Manmohan Singh passes away: The Finance Minister who opened India’s doors to global economy

Former Prime Minister of India and veteran Congress leader Manmohan Singh passed away on Thursday, December 26. He was 92.

Singh, who breathed his last at AIIMS, New Delhi, is credited with opening the Indian economy to global competition and is often regarded as the architect of India’s economic liberalisation as Finance Minister in 1991. Singh went on to become Prime Minister of the Congress-led UPA government.

Singh had not been keeping well for quite some time. His only public appearance in 2024 was at the book launch of his daughter at the India International Centre (IIC), New Delhi, in January 2024.

Political Life

Singh never won the Lok Sabha elections. He was nominated to the Rajya Sabha for the first time by the Congress party in October 1991, four months after he became the Union Finance Minister. He represented Assam for five terms in the Rajya Sabha and shifted to Rajasthan in 2019, his last term that ended in April this year.

Singh was Prime Minister for two successive terms – from May 22, 2004, to May 22, 2009. The two UPA regimes led by Manmohan Singh are credited with the launch of social welfare initiatives such as guaranteed job schemes –Mahatma Gandhi National Rural Employment Guarantee (MNREGA) – and the right to education for every child. Reforms, including Direct Benefit Transfer (DBT) and national identity number, Aadhaar were also launched during Manmohan Singh’s term as PM.

One of the biggest highlights of Singh’s regime was securing the India-US Civil Nuclear Agreement, which opened up civilian nuclear cooperation.

Manmohan Singh-led UPA government delivered about 8.5 per cent GDP growth. 

Singh’s years as Prime Minister were, however, marred with scams- 2G, CWG and Coal block allocations. His last years in office were marred with corruption scandals and inflation, with many in the opposition calling him a ‘weak’ PM. And eventually, Prime Minister Narendra Modi-led government to take over the reins in 2014. 

Academician par excellence

Singh was born on September 26, 1932, in a village in the Punjab province of undivided India. He completed his class X from Punjab. In 1957, he earned a First Class Honours degree in Economics from University of Cambridge, UK.

In 1962, he completed D Phil in Economics from Nuffield College at Oxford University. Singh has also worked as a faculty of Punjab University and Delhi School of Economics.

In 1971, Singh joined the government of India as an economic advisor in the commerce ministry. In 1972, he was appointed as the Chief Economic Advisor in the ministry of finance in 1972.

Among other positions, Singh has been secretary in the ministry of finance, deputy chairman of the Planning Commission, governor of the Reserve Bank of India (RBI), advisor to the Prime Minister and chairman of the University Grants Commission.

Singh also had a brief stint at the UNCTAD Secretariat as well. He was Secretary General of the South Commission in Geneva between 1987 and 1990.

Finance Minister

Singh spent five years between 1991 and 1996 as India’s finance minister under Prime Minister Narasimha Rao’s government. It was under Manmohan Singh’s Finance Ministry term that the Indian economy saw a turning point since independence.

Singh leaves behind a legacy of economic achievements by contributing to ushering in economic reforms in the country. A renowned economist, Singh’s role includes devaluing the rupee, reducing import tariffs, and privatising state-owned enterprises.