Manmohan Singh: Architect of India's Economic Transformation

Manmohan Singh, former Indian Finance Minister and Prime Minister, is renowned for implementing transformative economic reforms in 1991. These reforms led to liberalisation, globalisation, and privatisation in India, enabling rapid economic growth. Singh passed away at age 92, leaving a lasting legacy of modern economic policy.

Former Indian Prime Minister Manmohan Singh, a pivotal figure in India's economic reform history, has died at the age of 92. Singh was instrumental in steering India through a critical financial crisis as Finance Minister in 1991, laying the groundwork for economic liberalisation.

At the time, India faced dire economic challenges, including a fiscal deficit of 8.5% of GDP and meager foreign reserves. Singh's bold policy measures, presented in the Union Budget 1991-92, abolished the 'licence raj' and invited both domestic and foreign investment, resulting in a substantial shift towards a market-oriented economy.

Singh's vision of liberalisation, globalisation, and privatisation led to monumental growth in sectors like IT and telecom. As Prime Minister, he continued these reforms while introducing social welfare programs to support millions of Indians. Singh's legacy lives on as a testament to transformative policy in the face of adversity.

(With inputs from agencies.)