Dr. Manmohan Singh is one of the most prominent economists of India, who served as the Prime Minister of India for two terms (2004-2014). Manmohan Singh as an economist is considered the architect of Indian economic reforms and globalization. Manmohan Singh contribution to the Indian economy persuaded the Indian government to open up the country’s economy to foreign investment and reduce the government’s control over the economy. This was one of Manmohan Singh best decisions. Dr Manmohan Singh current position in Rajya Sabha does not clearly explain the real-life history of Manmohan Singh as an economist. Read this article to know more about Manmohan Singh, the father of economics.
Life History Of Manmohan Singh
Dr. Manmohan Singh, the father of economics, was born on the 26th of September, 1932. The life history of Manmohan Singh is quite interesting as compared to other political dignities. He served as the 13th Prime Minister of India preceding Atal Bihari Vajpayee in 2004. Being the first Prime Minister from the Sikh community, Dr. Singh is the longest serving Prime Minister after Jawahar Lal Nehru and Indira Gandhi. Manmohan Singh attended Panjab University where he earned his bachelor’s and master’s in Economics in 1952 and 1954 respectively.
At the University of Cambridge, he earned his Economic Tripos and also was a member of St. John’s College. He earned his doctorate at the University of Oxford under the guidance of IMD Little in 1960. There he earned the title of Manmohan Singh as an economist.
Dr Singh worked as a professor at Panjab University (1957-1959) and the University of Delhi(1969-1971). He also was appointed as a chief economic advisor in the Finance Ministry of India. He also served as governor of the Reserve Bank of India from 1981-1985. When PV Narsimha Rao was elected as Prime Minister of India, he chose Manmohan Singh as his Finance Minister in 1991.
Manmohan Singh Contribution To The Indian Economy
Dr Singh is also credited for having put India on the path of high economic growth, which made him earn the title of Father of Economics for the Indian Economy. Dr Singh is considered one of the most successful Indian Prime Ministers in the last decade, who not only managed to steer the country towards high economic growth but also managed to significantly reduce the poverty in India.
Manmohan Singh Contribution to the Indian Economy is highly notable and praiseworthy. Right after taking charge as the Finance Minister, Manmohan Singh faced a lot of problems. The Indian GDP observed a wide decline from 8.5% to 3.5%. This left the Indian reserves minimal, only sufficient to meet up to 2 weeks of import requirements.
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The New Finance Minister Manmohan Singh
The country was facing an economic crisis that required immediate attention and a solution. On 24th July 1991- Dr. Manmohan Singh, the then Finance Minister in the Congress government in India, presented his first budget. While seeking help from the IMF, certain Indian economic policies proved as a barrier that needed to be amended. After several heated up discussions, the government came to a decision.
Manmohan Singh, the father of economics, was a wizard in his area of work, finally putting an end to permitting raj. This not only reduced state control of the economy and reduced import taxes. It was one of Manmohan Singh best decisions for the Indian economy. Implementation of several policies gave the Indian economy a new shape and life to flourish and excel. Manmohan Singh contribution to the Indian economy were acknowledged by comparing him with Deng Xiaoping of China.
Manmohan Singh As Prime Minister
After the massive win of the Congress Alliance in 2004, the party was all set to claim its right to form the government. To the surprise of many, it was Sonia Gandhi, chairperson of the Congress party, the expected candidate for the post but Sonia Gandhi declared Manmohan Singh, the father of economics as a valid UPA candidate for the post. This was why he was also famously called “the accidental Prime Minister”.
Dr. Manmohan Singh on the 22nd of May, 2004 took oath as the 13th Prime Minister of India. During his reign as Prime Minister launched several beneficial policies for the betterment of the nation including the National Rural Health Mission, the Right to Education, the National Rural Employment Act, the Right to Information Act, and the Unique Identification Authority of India for unique ID cards for Indian citizens. Being a Prime Minister, he continued the ideology of Manmohan Singh as an economist. The implementation of the National Employment Guarantee Act increases the Indian GDP making the nation the second fastest growing economy in the world.
Manmohan was ranked 18 on the 2010 Forbes List of the World’s Most Powerful People. Forbes magazine described Singh as being “universally praised as India’s best Prime Minister since Nehru”. He continued the foreign policy exchange initiated by PV Narsimrao Rao by frequent visits to other nations in seek of improving foreign relations.
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Manmohan Singh Best Decisions
Manmohan Singh as an economist brought forward reform changes to improve Indian growth which includes several factors like reform changes, the introduction of new schemes, and Acts. Manmohan Singh best decisions which were revolutionary are mentioned below:
Manmohan Singh- 2008 Recession
During his time as finance minister, he took the iconic decision of putting an end to licence-permit Raj and introduced several economic policies. This helped the nation to come out from the economical crisis of 1991.
Implementation of Special Economic Zones
This act was implemented by keeping in mind the nation’s growth by attracting foreign as well as national investment for overall export and import growth.
Putting an end to Unemployment
Introduction of the National Rural Employment Guarantee Scheme in 2005, aiming to provide occupation to the rural sector of India for 100 days with a definite wage.
Manmohan Singh Current Position
Manmohan Singh current position is as a member of the Rajya Sabha, serving his fifth term in the Assam constituency. Dr Singh has a reputation as a person of high personal integrity and has earned respect globally for his notable acts. He was awarded the Padma Bhushan in 1987.
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