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.
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