Manmohan Singh, former PM and finance minister who launched India's 1991 economic reforms, died last week. He earned the media's glowing tributes. He was extraordinary, creating prosperity for the middle class—who later turned against him. Yet he remained constrained by his party's dynastic politics.
Though his life held many accomplishments, his legacy centers on the 1991 liberalization. For 34 years, these reforms have been celebrated as transformative. But questions remain about their true impact. While they freed India from socialist-era restrictions that had hampered growth, it's debatable whether the benefits reached all segments of society or just certain classes.
The human development index of India in 1991 was 0.433 and in 2024, it is estimated to be 0.644. This is an impressive growth. However, the devil is in the detail. In 1991, Indian rank was 114, and in 2024 it is 134. It means that though India has improved, most other countries have improved more in the same period, so much so that, we have slipped in relative rank. India's rank in the gender inequality index was 142 in 1991. In 2024, it is 129 out of 146 countries. Though we have marginally improved, we still remain at the bottom rungs in gender equality. The income inequality that has resulted in these 34 years is mind-boggling.
This story is from the {{IssueName}} edition of {{MagazineName}}.
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 {{IssueName}} edition of {{MagazineName}}.
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
La Liga: Real beat Las Palmas 4-1
WITH Kylian Mbappe putting on a show again, Real Madrid returned to the top of the Spanish league.
Pragg wins; Gukesh draws
INDIAN Grandmaster R Praggnanandhaa defeated compatriot P Harikrishna, while Arjun Erigaisi settled for a draw in the second round of the 87th Tata Steel Chess Tournament here.
Tax sops likely for brownfield projects
FACED with slow uptake in private investment, the government may announce some tax sops in the Budget this year for encouraging new investments by companies.
5.2K birds of 117 species in Uttarakhand's Asan wetland
IN a significant citizen science effort, a bird counting campaign at the Asan Wetland in Dehradun district of Uttarakhand has yielded impressive results, with volunteers identifying 5,225 birds across 117 different species.
NCLT Orders Liquidation of Go First
Airline becomes the second carrier in four months to face liquidation after Jet Airways
Two held for making country-made bombs in TN
TWO men were arrested and remanded on Monday for allegedly making explosives (naattu vedi) to hunt wild animals that have been destroying their crops near Poomandahalli which led to the death of a six-year-old girl on Sunday.
U'KHAND CABINET CLEARS UCC RULES
THE Uttarakhand Cabinet on Monday approved the Uniform Civil Code's (UCC) regulations, close to a year after the legislation was passed by the state assembly.
Karur Vysya Bank profit jumps over 20% on loan growth
Robust loan growth and better asset quality helped the Tamil Nadu-based old-generation private sector lender Karur Vysya Bank to report an over 20% jump in net income at ₹496 crore in the December quarter, up from ₹412 crore in the year ago period.
Ahead of Belagavi rally, Cong seeks Bhagwat's apology over I-Day speech
AS the Congress is set to hold 'Jai Bapu, Jai Bhim, Jai Samvidhan' rally in Karnataka's Belagavi, the party reiterated its demand that RSS chief Mohan Bhagwat must apologise for the 'anti-national' statement he delivered on the freedom movement.
NIMAS team finishes Arunachal leg of Brahmaputra rafting expedition
A team of the National Institute of Mountaineering and Adventure Sports (NIMAS) has achieved a milestone by completing the Arunachal Pradesh leg of the historic Brahmaputra River Rafting Expedition.
