From 1991 To 2014: How Manmohan Singh's Policies Reformed India

Singh's government also introduced the National Food Security Act (2013) which guaranteed subsidised food grains to nearly two-thirds of India’s population

Dr Singh's government introduced the Right to Information Act (2005), which enhanced transparency and accountability by giving citizens access to public information

Source : PTI

Dr Manmohan Singh, the architect of India’s economic transformation and a two-time Prime Minister, passed away on Thursday at the age of 92. Renowned for his calm demeanour and sharp vision, Singh’s legacy is defined by the landmark reforms he implemented in 1991, which opened India to the global economy and steered the country away from the edge of economic collapse.

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Important Reforms By Dr Manmohan Singh

• As Prime Minister, Manmohan Singh introduced several transformative initiatives, including the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) in 2005, which aimed to provide 100 days of guaranteed wage employment annually to rural households.
• The Civil Nuclear Deal with the United States in 2008 remains one of his hallmark achievements. Singh's government skillfully navigated the political and diplomatic hurdles to secure a deal that was crucial for India's energy future.
• The Right to Information (RTI) Act, of 2005 was passed under the Manmohan Singh government to give citizens the power to request information from public authorities and make the government more accountable.
• Dr Singh's government introduced the Right to Information Act (2005), which enhanced transparency and accountability by giving citizens access to public information. 
• Singh's government also introduced the National Food Security Act (2013) which guaranteed subsidised food grains to nearly two-thirds of India’s population.
• During his tenure, India experienced strong GDP growth averaging 8.5 per cent, and his personal commitment to fostering peaceful relations with Pakistan played a key role in stabilizing bilateral ties.
• From 1982 to 1985, during his tenure as Reserve Bank of India (RBI) Governor, Manmohan Singh played a crucial role in stabilizing the Indian Rupee’s exchange rate against the US Dollar.
• In 1991, as Finance Minister under P.V. Narasimha Rao, Singh tackled India's economic crisis, marked by poor productivity and rising inflation. He drafted a successful policy that boosted India's foreign exchange reserves from under $1 billion to $10 billion between June 1991 and June 1993.
• Dr Singh stressed public investment to boost private sector involvement, viewing it as a major driver for expanding infrastructure. At the time, India's combined fiscal deficit was nearly 8 per cent of GDP, the highest among developing nations. By 2004, when Singh became Prime Minister, the economic reforms he implemented since 1991 began yielding results, with India's GDP growing over 8 per cent annually from 2003.
• Singh's liberal economic policies ushered in significant reforms in India's business landscape. IT giants like Tata Consultancy Services, Infosys, and WIPRO, along with pharmaceutical companies such as Ranbaxy and Dr Reddy's, shifted from the earlier 'Bombay Club' mentality to embrace a more global outlook. 
• His policies also strengthened India's relations with OECD countries, including the UK, the US, Germany, Austria, and Italy. Additionally, India's GDP and foreign exchange reserves saw significant growth, while external debt and the debt service ratio experienced a sharp decline.
• To strengthen the Indian economy, Singh signed Free Trade Agreements and Comprehensive Economic Partnership Agreements with several countries, including Mauritius and ASEAN nations. These agreements not only accelerated India's economic growth but also enhanced its international relations.

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