Manmohan Singh as an economic reformer

AS FINANCE MINISTER first and later as the Prime Minister, Dr Manmohan Singh has done immense service to the country.

- C Rangarajan

He will be remembered for long as a reformer who changed the destiny of India.

We are today talking about the possibility of India becoming a developed country in 2047. This will not be possible but for the foundation laid in early 1990s by Singh.

The break with the past in 1991 came in three important directions. The first was to dismantle the complex regime of licences, permits and controls that dictated almost every facet of production and distribution.

Barriers to entry and growth were dismantled. The second change in direction was to reverse the strong bias towards state ownership of means of production and proliferation of public sector enterprises in almost every sphere of economic activity.