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During the 1991 economic crisis, Manmohan Singh, under PV Narasimha Rao’s leadership, ended the Licence Raj, liberalised trade, curbed inflation, and transformed India into an economic powerhouse
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Manmohan Singh
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On his way back from a conference in the Netherlands in 1991, then-chairman of the University Grants Commission, Manmohan Singh received an unexpected call that reshaped both his career and India’s economic trajectory.
In 1991, when PV Narasimha Rao assumed office of the Prime Minister, India was struggling with a balance of payments crisis, political instability, and the global upheaval triggered by the collapse of the Soviet Union. During this period, Singh received an unexpected phone call from PC Alexander, principal secretary to Rao, informing him that he had been selected as the country’s next finance minister.
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By June 21, Singh found himself at the Rashtrapati Bhavan, unexpectedly taking the oath of office as the union finance minister. His appointment marked a pivotal moment in India’s economic history. Under his leadership, the country transitioned from a tightly controlled, slow-growth economy to one of the fastest-growing major economies in the world.
1991 economic crisis: A turning point
Singh assumed the role of finance minister at a time of severe economic turmoil. Foreign exchange reserves had dwindled to just Rs 2,500 crore, sufficient for only two weeks of imports. Inflation surged into double digits, and international lenders were hesitant to extend further credit. India stood on the brink of bankruptcy, with an economy constrained by the Licence Raj.
Despite the challenges, Singh brought a clear vision for reform. His determination, coupled with Prime Minister Rao’s support, set the stage for transformative changes. His tenure as finance minister was marked by bold and sweeping reforms, many of which were unveiled in his historic Budget speech on July 24, 1991.
The reforms faced significant pushback, particularly from the Bombay Club — a group of industrialists concerned about increased foreign competition. However, Singh and Prime Minister Rao held their ground, determined to implement the changes needed to revive the economy.
Building a vision
Singh’s contributions, however, extended well beyond his tenure as finance minister. As the Prime Minister of India from 2004 to 2014, he oversaw landmark initiatives such as the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) and the Aadhaar project, which ‘advanced financial inclusion and curbed welfare leakages’. His handling of the 2008 global financial crisis further cemented his reputation as a strong economic leader.
Manmohan Singh’s final journey
The final journey of former Prime Minister Manmohan Singh is scheduled to begin at 9.30 am on Saturday, moving from the All India Congress Committee headquarters to the cremation ground, party general secretary KC Venugopal said.
He added that Singh’s mortal remains would be placed at his residence, 3 Motilal Nehru Road, on Friday to allow the public to pay their respects.
“At 8 am tomorrow, December 28, his mortal remains will be taken to the AICC headquarters where public and Congress workers will have the opportunity to offer their tributes between 8.30 am and 9.30 am,” Venugopal said.
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