28/12/2024
Former Indian prime minister Manmohan Singh, considered the architect of economic reforms that opened up the world’s most populous country more three decades ago, has died, aged 92 years.
“India mourns the loss of one of its most distinguished leaders, Dr Manmohan Singh Ji,” wrote current Prime Minister Narendra Modi on X.
“Rising from humble origins, he rose to become a respected economist.
“He served in various government positions as well, including as finance minister, leaving a strong imprint on our economic policy over the years … As our prime minister, he made extensive efforts to improve people’s lives.”
Singh led India for a decade, from 2004 to 2014.
But it is perhaps as finance minister that he left his legacy.
Facing soaring oil prices, billions in debt, and dwindling foreign exchange reserves, India ushered in landmark reforms on July 24, 1991.
Singh effectively ended India’s economic isolation, dismantled licensing controls and trade barriers, devalued the rupee and broke up state monopolies.
“No power on earth can stop an idea whose time has come,” said Singh at the time, quoting French author Victor Hugo.
The idea was to ensure India’s “emergence as a major economic power in the world,” said Singh, who was educated at Cambridge and Oxford universities in Britain.
“Let the whole world hear it loud and clear,” the normally soft-spoken politician said, “India is now wide awake. We shall overcome.”
He became the country’s first Sikh prime minister in 2004, when Indian National Congress party chief Sonia Gandhi stunned supporters by refusing the post and nominated her most trusted lieutenant.
Singh headed the United Progressive Alliance coalition government for two consecutive five-year terms.
Singh’s coalition government faced a severe credibility crisis in the second term, tarnished by allegations of large-scale corruption, weak leadership, slowing economic growth and an inability to control inflation.
Supporters point out major achievements of Singh’s government, such as pulling millions out of poverty with social sector schemes.
He was taken to the emergency room on Thursday evening after losing consciousness at home, according to a statement from the AIIMS hospital in New Delhi.
He was then declared dead at the hospital.
He had been receiving treatment for age-related illnesses.
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