Aspirations of the next generation are exerting pressure on governments to deliver more, says former Prime Minister Manmohan Singh

A rising India, he said, could show the world the way forward by ‘blending tradition with modernity’; and a vigilant media is critical to improve governance

Former Prime Minister Manmohan Singh said a vigilant media is critical to improve governance and India will continue to rise as aspirations of the new generation exert pressure on governments to be more efficient and transparent.

Dr. Singh, who was conferred the TIOL Fiscal Heritage Award by Union Minister for Road Transport and Highways Nitin Gadkari on Tuesday, said that most people only recollect his handling of the external payments crisis in 1991 but forget that he was grappling with multiple challenges during his stint as Finance Minister in the P.V. Narasimha Rao administration.

Recalling his entry into politics in the midst of a crisis in 1991, the former Central bank Governor said the external payments crisis occurred in the backdrop of an even bigger challenge — the breakdown of the global bipolar order.

“As Finance Minister, I had to worry not only about reducing the fiscal deficit and reviving economic growth, but also about stabilising the rupee and ensuring access to adequate foreign exchange,” he said, adding that economic growth, social change and political empowerment have brought in their wake new aspirations of an entirely new generation of Indians.

This, he noted, has contributed to growing impatience and a desire for faster growth and a better quality of life. These aspirations and ambitions are exerting pressures on governments to deliver more, perform better, and be more transparent and efficient, the former PM said.

Emphasising the role of media in the process of nation building, Dr. Singh said media is expected to be vigilant and point out shortcomings of the government with a view to improve the effectiveness of governance. A rising India, he said, could show the world the way forward by “blending tradition with modernity”.

Mr. Gadkari linked the sufficiency of capital to fund infrastructure projects in the country to the liberal economic policies initiated by Dr. Singh as a Finance Minister. “Our country is indeed indebted to Dr. Manmohan Singh- ji for initiating bold liberal economic policies during height of debate between Marxist socialism versus capitalism,” he noted.