Within a week, the world has suffered the loss of two remarkable leaders who dedicated their lives to making the world a better place: former Prime Minister of India, Dr. Manmohan Singh, and former President of the United States, Jimmy Carter. Dr. Singh was 92, and President Carter was 100.
Both men lived meaningful lives, served their nations with distinction, and contributed immensely to the wellbeing of humanity. Their unwavering personal integrity set them apart, unmatched by many who followed in their footsteps.
Dr. Manmohan Singh was not a career politician but an economist of extraordinary repute. He made his mark as Governor of the Reserve Bank of India and as Deputy Chairman of the Planning Commission.
In 1991, when the Congress Party returned to power following the assassination of former Prime Minister Rajiv Gandhi, Narasimha Rao, the new Prime Minister, appointed Dr. Singh as Finance Minister. This marked the beginning of Dr. Singh’s unexpected political journey as a novice in the field.
At the time, India was grappling with a severe financial crisis, unable to meet its international debt obligations. The economy was on the brink of collapse. Prime Minister Rao, seeking a solution, decided to entrust the task not to another politician but to an economist who could address the intricate details of the crisis. He turned to Dr. Singh, whom he had known for his exemplary work as Deputy Chairman of the Planning Commission and as Reserve Bank Governor.
Dr. Singh was taken aback when Prime Minister Rao invited him to join the government as Finance Minister. Despite his lack of political experience, he accepted the challenge, embarking on a transformative journey.
The road ahead was not easy. Dr. Singh faced immense challenges and often doubted himself. However, he had the unwavering support of Prime Minister Rao, who encouraged him to take bold decisions, even assuring Dr. Singh that he would personally take responsibility if anything went wrong. Empowered by this assurance, Dr. Singh initiated a series of groundbreaking reforms.
He devalued the rupee, opened India’s markets to international competition, and encouraged foreign investment, fundamentally reshaping the Indian economy. His measures, including the issuance of State Bank of India bonds that raised $5 billion to address the immediate financial crisis, marked a turning point.
Until then, India had been a closed economy with minimal foreign direct investment. The market was dominated by domestic car brands like Ambassador, Maruti, and Fiat. Dr. Singh’s reforms brought global players like Ford, Hyundai, Toyota, and Honda to Indian shores. Consumer goods, from televisions to kitchen appliances, once considered luxuries, became accessible to ordinary citizens.
These reforms propelled India onto the global stage, transforming it from a struggling socialist economy into a robust partner in international trade. Once dismissed as frail and insular, India began to forge closer ties with other nations. Today, India is a vital voice in international dialogues and a key player in global organizations.
After serving as Finance Minister from 1991 to 1996 under Prime Minister Rao, Dr. Singh returned to prominence in 2004. Sonia Gandhi, Congress President and parliamentary party leader after the party’s resounding election victory, stepped aside and nominated Dr. Singh as Prime Minister. His policies laid a strong foundation for India’s growth, a legacy reinforced by the Congress Party’s reelection in 2009. Dr. Singh served as Prime Minister until 2014, when the BJP, led by Narendra Modi, swept to power.
Dr. Manmohan Singh’s tenure as Finance Minister and later as Prime Minister left an indelible mark on India. He was a visionary leader whose integrity and commitment to the nation were unparalleled. In his passing, India has lost a great patriot and a torchbearer of progress. His contributions will remain a source of inspiration for generations to come.
