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As finance minister under Prime Minister P V Narasimha Rao, Singh implemented a comprehensive set of economic reforms, including deregulation, trade liberalization, and a shift towards a market-oriented economy. In 1991, when India was on the brink of defaulting on its external debt and had to pledge gold to secure loans, Singh's interventions helped stabilize the economy. His policies set the stage for India's rapid economic growth in the decades that followed.
Singh's success as a technocrat and policymaker gained him international recognition. The reforms he championed not only salvaged the country from economic ruin but also paved the way for India's integration into the global economy. The reforms, which included privatization and the reduction of state intervention in business, helped the country expand its economic base and attracted foreign investment.
Singh's ascension to the role of Prime Minister in 2004 was unexpected. Sonia Gandhi, the leader of the Congress party, had been widely expected to take the position, but she nominated Singh for the role after stepping back from the political spotlight. Singh, known for his academic brilliance and policy expertise, was seen as a safe choice to lead the country, especially in a coalition government where consensus was key.
As Prime Minister, Singh focused on expanding India's economic and diplomatic reach, continuing the reforms he had initiated as finance minister. His government implemented key initiatives aimed at alleviating poverty, improving education, and enhancing healthcare. Singh was instrumental in signing the landmark Indo-US nuclear deal in 2008, a move that brought India closer to the global community, but it also led to tensions with the Left parties, which were part of the ruling coalition at the time.
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