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In my previous article titled "Cherishing the Legacy of India's Most Humble and Accomplished Leader, Dr. Manmohan Singh" , I introduced Dr. Manmohan Singh as an inspiring and renowned figure whose contributions have laid a solid foundation for India's economic success.
It was Dr. Manmohan Singh's transformative economic policies that enabled India's growth and development during the 2000s, as I detailed in that article.
Cherishing the Legacy of India's Most Humble and Accomplished Leader, Dr. Manmohan Singh
There is much more to highlight on Dr Manmohan Singh's economic contribution to India because if it were not for Dr Manmohan Singh's timely action, the INR would have become a worthless currency collapsing to the dollar, as India's foreign reserves were almost fully depleted.
Dr Manmohan Singh laid the fertile ground in setting up of a business model that always brought India healthy flows of USD. This ensured India's treasury always had an ample supply of foreign reserves, which provided stability to the Indian Economy, with a stable INR!
I encourage readers to refer to my earlier article to understand how Dr. Manmohan Singh saved India from an imminent economic crisis and the positive impact of the measures he implemented.
Moving on from here, my last article showcased Dr Manmohan Singh as India's genius Finance Minister, however, he is also going to be remembered for being the dignified Prime Ministerial face of India!
Yet, his legacy as India's accomplished FM is grand having acquired global fame, so I too carry on here recognizing his greatness as India's renowned Finance Minister.
We now enter the phase where Dr Manmohan Singh becomes India's Prime Minister...
Hear the then-American President Barack Obama disclose his admiration for Dr Manmohan Singh.
This was when he was asked about his relationship with India's new Prime Minister(PM) Narendra Modi, who became PM after Dr Manmohan Singh's term ended on 2014.
Watch this interview of Barack Obama praising Dr Manmohan Singh for architecting India's Economy
One can't help but notice, Obama's admiration for Dr Manmohan Singh with Obama proudly disclosing that he is a good friend of Dr Manmohan Singh!
He emphasizes Dr Manmohan Singh's unforgettable relevance for accomplishing a great feat in successfully launching India’s Modern Economy by taking key noteworthy steps!
Obama regards Dr Manmohan Singh as his financial guru!
Dr. Manmohan Singh is not only admired by President Obama but also respected worldwide for his outstanding role in setting India's economic growth path.
The reception Dr. Manmohan Singh received at the U.S. Congress during his visit in 2005 exemplifies this respect.
Watch the U.S Congress men and women welcoming Dr Manmohan Singh with a standing ovation!>>
He was met with standing ovations and warm handshakes from many members of Congress, reflecting the high regard in which he is held globally.
As Prime Minister, Dr. Manmohan Singh earned the title of the maverick architect of India's modern economy. Witness his arrival at the podium, receiving handshakes and applause from U.S. lawmakers— a powerful symbol of the respect he has earned through his achievements.
Dr. Manmohan Singh walked to the stage gracefully, embodying humility and maintaining his dignity throughout his life.
A recap of that scene of Dr Manmohan Singh's standing ovation reception at the U.S. Congress>>
Here is Dr Manmohan Singh, narrating how he became India's accidental Finance Minister. This is an interesting story by itself, for he got appointed as India's Finance Minister unexpectedly.
The then Prime Minister(PM) PV Narasimha Rao, told him to dress up and come in for the official swearing-in ceremony!
Dr Manmohan Singh immediately took on the challenge and got his economic policy act together to lift India out of the economic crisis she was falling into.
The understanding between him and PM Narasimha Rao was that if he succeeded in the task - the Government Administration under PM PV Narasimha Rao would take credit for it.
However, if he failed in the task, he would be the scapegoat.
Dr Manmohan Singh had to convince the PM and other important officials to take the step of devaluing the INR without discussing this in the Parliament as it would never have received approval in time.
Somehow, even with resistance, INR was devalued as advised by Dr Manmohan Singh - in 2 phases.
Another policy reform that Manmohan Singh had obstacles in bringing to force was the industrial licensing policy. This was intended to provide impetus to privatization with enterprises and industries able to set up units without getting burdered by cumbersome regulation. The license Raj would be done away with and FDI investment was proposed to be opened up.
Manmohan Singh managed to convince his Cabinet colleagues on this and managed to enforce those reforms that spearheaded India's growth due to onset of private investments!
These were very bold moves! As Dr Manmohan Singh explains there was resistance from Parliament, especially in the matter of devaluation of currency and the Government of PM Narasimha Rao was a coalition Government. This meant that if their allied partner political parties withdrew support, the Government could collapse. This was likely to occur, as many were not in favor of the devaluation of INR.
Obviously, when India was falling into an economic crisis, the last thing the President of India, R. Venkataraman wanted was it falling into a political crisis as well. The President had warned FM Dr Manmohan Singh and PM Narasimha Rao about it.
Manmohan Singh had to convince even the President of India at that time that this measure was absolutely necessary to be implemented quickly if India had to saved from falling into an economic crisis!
The devaluation of INR had to happen to make imports costlier and exports cheaper, to facilitate more inflows of USD while curbing outflows of USD!
All these dramas that happened behind the scenes when Dr Manmohan Singh's pushed the cause of implementing his proposed economic reforms are explained by him here...
Thus I conclude this episode of Dr Manmohan Singh in the role of India's foremost Finance Minister!
This story shows that Dr Manmohan Singh was a resourceful person with the ability to negotiate and convince others when required!
He had this power because others could see the merits in his measures, worked out after careful consideration of India's Economic situation at that time!
There were high-stakes involved, but he lead India's economy and did a hero's job of rescuing her from financial collapse!
This shows Dr Mamohan Singh's high calibre! He certainly proved to be a doctor in setting India's Economy!
My next article installment in my tribute series on Dr Manmohan Singh will showcase him as India's Prime Minister! My apology note for Dr Manmohan Singh is also waiting to appear there!
In closing, there is much to learn from Dr Manmohan Singh's legacy. Under his reforms, India's economy grew, creating opportunities for the educated middle class, especially during the global Information Technology (IT) boom! It was indeed a forward-thinking move.
However, in recent years, the current Finance Minister Nirmala Sitharaman, under PM Narendra Modi's administration, has not taken the necessary steps for India to capitalize on the global Blockchain Revolution.
Consequently, India has missed opportunities for enhanced economic growth, especially with such a significant working-age population! We risk losing the advantage of our demographic dividend! Moreover, necessary reforms are lacking to align with the Artificial Intelligence (AI) era we are now in!
If we had someone like Dr Manmohan Singh leading the economy today, reforms to adapt to the evolving business landscape would likely have been introduced, providing lucrative job opportunities for our educated middle class similar to those during the IT boom. Regrettably, this is not the case.
Read Part 1 of my tribute article series on Manmohan Singh here -
Cherishing the Legacy of India's Most Humble and Accomplished Leader, Dr. Manmohan Singh
