Dr Manmohan Singh: 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.

- D SRIDHAR BABU

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 the country's economic growth, and the latter did not disappoint the former.

Perhaps his most enduring legacy as Prime Minister came through the MGNREGA, launched in 2005. This ambitious rural employment program has generated over 3.7 billion workdays by 2023, channeling ₹14 lakh crore directly into rural households. More significantly, it has become a lifeline for rural women, who comprise nearly 55% of its workforce. The program's impact on rural poverty has been profound, with poverty rates plummeting from 41.8% in 2004-05 to 25.7% in 2011-12.

Understanding the plight of India's farmers, Dr Singh's government took the bold step of implementing a ₹60,000 crore farm loan waiver in 2008. This decision, while criticized by some fiscal conservatives, brought relief to 36 million small farmers and helped reduce farmer suicides by over 10%.