Former Indian Prime Minister Manmohan Singh, hailed as the mastermind behind the economic reforms that revolutionized the world’s most populous democracy over thirty years ago, has passed away at the age of 92.
“India grieves the loss of one of its most eminent statesmen, Dr. Manmohan Singh Ji,” expressed current Prime Minister Narendra Modi on a specified date.
“From humble beginnings, he ascended to become a renowned economist. He held various governmental roles, notably as the finance minister, leaving an indelible mark on our economic policies for decades… As our prime minister, he tirelessly worked to enhance the welfare of our citizens.”
Serving as India’s leader for a decade, from 2004 to 2014, Singh’s legacy is perhaps most pronounced during his tenure as the finance minister.
Confronted with surging oil prices, mounting debt, and depleting foreign reserves, India initiated groundbreaking reforms on July 24, 1991.
Under Singh’s stewardship, India dismantled trade barriers and licensing regulations, devalued the national currency, and dismantled state monopolies, effectively putting an end to the country’s economic seclusion.
“No force on earth can stifle an idea whose time has arrived,” remarked Singh back then, paraphrasing the words of French writer Victor Hugo.
The vision was to propel India into prominence as a major global economic force, articulated by Singh, whose academic background includes studies at prestigious institutions such as Cambridge and Oxford in the United Kingdom.
“Let the world take note,” declared the typically soft-spoken statesman, “India is now fully awakened. We shall prevail.”
In 2004, Singh broke new ground by becoming the first Sikh to assume the role of prime minister in India, following the unexpected decision of Indian National Congress party leader Sonia Gandhi to decline the post and instead nominate her trusted confidant.
Heading the United Progressive Alliance coalition government for two consecutive five-year terms, Singh’s administration encountered significant challenges during the latter term, marked by allegations of widespread corruption, lackluster leadership, sluggish economic growth, and struggles to curtail inflation.
While supporters highlight monumental accomplishments of Singh’s administration, such as lifting millions out of poverty through social welfare initiatives, the era was also marred by setbacks.
Reports indicate that Singh was rushed to the emergency room on a specified Thursday evening after losing consciousness at his residence, as confirmed by a statement from the AIIMS hospital in New Delhi. Tragically, he was pronounced deceased upon arrival at the hospital, having been under medical care for age-related ailments.