Manmohan Singh (1932-2024): Remembering India’s Economist Prime Minister

If someone really wants to hear the real words of transformation, dedication, faith, and optimism, hear the 1991 maiden budget speech of Manmohan Singh, then finance minister of India. 
“Let the whole world hear it loud and clear, India is now wide awake. We shall prevail. We shall overcome,” Singh said. This maiden speech was a turning point not only for India as an economy but for the political world as well. 

Graced with humility, intellect, and vision……and whatnot, the demise of former prime minister Manmohan Singh at the age of 92 on Thursday has not only left a big void in the political world but has also left India at the loss of words.  Manmohan Singh’s journey from Gah now in Pakistan Province to 7 Race Course Road, ( Now Lokkalyan Marg) where he lived up for a decade is a classic story of a hero from a modest rural upbringing to occupying India’s highest political office.

Singh as Finance Minister from 1991-1996, drove India into a different era, the era which was yet to see the fruits of the liberalisation he carried out as FM. He not only drove the nation from the tough phase of hitting bankruptcy but was also known for turning the clouds of uncertainty into an opportunity and laying the foundation for India to become an economic powerhouse. 

From a severe fiscal crisis to a deep Forex reserve crisis that the nation couldn’t even cover a month of imports. From soaring oil prices to dwindling reserves, Singh faced it all and took some path breaking, historic, and which turned the crisis into an opportunity. He took a historic decision to devalue the rupee, remove export subsidies, and open up the economy to global competition. His policies led to the expansion of India’s economy, making it one of the world’s fastest-growing economies.

“India is a sleeping giant,” Singh famously remarked, and it was under his stewardship that the giant began to stir, quickly becoming one of the largest economies in the world. As Prime Minister from 2004 to 2014, Singh worked tirelessly to deepen India’s welfare system, with landmark legislations like the Right to Food, Right to Education, and Right to Information ensuring that economic growth reached every corner of society. Singh’s tenure, however, was not without challenges. While his economic reforms cemented his place in history, his government was marred by allegations of corruption, particularly in the later years. Despite this, Singh remained steadfast, often saying, “I honestly hope history would be kinder to me than the contemporary media, or for that matter, the opposition parties in Parliament.
Man With Humility

In Parliament, his soft-spoken nature belied a fierce determination to ensure India's progress. Singh's leadership and contributions were acknowledged by many, including Prime Minister Narendra Modi , who lauded his role in the Rajya Sabha, recognizing his quiet but profound influence on India's democratic framework. His political career that extended over three decades began when he was elected to the Rajya Sabha in 1991. He had been re-elected several times and had served as the Leader of the Opposition, and later as the Leader of the House when he became Prime Minister.

Dr. Singh retired graciously from public life by demitting the Rajya Sabha in 2024. He leaves behind an indelible mark on the economic and political history of India. In his final moments, his legacy will be remembered as that of an architect of India's transformation into an economic powerhouse, a man of profound integrity, and a leader who navigated the nation through turbulent times. His vision, his quiet strength, and his deep belief in the potential of his country had molded India's journey into the 21st century. Indeed, as he said himself, "No power on earth can stop an idea whose time has come," and the idea of India as a global economic power was indeed Dr. Manmohan Singh's greatest contribution. His legacy is one of quiet leadership, transformative reforms, and a commitment to making India stronger, fairer, and more resilient. As India bids farewell to this great statesman, his vision for a prosperous and inclusive nation lives on in the policies and institutions he helped build.