Manmohan Singh, a former prime minister of India who was hailed as the mastermind behind its liberalization efforts, died in New Delhi on Thursday. The Congress stalwart was admitted to AIIMS in critical condition around 8:30 pm.
The authorities of AIIMS issued an official statement that announced Dr. Manmohan Singh was 92 years old and died after being treated for age complications. From the statement, the client said that he fainted on Thursday at home and could not regain consciousness.
It is with breaking hearts that we report the demise of a statesman of the highest order, a former Prime Minister of India, Dr Manmohan Singh, aged 92 years. For various age-related diseases, he was under medical management; he had a stroke and lost consciousness at home on 26 December 2024. Bilateral facial palsy with quadriplegia had lasted 5 days at home, and resuscitative efforts were simultaneous with the onset of the disease. He was brought to the Medical Emergency at AIIMS, New Delhi, at 8:06 pm. Despite all efforts, he could not be revived and was declared dead at 9:51 pm,” the statement read.
Prime Minister of India in two terms between 2004 and 2014, he was a leader of Congress led United Progressive Alliance government. Before that he served in PV Narasimha Rao headed government as its Finance Minister from 1991 to 1996 and implemented historic economic liberalisation policies that positively affected India’s economic future.
Year: 1991: Historic Budget Speech
During his tenure as Finance Minister in the Indian economy, Manmohan Singh made a historic speech on the 24th of July, 1991, which is one hundred and thirty-five minutes, which liberated the Indian economy. The 1991 Budget that was set during the balance of payment crisis marked economic liberalization in India and liberalization, liberalization of India’s economy to the rest of the world and opening of new policies for domestic players.
During his speech, Singh focused on the plagued condition of India and said that the country had only 15 days stockpile of forex. He pointed out that the current level of foreign exchange reserves of about Rs.2500 crore are enough to finance imports for only a fortnight.
He pointed out that the conditions facing the country have become critical; where the government and economy cannot continue to operate beyond their means every year.
Singh provided measures that were quite revolutionary such as liberalization policies on India’s FDI regsulation. He also sketched out a revolutionary concept to restructure the archaic licence permit policy, which has acted as a brake on the country’s development.
‘To promote efficiency, it would be important to promote competition between domestic and foreign firms this way increasing competition in the home market productivities.’ To this end, we have involved ourselves in stating major changes in industrial policy to liberalize the domestic sector as per our social commitments & balance of payment constraints, new industrial policy has clarified to Parliament Mr. Singh.
The Congress led union government also made another historic decision by opening Indian economy for vise world economy and technologies.
It is time that Indian industry is put through a process of gradual opening up to global competition. Among the first changes, adjustments have been made to the import-export policy that implies the simplification of the import licensing, export support and the best import compression. Examinations by Singh added, “only the devaluations on 1 and 3 July 1991 and the liberalization of the replenishment license system for trade policy reform signify the first movements.”
In closing, Singh quoted the famous writer Victor Hugo: It doesn’t matter who is in charge, there is no force on this planet which can halt the progress of an idea whose time has come. He ended his speech with the last stanza of the song ‘Hum honge kaamyab’ penned by Girija Kumar Mathur.
As for the outcomes, I do not minimize the prospects of conflict in the process of smooth transition toward the long and arduous road we have embarked on. But as we know Victor Hugo quoted once, ‘Nothing can prevail against an idea whose time has come.’ I propose to this honorable House that India economic prowess is one idea I hold dear. Let the world hear it clearly: India is now wide awake. We shall prevail. We shall overcome, Singh concluded his historical speech.
Also Read: Latest Updates on Manmohan Singh’s Passing
+ There are no comments
Add yours