Manmohan Singh: The liberalisation architect of India

THERE IS A POETIC IRONY TO ’92 — a number that not only marks a watershed moment in India’s Growth Story but also the end of a life extraordinary. It was the year 1991 when the world truly began to take notice of India, led by a quiet, unassuming finance minister who stood before Parliament on July 24, 1991 and declared, “I rise to present the Budget for 1991-92.” In that moment, Dr. Manmohan Singh set India on an irreversible path of economic transformation, opening its doors to global markets and unshackling its potential as an emerging superpower.

Singh, who passed away on December 26 at the age of 92, was born in the village of Gah, now in Pakistan. He overcame the trials of partition to pursue academic brilliance, earning accolades from Cambridge and Oxford.

A scholar at heart, he brought his deep intellect and unwavering sincerity to every role he undertook. He officially joined the government in 1971 as an economic advisor in the Ministry of Commerce. His entry marked the beginning of a long and illustrious career in public service, including as the chief economic adviser, secretary in the finance ministry, deputy chairman of the Planning Commission, RBI governor, and eventually as the finance minister and then as the Prime Minister.

But it was his tenure as finance minister that redefined India for generations to come. Faced with an acute economic crisis, Singh’s 1991-92 Budget dismantled the Licence Raj, and unleashed India’s entrepreneurial spirit. His historic words that day — “No power on earth can stop an idea whose time has come” — became a clarion call for India’s economic resurgence. The narrative of India soon shifted from a nation of constraints to one of boundless opportunity.

As the Prime Minister, Singh presided over a decade (2004 to 2014) of robust growth, setting the stage for India to become the world’s third-largest economy — from $266 billion in 1991 to over $3.5 trillion now. A hallmark of this reform era was the role of expert committees such as the Raja Chelliah Committee on tax reforms, the Narasimham Committee on banking, and the Malhotra Committee on insurance, which paved the way for economic advancements. The granting of statutory powers to the Securities & Exchange Board of India (Sebi) in 1992 was the defining moment for India’s robust capital markets, ushering a wave of prosperity among retail investors.

Not just that, Singh’s policies, rooted in both market liberalisation and social justice, also gave birth to landmark initiatives such as the Right to Education, the National Rural Employment Guarantee Act, and Aadhaar. Ever the champion of inclusivity, he worked to ensure that progress was not merely measured by GDP but by the upliftment of millions of lives.

True to his words in the 1991 Budget, Singh remained “hard-headed” earlier as the finance minister and later as the Prime Minister in defending the nation’s interests while being “soft-hearted” in upholding equity and social justice. His passing leaves a void, but his vision will continue to guide the nation to new heights.

RIP, Dr. Manmohan Singh. Your idea, your India, will endure.