Manmohan Singh, key figure behind India’s economic transformation

Manmohan Singh, the economist who played a pivotal role in transforming India’s economy, passed away on Thursday at the age of 92. He was admitted to AIIMS Delhi following a decline in his health.

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Born in 1932 in Gah, now in Pakistan, Singh’s life journey from a humble village to shaping India's economic landscape is truly remarkable. After completing a doctorate in economics from Oxford University, he carved out a distinguished career as an academic and bureaucrat, before rising to prominence during the 1991 economic crisis.

As Finance Minister under Prime Minister P.V. Narasimha Rao, Singh introduced landmark reforms that reshaped India’s economy. His implementation of the New Economic Policy (NEP) was a turning point, saving the country from financial collapse. In a defining moment, Singh famously remarked, "No power on earth can stop an idea whose time has come," as he initiated changes that dismantled the License Raj and opened up the economy to foreign investments.

Singh’s policies included the devaluation of the rupee, relaxing foreign investment limits, and reducing subsidies—all critical steps in transitioning India from a heavily regulated economy to a more market-driven one. Later, as Prime Minister from 2004 to 2014, he oversaw continued growth, establishing India as a global economic force. His legacy is that of a quiet, steadfast architect of India's economic transformation.