sat down to write this piece on Dr. Manmohan Singh immediately after attending the cremation ceremony at Nigambodh Ghat. I have known Dr. Singh for more than 50 years, during which period he was for me a role model, mentor and friend. It is not easy to compress in an oped all that I would like to say about him, but much that needs to be said has already been said in the press coverage of the last two days. The reforms of 1991, which he introduced as finance minister in the P.V. Narasimha Rao government, are undoubtedly the most important part of his legacy. They brought about a decisive change in India's economic policies and performance, and it is now widely recognized that this change of direction set the stage for India's emergence as one of the world's fastest-growing emerging economies.
While economists and businessmen know that the reforms were truly transformational, I do worry that two-thirds of our population was born after 1991 and even the young adults among them have only a vague idea of the damaging policies they replaced. As the world re-arranges its views on protectionism and greater government intervention gains popularity around the world, there is a real danger of some of the earlier discredited policies creeping back.
This story is from the December 30, 2024 edition of Mint Chennai.
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This story is from the December 30, 2024 edition of Mint Chennai.
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