Versatile Visionary: The Inspiring Journey of India’s Economist, RBI Governor, Finance Minister, and PM
In early 2016, as India approached the 25th anniversary of its landmark economic reforms, former Prime Minister Manmohan Singh broke his usual silence during a discussion at his New Delhi residence. When asked why he chose not to pen a memoir despite his high-profile roles—including chief economic advisor, RBI Governor, and Finance Minister—Singh replied, “The truth hurts. And I don’t want to hurt anyone.” His daughter Daman Singh came closest to revealing his personal insights through her book, “Strictly Personal: Manmohan and Gursharan.”
Singh was a pivotal figure in India’s economic transformation, witnessing and steering the country from an inward-looking license raj towards liberalization. He played a key role in significant policy shifts, such as the devaluation of the rupee and the sequenced financial sector reforms, amidst varying opinions from his colleagues. Despite opposing views, Singh was respected for his integrity.
Both Singh and his political superior, former Prime Minister P.V. Narasimha Rao, were attuned to the global changes after the Soviet Union collapsed. Singh’s famous “Victor Hugo” moment came during the 1991 Budget, emphasizing that “No power on earth can stop an idea whose time has come,” foreseeing India as a major economic force.
Reflecting later, Singh noted a national tendency to revert to status quo post-crisis. Critics have pointed to his perceived indecisiveness, particularly when dealing with cabinet colleagues and issues like the retrospective taxation of Vodafone.
Singh’s legacy includes bringing talented economists, such as Raghuram Rajan, into the fold and guiding global leaders through economic challenges like the 2008 financial crisis. Despite domestic criticism, his counsel was sought internationally, cementing his status as a distinguished economist and leader. His tenure as Prime Minister marked by monumental shifts in India’s economic landscape.
Original Source: https://indianexpress.com/article/india/economist-rbi-governor-finance-minister-pm-manmohan-singh-wore-many-hats-9746100/
Category : India
Tags:
Publish Date: 2024-12-27 04:20:00
