Dr. Manmohan Singh – An Economist And A Gentleman

Dr. Manmohan Singh – An Economist And A Gentleman

Rachit Seth 09-26-2013 Economy

 

The post liberalization era India has witnessed unprecedented growth. Dr. Manmohan Singh, the then Finance Minister is credited for initiating and scripting India’s growth story since 1991. On 24th July 1991, India’s finance minister Dr. Manmohan Singh wound up his historic Union budget speech with Victor Hugo’s famous words “No power on earth can stop an idea whose time has come. I suggest to this august House that the emergence of India as a major economic power in the world happens to be one such idea.” This was his idea of India.

In the 9 years of UPA – the Prime Minister Dr. Singh has lived upto his words. India is on the verge of becoming a super power in the world .

 

 

Indian economy is now the 3rd largest economy in the world. The efforts of our humble ,soft spoken and hardworking economist Prime Minister has helped India become an economic power house

 

 

He has assured India’s place at the high table of the G 20 economies of the world. 

Under the Congress-led UPA government’s stewardship over the last 9 years, India has not only become a nearly two trillion-dollar economy, achieving the fastest pace of growth in our history, we have also seen the benefits of growth percolate deeper to the Aam Aadmi.

The period when the UPA government has been in power has seen the highest growth rate in our history as India grew at an average rate of 8.2% between 2004-05 and 2011-12. Even as the world went through economic downturns due to the financial crisis of 2007-08, India continued to grow, thrive and prosper under the wise leadership of Dr Manmohan Singh, widely recognised as one of the world’s foremost economists.

 

 

Our macroeconomic fundamentals remained strong despite global economic crises of 2008-09. When most developed nations faced recession, India is was growing at more than 8% Under the NDA government the Indian economy grew from USD 416 billion in 1998 to USD 600 billion in 2004 (a jump of 44%), and claimed that India was “shining”. In nine years of UPA rule, the country has moved from USD 617.6 Billion to USD 1.84 Trillion, up by three times. It is clear that if there has been a growth take-off in India, it has been under the UPA government. (Source:  http://bit.ly/k4xE1y) 

At constant prices (2004-05 levels), which would help us look at the size of the economy discounting the impact of inflation, the Indian growth story looks even more amazing. The total GDP of the country stood at Rs 27,77,813 crore in 2003-2004, up 33% from the 1998-99 figures of Rs 20,87,828 crore and the NDA went into the 2004 Lok Sabha elections with ‘India Shining.’

If we read Dr. Manmohan Singh’s budget speech of 1991-92 again and quote. 

He said “In highlighting the significance of reform, my purpose is not to give a fillip to mindless and heartless consumerism we have borrowed from the affluent societies of the West. My objection to the consumerist phenomenon is two-fold. First, we cannot afford it. In a society where we lack drinking water, education, health, shelter and other basic necessities, it would be tragic if our productive resources were to be devoted largely to the satisfaction of the needs of a small minority”

 

The UPA Government under his leadership has kept these words in mind. UPA has introduced a series of Right based laws which legally guarantee – Right to Work (NREGA), Right to Information (RTI), Right to Tribals (Forest Rights Act), Right to Education and now Right to Food. 

These inclusive measures have ensured that the wealth created by the growth figures reach the last man in the queue- The Aam Aadmi. That is the vision of our Dr. Manmohan Singh, the man who has been India’s Prime Minister since 2004.