Manmohan Singh: The Architect of India's Economic Symphony

Manmohan Singh, as India's newly-appointed finance minister in 1991, was the architect behind economic reforms that pulled India from financial despair. Confronted by criticism within his party, Singh defended his policy changes, which ultimately positioned India on a path of global prominence.

Manmohan Singh, the visionary architect of India’s 1991 economic reforms, successfully led the country through a tumultuous financial period, which transformed India into an emerging global power. Singh, who was then the newly-appointed finance minister under Prime Minister P V Narasimha Rao, faced significant challenges in ensuring acceptance of his bold budgetary changes.

The iconic reforms, central to his Union Budget of 1991, rescued India from near bankruptcy and reset its trajectory on the world stage. In a bid to control the narrative, Singh made an unexpected appearance at a press briefing on July 25, 1991, just a day after presenting his reforms, ensuring that his pro-market message reached the public without distortion.

Amidst intense controversy and criticism from Congress party ranks, Singh stood firm amidst calls for rollbacks, with only a few supporters like Mani Shankar Aiyar and Nathuram Mirdha cheering his efforts. Ultimately, Singh’s steadfastness and political prowess resulted in key economic measures being retained, showcasing a prime example of political economy at work.

(With inputs from agencies.)