Some of the key policies and schemes that today underpin India's pursuit of inclusive growth rely on the nuts and bolts built during Manmohan Singh's decade-long prime ministership between 2004 and 2014, building on the country's bold embrace of reforms in 1991 during his term as finance minister in the P.V. Narasimha Rao government, according to economists and observers.
Transfer of welfare benefits straight to the account of the recipient, the rural jobs scheme named after Mahatma Gandhi that offers a legally guaranteed fall-back option to many whenever the weather-dependent rural economy suffers a shock, and a law guaranteeing food security shine through India's welfare framework, while the Aadhaar-backed identification system powers India's digital economy success.
A towering statesman and the driving force behind India's economic reforms, Singh passed away on Thursday at 92, leaving a legacy that has reshaped India's economic and welfare landscape.
"He was an economist par excellence and ensured economic stability and liberalization of the economy. He effectively handled inflation and unemployment. Additionally, when the entire world faced the financial crises of 2008, he ensured that all banks in India were stable," M. Veerappa Moily, former Union minister of petroleum, law, power and corporate affairs, and former chief minister of Karnataka, said in a social media post.
Moily, who served in Manmohan Singh's cabinet, said Singh "was a good man, and I will miss him very dearly."
This story is from the December 28, 2024 edition of Mint Hyderabad.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the December 28, 2024 edition of Mint Hyderabad.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Kick off the new year with fresh games
Despite a typical slow pace, Jan 2025 features several new game releases
A flagship to challenge most top smartphones in 2025
The vivo X200 Pro may emerge as the camera phone to beat in 2025. What else does the flagship have going for it?
CES 2025: What Lies Ahead in Tech This Year
With more powerful computing chips, the idea of PCs compact enough to be carried around in one hand is becoming real
Most favoured interpretations can prove unfavourable
India's stance on Switzerland's MFN status in a Nestle tax dispute has had adverse consequences
Elon Musk and his critics are wrong about free speech on X
Both sides of this divide must read the US First Amendment again
Monetary policy should lead the easing cycle our economy needs
Weak demand in the economy needs a response but budget tightening would mean the central bank must look for easing space
Revision of the inflation gauge: Handle with care
India's consumer price index should be revised on the basis of the latest survey of household consumption expenditure, but with nuances of the country's situation kept well in mind
May 2025 spell climate hope after a super-warm 2024
Let's harness the negativity bias that humans are predisposed to for measures aimed at faster climate action
India Needs a Tad More Ambition and Resolve to Boost GDP Growth
We must focus on long-term fixes rather than near-term uncertainties for fast economic expansion
Insights on When to Step Back From the Stock Market
The stock surge since 2020 has made it harder to convince investors to step back if needed
