The United States Department of State issued a statement on the passing of former Prime Minister Manmohan Singh, widely credited for ushering in the new era of Indian economy as the finance minister. Manmohan Singh passed away at the age of 92 on Thursday night.
“The United States offers our sincere condolences to the people of India for the passing of former Prime Minister Dr. Manmohan Singh. Dr Singh was one of the greatest champions of the US-India strategic partnership, and his work laid the foundation for much of what our countries have accomplished together in the past two decades,” said Secretary of State Anthony Blinken in a statement.
“His leadership in advancing the US-India Civil Nuclear Cooperation Agreement signified a major investment in the potential of the US-India relationship. At home, Dr Singh will be remembered for his economic reforms that spurred India's rapid economic growth. We mourn Dr Singh's passing and will always remember his dedication to bringing the United States and India closer together,” said Blinken.
Prime Minister Narendra Modi mourned the passing of Manmohan Singh. Modi was the Chief Minister of Gujarat when Singh was the Prime Minister. “We would have extensive deliberations on various subjects relating to governance,” said Modi.
MANMOHAN SINGH'S REFORMS
Singh is credited to steering the Indian economy and usher in economic reforms as the finance minister under former Prime Minister P V Narasimha Rao. In 1991 when Singh was appointed finance minister, India's fiscal deficit was close to 8.5 per cent of the GDP, the balance of payments deficit was huge, the current account deficit was close to 3.5 per cent of GDP, and foreign reserves were enough to just pay for two weeks of imports.
The trajectory of the Indian economy was changed by the Union Budget 1991-92, presented by Manmohan Singh. The budget, widely referred to as the turning point in Indian economic history, brought about bold economic reforms, abolition of licence raj and opening of many sectors to private players. He is credited with putting India on the new economic policy path which allowed Foreign Direct Investment (FDI), rupee devaluation, moderation in taxes, and privatisation of public sector companies, prompting India into an era of liberalisation, globalisation and privatisation.
"No power on Earth can stop an idea whose time has come," Singh had said, as he concluded his Budget speech.