Singh’s contributions as architect of India’s economic reforms have left indelible mark: RBI Governor
The Hindu
RBI Governor praises Dr. Manmohan Singh's economic reforms, highlighting his legacy as a visionary economist and former Prime Minister.
Manmohan Singh’s contributions as the architect of India’s economic reforms have left an indelible mark, RBI Governor Sanjay Malhotra said on Friday (December 27, 2024) as he paid tribute to the departed soul.
Dr. Singh, the former Prime Minister and Finance Minister, also served as the RBI governor between 1982 and 1985.
“I am deeply saddened on the passing away of former Prime Minister, Dr. Manmohan Singh, a visionary economist and former RBI Governor. His contributions as the architect of India’s economic reforms have left an indelible mark. RBI joins the nation in mourning this huge,” Mr. Malhotra said in a post on X.
Dr. Singh, the architect of India's economic reforms, died here on Thursday (December 26, 2024) night at the age of 92.
When Dr. Singh took the reins of the finance ministry in 1991, India's fiscal deficit was close to 8.5% of the GDP, the balance of payments deficit was huge and the current account deficit was close to 3.5% of GDP.
To make things worse, foreign reserves were just enough to pay for two weeks of imports, indicating that the Indian economy was in deep crisis.
Against this backdrop, the new economic era was brought in through the Union Budget 1991-92 presented by Dr. Singh.
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