As Dr Singh turns 88, a look at his contribution to India's economy

Widely revered as the architect of India's economic reforms programme, now a senior leader of the Congress party, former Prime Minister Dr. Manmohan Singh has turned 88 today. He served as the 14th Prime Minister of India under the Congress-led United Progressive Alliance (UPA). He held the Prime Ministerial position for two consecutive terms, from 2004 to 2009 and 2009 to 2014. Thirteen years before he became prime minister he was the finance minister of India. He is known for liberalising India's till then closed economy and ushering in reforms in 1991. Here's a look at his major achievements and the big-ticket reforms he undertook which shaped the economic graph of the country.

Dr Singh's biggest contribution to the country is putting an end to the license Raj and ushering in economic reforms in 1991 as the finance minister under the prime ministership of P V Narasimha Rao. The country was on the verge of an economic collapse and he's credited with taking the right steps to save it. He devalued the rupee, lowered taxes, encouraged foreign investment, attracting global businesses. All these measures kick-started the economy in the right direction. He served as finance minister till 1996.

As PM, Manmohan Singh, along with the former Finance Minister, P. Chidambaram, witnessed a period where the Indian economy grew at an 8-9% rate. In 2007, India achieved its highest GDP growth rate of 9% and emerged as the second fastest growing major economy in the world.

In 2005, Singh's government introduced the VAT tax that replaced the complicated sales tax. He had initiated the reform as finance minister in 1995. Service tax was introduced with the aim to reduce the tax burden on the core business, trade and industry without affecting government's earnings.

Under his prime ministership, the NREGA was introduced to provide employment, sustenance to rural communities.

This Act was passed during his tenure as prime minister.The Act came into force with the Special Economic Zones (SEZ) Rules 2006 on 10th February 2006.

He served as an Economic Advisor with the Ministry of Foreign Trade, Chief Economic Advisor with the Ministry of Finance and Secretary-Ministry of Finance (Department of Economic Affairs). He served as Director of Reserve Bank of India from 1976 to 1980 and then as governor from 1982 to 1985. He was also Deputy Chairman of Planning Commission and Chairman of University Grants Commission.

As Prime Minister he bagged numerous awards which include the Padma Vibhushan in 1987, the Jawaharlal Nehru Birth Centenary Award of the Indian Science Congress in 1995, the Asia Money Award for Finance Minister of the Year in 1993 and 1994, the Euro Money Award for Finance Minister of the Year in 1993 amongst others.

Dr. Manmohan Singh has also authored many books. These include-Changing India (2019), Collateral and Financial Plumbing amongst others.