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Former Prime Minister of India and great economist Dr. Manmohan Singh passed away on Thursday at the age of 92. His role in the economic and political direction of the country has been historic. He was the only Prime Minister of India whose signature was seen on Indian currency notes. His contribution will always be remembered for bringing the Indian economy out of crisis and taking it to new heights.
Manmohan Singh: Journey from RBI Governor to Prime Minister
Dr. Manmohan Singh’s name will also be written in golden letters in the history of the Reserve Bank of India.
- Tenure of RBI Governor:
He held the post of RBI Governor from 16 September 1982 to 14 January 1985. During this period, his signature was imprinted on Indian currency notes. - Unique achievement despite being the Prime Minister:
In 2005, when he was Prime Minister, the Government of India issued a new ₹10 note bearing his signature. This was a unique incident as the notes usually bear the signature of only the RBI Governor.
Economic crisis of 1991 and revolutionary initiatives of Manmohan Singh
Dr. Manmohan Singh’s contribution came at a time of India’s biggest economic crisis.
- Economic crisis of 1991:
At that time India’s fiscal deficit was at 8.5% and current account deficit was at 3.5%. Foreign exchange reserves were only sufficient for two weeks of imports. The country’s economy had completely collapsed. - Union Budget 1991-92:
Dr. Singh P.V. Taking charge as Finance Minister in Narasimha Rao’s government, he presented a revolutionary budget. He gave a new direction to the Indian economy.- License Raj ended.
- Opened doors to foreign investment.
- Paved the way for privatization of public sector companies.
- Devalued the rupee.
This budget was the beginning of a new era for the Indian economy, which is considered the basis of liberalization, globalization, and privatization (LPG model).
The thinking behind economic reforms
Dr. Manmohan Singh’s visionary policies firmly established the Indian economy on the global stage.
- Foreign Direct Investment (FDI):
He promoted foreign investment, which gave Indian companies an opportunity to stand out in international competition. - tax reform:
Cut tax rates and introduced Value Added Tax (VAT). - Promotion of agriculture sector:
Strengthened the rural economy through farmers’ loan waiver program and investment in agriculture sector.
Notable contribution as Prime Minister
Dr. Singh got the opportunity to become the Prime Minister in 2004 and led the country for the next 10 years.
- Highest economic growth rate:
Under his tenure, India’s economic growth rate reached a high of 9% in 2007, and India became the world’s second fastest growing major economy. - Mahatma Gandhi National Employment Guarantee Act (MGNREGA):
This historic step was taken to promote rural employment. - Agricultural Loan Waiver Scheme:
Rs 76,000 crore farm loan waiver scheme implemented. - Dealing with the global financial meltdown:
During the global financial meltdown of 2008, he announced a massive stimulus package to keep the country stable. - Beginning of ‘Aadhaar’:
During his tenure the Aadhaar system was launched through the Unique Identification Authority of India (UIDAI).
Social reform and inclusivity
Dr. Manmohan Singh’s focus was not limited to economic reforms only; He also took many big steps towards social reforms.
- Right to Education Act:
Provided the right to free and compulsory education to every child. - Right to Food Act:
Implemented a scheme to provide food to the poor at affordable rates. - Financial Inclusion:
Promoted financial inclusion through expansion of bank branches across the country.
worldwide praise
Dr. Manmohan Singh’s policies were appreciated not only in India but also at the global level. His thinking and vision led the Indian economy on the path to a stable and prosperous future.