History Will Be Kinder: Remembering Dr Manmohan Singh’s Gentle Leadership
Moneylife Digital Team 27 December 2024
Dr. Manmohan Singh, former Prime Minister of India, a visionary economist, and the architect of modern India’s economic reforms, passed away last night at the age of 92. Born on September 26, 1932, in Gah, now in Pakistan, Dr. Singh rose from humble beginnings to become one of the most respected leaders on the global stage.
 
Dr. Singh’s formative years were spent in a village that lacked electricity, schools, and other basic amenities. Despite these challenges, his thirst for knowledge and unparalleled determination led him to excel academically. Walking miles to school and studying by the dim light of a kerosene lamp, he laid the foundation for a life dedicated to learning.
 
After the Partition of India, his family moved to Amritsar, where he continued his education and later won a scholarship to Cambridge University. There, he earned his Master’s in Economics and later completed his PhD at Oxford University, winning the prestigious Adam Smith Prize for his outstanding academic record. 
 
Dr. Singh’s career was marked by his unwavering commitment to India’s development. He began as an academic, teaching at Amritsar and later at the Delhi School of Economics, before entering public service. His expertise and integrity led him to hold numerous critical positions, including Chief Economic Advisor, Finance Secretary, Governor of the Reserve Bank of India, and Deputy Chairman of the Planning Commission.
 
In 1991, India faced one of its worst economic crises. Newly appointed Prime Minister P. V. Narasimha Rao inducted Dr Singh, then apolitical, as the Finance Minister. In this role, he spearheaded economic liberalization, introducing structural reforms that lifted India from the brink of bankruptcy to the path of growth and global prominence.
 
Key initiatives during that period included dismantling of the License Raj by reducing industrial licensing requirements and opening the economy to foreign investment and trade, deregulating the power, telecom, aviation and banking sectors. In doing so, he had to deal with trenchant criticism from the then powerful left-leaning opposition parties, as well as the Bombay Club, comprising old-school industrialists who thrived in the license raj and were worried about competition. 
 
Another huge controversy of that time was the handling of Enron’s investment in Dabhol Power Company. The politically powerful US company, which eventually flamed out, had wangled a power purchase agreement offering high returns and backed by a sovereign guarantee. It ended up hobbling power sector reforms in India and saddled Maharasthra with an expensive white elephant project.  
 
The other big event at thar time was the securities scam of 1992. It led to a nationwide furore that forced the government to set up a joint parliamentary committee and a broad-based, multi-agency investigation. This in turn triggered an extensive overhaul of the Reserve Bank of India’s public debt office and supervision. The Securities and Exchange Board of India (SEBI) got its statutory teeth and the process of strengthening and modernising India’s capital market began in earnest, despite vociferous opposition by brokers and other intermediaries who were used to operating with almost no supervision. 
 
Prime Ministerial Tenure
Dr. Singh served as India’s Prime Minister from 2004 to 2014, leading two consecutive governments. Under his stewardship, India recorded significant economic growth, expanded social welfare programs, and strengthened its global standing. Programs like the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) and the Right to Information Act were landmark initiatives of his tenure. In 2008, he finalised the Indo-US Civil Nuclear Agreement in 2008, marking a historic shift in India’s global diplomatic positioning.
 
 
However, his tenure was not without criticism. In his second term in office (2009-2014), he was often seen as a weak prime minister, unable to deal with the demands and corruption of various coalition partners. Rampant crony capitalism on the one hand and policy paralysis on the other during the United Progressive Alliance’s second term in office clouded his otherwise illustrious career. His reluctance to assert authority over coalition partners was attributed to pressure from his party and what he once called ‘coalition dharma’. Infrastructure development and economic reforms stalled while public sector banks were saddled with large loans recklessly given to industrialists and businessmen of all varieties.
 
 
After being relentlessly criticised by the opposition, led by challenger Narendra Modi, at the end of his second term, Dr Singh had said at his farewell press conference on January 3, 2014: “I honestly believe that history will be kinder to me than the contemporary media or for that matter the Opposition parties in Parliament.” The words have turned out to be prophetic and this statement has since become emblematic of his calm and introspective nature.
 
A decade after he stepped down, Dr Singh who had addressed the last press conference by a prime minister, is remembered for his phenomenal contribution to economic progress, social reform through initiatives such as the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA), which has been continued by the National Democratic Alliance. The National Rural Health Mission strengthened rural healthcare infrastructure. The Right to Information Act (RTI) which empowered ordinary Indians like never before, has been systematically decimated in recent years. 
 
Legacy
Dr. Singh will be remembered as a scholar, a reformist, and a man of integrity. His economic policies in the 1990s laid the foundation for a vibrant, liberalized economy, transforming India into one of the fastest-growing nations in the world. His humility and quiet strength earned him admiration at home and abroad.
 
History will recall Dr. Singh as “the world’s most qualified Head of Government,” a title he earned for his unparalleled academic and professional achievements. His life was a testament to the transformative power of education, as he often said, “I am what I am because of my education.”
 
Dr. Singh’s passing marks the end of an era. He leaves behind a legacy of hope, resilience, and progress. India mourns the loss of one of its greatest sons.
 
President Droupadi Murmu in a message of condolence has said, “In Dr. Singh's passing, the nation has lost a visionary economist and a dedicated public servant whose tenure as Prime Minister was marked by significant milestones in India's growth story”.
 
Tributes to Dr Manmohan Singh are pouring in from around the world, including many who were his critics the run up to 2014. 
 
Prime Minister Narendra Modi has said, Dr. Manmohan Singh was one of India's most distinguished leaders. His contributions to our nation's economic reforms and development trajectory are unparalleled. His demise is a great loss to the country.
 
Comments
Amit Mathur
1 month ago
One of the most humblest, highly honoured personalities accorss the globe,
One of the best Pm and Fm country ever had who has bailed out mother nation after series of much needed economic reforms.
pyk
1 month ago
His daughters is working with George Soros .. Another one is freeloader at Nalanda University.. He worked as proxy PM for madam..
So his integrity etc is a big question mark??
Pragna Mankodi
1 month ago
The Congress Mascot of good governance & integrity has gone. He was perhaps the only person in that party who was perceived by the general public as a person with unimpeachable integrity while the rest of his colleagues were perceived to be corrupt. His silence on a few crucial occasions was intriguing and will always be interpreted as having his silent consent to what was going on in the party under the leadership of NAC. So as an educated layman who understands a bit of politics, finance, governance and economy, I am finding it difficult to give him the benefit of doubt for his silence and for his willingness to be manipulated and used to benefit a single family & its cohorts with questionsble intentions particularly at a time when he was holding a high constitutional position.

Nonetheless, death is a great leveller and people do forget the omissions of the person who died and remember only good deeds and that\'s why outpouring of so many messages.
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