Montek Singh Ahluwalia on Manmohan Singh: A wise, gentle and persuasive leader who made a huge difference
Subscribe to enjoy similar stories. I sat down to write this piece on Dr. Manmohan Singh immediately after attending the cremation ceremony at Nigambodh Ghat.
I have known Dr. Singh for more then 50 years, during which period he was for me a role model, mentor and friend. It is not easy to compress in an oped all that I would like to say about him, but much that needs to be said has already been said in the press coverage of the last two days.
The reforms of 1991, which he introduced as finance minister in the P.V. Narasimha Rao government, are undoubtedly the most important part of his legacy. They brought about a decisive change in India’s economic policies and performance, and it is now widely recognized that this change of direction set the stage for India’s emergence as one of the world’s fastest-growing emerging economies.
While economists and businessmen know that the reforms were truly transformational, I do worry that two-thirds of our population was born after 1991 and even the young adults among them have only a vague idea of the damaging policies they replaced. As the world re-arranges its views on protectionism and greater government intervention gains popularity around the world, there is a real danger of some of the earlier discredited policies creeping back. One reason why this may happen is that the reforms were not made into a politically compelling narrative.
While the Rao government backed the reforms, it did not speak loudly enough about the reforms or make them into a winning political slogan. Prime minister Narasimha Rao once said to me: “The trouble with you fellows is that you haven’t come up with a good word in Hindi for economic liberalization." He was right. ‘Aarthik sudhaar’ had none of the
. Read more on livemint.com
