Who saved India from economic crisis

When India's economic situation was very bad, Manmohan Singh became the finance minister, became the prime minister for 10 years from 2004, and accelerated the country's economy through policy reforms.

Poush 13, 2081

Rajesh Mishra

Who saved India from economic crisis

We use Google Cloud Translation Services. Google requires we provide the following disclaimer relating to use of this service:

This service may contain translations powered by Google. Google disclaims all warranties related to the translations, expressed or implied, including any warranties of accuracy, reliability, and any implied warranties of merchantability, fitness for a particular purpose, and noninfringement.

After PV Narasimha Rao became the Prime Minister of India in 1991, a report was submitted that the economic situation of the country was very bad. Rao started looking for a finance minister who could reform the economy. During that time, Manmohan Singh, the former governor of the Reserve Bank of India, caught his eye.

He was a renowned economist. Pointing out that the economic situation of the country is serious, Rao asked him to take over the responsibility of Finance Minister. 

After becoming the Finance Minister, Singh introduced various important policies related to economic liberalization, privatization and joining the world trade. Reformed policies to attract foreign investment. It boosted the country's economy. Singh himself became the Prime Minister in 2004. Even at that time, India was facing the effects of global economic recession and inflation.

He also played an efficient role to put an end to that situation. Singh was elected Prime Minister for the second term and remained in office till 2014. Singh is known as the person who brought economic liberalization to India. Same Singh died on Thursday at the age of 92. 

Senior journalist and political analyst Anand K Sahay Singh says that India has made economic progress at the rate of 8 percent every year. "It was considered a great achievement in the democratic world," he said, "although there were some weaknesses in his economic liberalization policy, it did an important job of increasing the income of the nation." He said that millions of Indians were able to rise above the poverty line. 

While in office or not, Singh's personal image was always considered clean. He used to politely introduce himself and listen to people from all walks of life. His style was to wear plain clothes, to adopt a simple life,' Sahay said, 'He had the nature of listening to the opponent, never trying to take revenge on the opponent, he was always in favor of freedom of expression.' 

In 2004, the Congress-led United Progressive Alliance (UPA) won a majority. Out of 272 seats needed for majority, Congress alone had only 145 seats. Sonia Gandhi was the leader of the UPA alliance. But opposition parties sharply criticized Gandhi's background.

Gandhi passed the Prime Ministerial opportunity that came her way to Singh. That is why Singh was also popularized as the 'Accidental Prime Minister'. The opposition even criticized Singh as a weak prime minister due to his soft-spoken nature. Even though she is in the chair of the Prime Minister, it was also commented that all decisions will be made by Sonia Gandhi. 

Singh was never directly elected by the people. He contested Lok Sabha elections in 1999 and 2004 but lost. The Congress sent him to the Rajya Sabha. As a member of the Rajya Sabha, he served as Prime Minister. Singh became the prime minister for 10 years by coordinating 14 parties in the UPA alliance, from communists to opposing ideologies.

Rashid Kidwai, a senior journalist and political analyst who has written a book about the Prime Ministers of India, said that he was able to succeed even by running the Prime Minister on the strength of the coalition. It was his specialty to be able to coordinate and lead everyone. That's why he was in everyone's good book, he said, no matter how many attacks from the opposition inside or outside the party, he never opened a front against it.

Singh always preferred to work with everyone's consent and advice. He never took a vacation. Used to work 12/14 hours. He never talked about his work,' said Kidwai, 'there was no place to doubt his policy and intentions.' is equally important. It was he who brought the plan to send money to the poor and Dalits in their bank accounts. During his tenure, the nuclear deal with the US was considered a major achievement. 

During Singh's second term, there was widespread protest saying that corruption had increased. He used to express his appreciation of history. In an interview in 2014, he said, "I am confident that history will be kinder to me than the media and the opposition party in Parliament." Within 24 hours, his appreciation has been reflected in the respect expressed within the country and outside.' 

The peace process started in Nepal when Singh was the prime minister. A 12-point agreement was reached between the main political parties of Nepal and the rebel Maoists in New Delhi, the capital of India. After that agreement, there was a public movement against the rule of the then King Gyanendra Shah.

President Ram Chandra Paudel, Prime Minister KP Sharma Oli, former Prime Ministers Sher Bahadur Deuba, Pushpa Kamal Dahal and Baburam Bhattarai have expressed their grief over Singh's death. Former Prime Minister Bhattarai has remembered Singh as the world's greatest economist and humble human being.

He has written on the social network 'X', "I will never forget that when I meet him, there are deep discussions about the world and Nepal-India bilateral economic development partnership in a peaceful and serious manner." 

Preparations are underway for Singh's final journey from the headquarters of the Indian National Congress in Delhi. Leaders including Prime Minister Narendra Modi and Home Minister Amit Shah visited Singh's residence on Friday and paid their respects. Singh was born on September 26, 1932 in the undivided state of Punjab, India. Now that part is in Pakistan.

Rajesh

Link copied successfully