One of the most respected economists the country has seen, former Prime Minister Dr Manmohan Singh, passed away at the age of 92, on December 26th, 2024, in Delhi. Dr Singh was rushed to AIIMS after a sudden loss of consciousness at home. Despite all efforts, he could not be revived and was pronounced dead at 9:51 pm. He was mostly healthy with minor age-related issues which were being routinely treated at the hospital.
As the news of Dr Manmohan Singh’s demise spread, tributes started pouring in. Current PM Narendra Modi remembered him as a distinguished leader, and wrote “India mourns the loss of one of its most distinguished leaders, Dr Manmohan Singh ji. Rising from humble origins, he rose to become a respected economist. He served in various government positions as well, including as Finance Minister, leaving a strong imprint on our economic policy over the years. His interventions in parliament were also insightful. As our Prime Minister, he made extensive efforts to improve people's lives.
Dr Manmohan Singh ji and I interacted regularly when he was PM and I was the CM of Gujarat. We would have extensive deliberations on various subjects relating to governance. His wisdom and humility were always visible. In this hour of grief, my thoughts are with the family of Dr. Manmohan Singh Ji, his friends and countless admirers. Om Shanti.”
Dr Manmohan Singh's journey
While Dr Manmohan Singh’s achievements as an economist, bureaucrat, and leader are plenty, what stands out his his humble and simple way of living life. One who kept his beloved Maruti 800 despite being offered shiny BMWs, or the fact that he didn’t at first take the then PM Narasimha Rao seriously when he asked Dr Manmohan Singh to join his cabinet as a Finance Minister.
In 2005, interacting with British journalist Mark Tully, Dr Singh shared how when PM Rao was finalising his cabinet, he sent his principal secretary to Dr Manmohan Singh, with the message that the PM would like him to become the Minister of Finance. He didn’t take the word seriously, only to have PV Rao track him down the next morning, rather angry, and demanding that Dr Manmohan Singh get dressed, and join the rest of the cabinet for the swearing-in ceremony at the Rashtrapati Bhavan.
Dr Manmohan Singh as Finance Minister
Manmohan Singh’s economic policies were some of the best decisions in the contemporary Indian history. In 1991, Manmohan Singh as finance minister had the mammoth task of balancing the payments deficit. India's foreign reserves barely amounted to US$1 billion, enough to pay for 2 weeks of imports, the crisis was unprecedented, and the economy was at the brink of collapsing.
Dr Manmohan Singh suggested deregulation, which the party and ranks detested fully. After he and P Chidambaram, who served as the finance minister under UPA terms which had Manmohan Singh as Prime Minister, explained to Rao how crucial deregulation was, he gave it a nod. This LPG or Liberalisation, Privatisation, Globalisation solution was just one of Dr Manmohan Singh’s economic policies.
Apart from these, Dr Manmohan Singh as finance minister tackled issues like permit raj, licence raj, state control of the economy and many more. He also removed many roadblocks to FDI or Foreign Direct Investment, making it easier for the Indian economy to grow.
Dr Manmohan Singh as Prime Minister
In 2004, when the incumbent NDA was voted out, the Indian National Congress made it to the Parliament in a coalition called UPA or United Progressive Alliance. The leader of UPA, Sonia Gandhi, in an unexpected move, stepped aside for Dr Manmohan Singh to swear in as the next Prime Minister of India. While Dr Manmohan Singh had never contested an election, and throughout his tenure was a member of the Rajya Sabha and not the Lok Sabha, he had an untainted image and was revered among the masses for what he had managed to achieve as the finance minister.
Dr Manmohan Singh as Prime Minister served two full terms, making him one of the longest-serving Prime Ministers of India, after Pt Nehru, Indira Gandhi, and Narendra Modi. He took the oath in May 2004, and Manmohan Singh as Prime Minister continued the stellar work in economic growth that he had started as a finance minister. With his Minister of Finance P Chidambaram enabling Manmohan Singh’s economic policies seamlessly, the GDP saw an annual growth of 8-9%.
Manmohan Singh as Prime Minister managed to find a sweet balance between introducing new policies and schemes like MNREGA, and at the same time, retaining the effective ones coming from the previous government like Vajpayee’s Gold Quadrilateral highway program. This graceful leadership was Dr Manmohan Singh’s biggest achievement and earned him love, respect, and reverence.