Manmohan Singh: The Economist Who Transformed India

Former Prime Minister Dr Manmohan Singh, one of India’s most respected economists, passed away at the age of 92 on December 26 night at AIIMS Delhi. Dr Singh, who started his career in the Indian government as an economic advisor in the Commerce Ministry in 1971, had been unwell for a while.

Early Life and Education

Born on September 26, 1932, in Gah, Punjab (now in Pakistan), Dr Manmohan Singh rose from modest beginnings to shape India’s future. He completed his matriculation at Punjab University in 1948 and later earned a bachelor’s degree in economics in 1952, followed by a master’s degree in 1954. His academic brilliance won him a scholarship to the University of Cambridge, where he graduated with ist-class honours in 1957. He further pursued a doctorate at Oxford University, completing his thesis on India’s trade policies in 1962.

Early Career in Academia and Administration

Dr Singh began as a teacher at Punjab University and the Delhi School of Economics. His expertise led him to roles in international organisations like UNCTAD (the United Nations Conference on Trade and Development) and the South Commission in Geneva (1987–1990).

In India, he held key positions that shaped his understanding of the country’s economy:

• Economic Adviser, Ministry of Commerce (1972)
• Chief Economic Adviser, Ministry of Finance (1972–1976)
• Governor, Reserve Bank of India (1982–1985)
• Deputy Chairman, Planning Commission

Transforming India’s Economy as Finance Minister

In 1991, amid an economic crisis, Dr Singh was appointed finance minister under Prime Minister P.V. Narasimha Rao. He implemented bold reforms that opened India’s economy to global markets. Key measures included:

• Ending the Licence Raj
• Liberalising trade policies
• Ensuring fiscal discipline

His 1991 Budget speech, quoting Victor Hugo, became iconic: “No power on earth can stop an idea whose time has come.”

Leadership as Prime Minister (2004–2014)

Dr Singh served as India’s 14th prime minister for 2 terms, leading the UPA government. His leadership focused on inclusive growth and social welfare. Major achievements during his tenure included:

• NREGA: Providing employment to millions in rural India
• RTI Act: Promoting government transparency
• Civil Nuclear Agreement with the US: Strengthening India’s global standing

He guided India through the 2008 global financial crisis, ensuring economic stability and growth.

Parliamentary Contributions

Dr Singh’s parliamentary career spanned decades. He represented Assam in the Rajya Sabha for 5 terms before moving to Rajasthan in 2019. He served as leader of the opposition from 1998 to 2004 but never contested a Lok Sabha election.

Awards and Global Recognition

Dr Singh received numerous accolades, including:

• Padma Vibhushan (1987)
• Finance Minister of the Year (1993, 1994) by Euromoney and Asiamoney
• Jawaharlal Nehru Birth Centenary Award (1995)

He was awarded honorary doctorates by Cambridge and Oxford in recognition of his contributions to economics and international policymaking.

An Enduring Legacy of Leadership

Dr  Manmohan Singh’s remarkable career as a policymaker and leader exemplified his unique blend of intelligence, honesty, and foresight. With his wife, Gursharan Kaur, and their 3 daughters by his side, his contributions as an economist, statesman, and reformer continue to inspire and guide future generations.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.