Manmohan Singh, India's reluctant prime minister, dies aged 92

investing.com 26/12/2024 - 17:32 PM

The Legacy of Manmohan Singh

By Devjyot Ghoshal and Matthias Williams

NEW DELHI (Reuters) – Described as a "reluctant king" during his initial term as prime minister, the soft-spoken Manmohan Singh, who passed away at the age of 92, is regarded as one of India's most successful leaders.

Singh, the first Sikh to lead India, served as prime minister from 2004 to 2014, holding two rare terms. He had been receiving care for age-related medical issues.

He is credited with guiding India towards extraordinary economic growth, lifting hundreds of millions from poverty.

Prime Minister Narendra Modi expressed the nation's mourning, stating, "India mourns the loss of one of its most distinguished leaders."

Born into a poor family in British-ruled India (now Pakistan), Singh studied by candlelight and secured admission at Cambridge University before completing a doctorate at Oxford, focusing on exports and free trade in India’s economy.

As a respected economist, he served as the central bank governor and a governmental advisor, unexpectedly transitioning to finance minister in 1991.

During his term from 1991 to 1996, Singh was the architect of reforms that rescued India's economy from a crisis and opened the country to global markets.

In his inaugural budget speech, he quoted Victor Hugo: "No power on earth can stop an idea whose time has come," referencing India’s emergence as a major economic power.

Singh’s unexpected rise to prime minister in 2004 came when Sonia Gandhi, the Congress Party leader, refrained from leading the government due to concerns over her ancestry being targeted by opponents.

Under Singh’s leadership, the economy thrived, leading to welfare programs for the rural poor and a landmark 2008 nuclear trade deal with the United States, enhancing ties between New Delhi and Washington.

Despite these successes, Singh faced political challenges from within his party and coalition partners, hindering further economic progress.

While respected globally, Singh struggled against the perception of Sonia Gandhi being the true power in his administration, as she made key governmental decisions.

Renowned for his simple lifestyle and honesty, he was not deemed corrupt but faced criticism over his administration’s response to various scandals during his second term.

In the latter years of his premiership, external economic factors and slow governance impacted investment sentiments, leading to his government's minority status in 2012 when major allies exited in protest of economic policies.

The Congress Party was defeated by the Bharatiya Janata Party led by Narendra Modi in 2014, who pledged to rectify the economic stagnation.

Before leaving office, Singh asserted, "I honestly believe that history will be kinder to me than the contemporary media or, for that matter, the opposition parties in parliament."

He is survived by his wife and three daughters.




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