NEW DELHI: Former Prime Minister Manmohan Singh, who passed away on Thursday, will be remembered for steering 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 global economic power.
According to a statement released by Congress, by 2014, India ascended from the tenth-largest to the third-largest economy globally, significantly improving the living standards of millions.
Reports indicate that India’s economic trajectory under Manmohan Singh peaked in FY07, achieving an extraordinary GDP growth rate of 10.08% at factor cost—the highest since the 1991 economic liberalisation.
Revised calculations using the FY12 base year series further underscored the strong expansion post-FY04, highlighting the transformative impact of Singh’s economic policies.
This economic journey began during his tenure as finance minister from 1991 to 1996, when he spearheaded India’s economic liberalisation.
In his landmark budget speech in July 1991, Singh had said, “No power on earth can stop an idea whose time has come. The emergence of India as a major economic power in the world happens to be one such idea.”
His tenure as Prime Minister was marked by a rights-based governance model, which institutionalised the Right to Food, Right to Education, Right to Work, and Right to Information, revolutionizing Indian politics and empowering citizens, the statement read.
Academic and professional eminence
Singh’s academic journey began with an Economic Tripos at Cambridge University in 1957, followed by a D.Phil in Economics from Oxford University in 1962.
He joined India’s government as an Economic Advisor in the Commerce Ministry in 1971, quickly rising to Chief Economic Advisor in 1972. Over the decades, he held key positions, including:
- Secretary in the Finance Ministry
- Deputy Chairman of the Planning Commission
- Governor of the Reserve Bank of India
- Secretary-general of the South Commission in Geneva
- Chairman of the University Grants Commission
His contributions also extended to serving as Advisor to the Prime Minister and Leader of the Opposition in the Rajya Sabha (1998–2004).
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