Architect of Modern India’s Economic Miracle
In the annals of Indian economic history, few names shine as brightly as Dr Manmohan Singh’s. The quiet economist-turned-politician who transformed India from a nation on the brink of economic collapse into a global powerhouse stands today as a testament to how visionary leadership can reshape a nation’s destiny.
When Dr Singh took charge as Finance Minister in 1991, India was facing its darkest economic hour. Foreign exchange reserves had dwindled to a mere $1.2 billion, barely enough to cover two weeks of imports. The nation stood at the precipice of default. Yet, in this crisis, Dr Singh saw opportunity. With remarkable courage and foresight, he dismantled the byzantine License Raj system that had shackled Indian enterprise for decades. Foreign investment, previously a trickle, surged to $5.3 billion by 1995-96, while GDP growth soared from an alarming 1.1% to a robust 7.3%. The then Prime Minister P V Narasimha Rao had huge confidence in Singh’s ability to accelerate country’s economic growth and the latter did not disappoint the former.
