark equity index BSE Sensex rose 382 per cent during Manmohan Singh’s two tenures from 2004 to 2014. The stock market boom under Manmohan Singh reflects the impact of stable governance, increasing foreign inflows and infrastructure development.
