INDIA: Dr Manmohan Singh was India’s thirteenth prime minister and is currently celebrating his 91st birthday today. From 1991 to 1996, Singh served as India’s finance minister before becoming prime minister.
The former PM’s significant contributions as finance minister in India were instrumental in guiding the economy away from socialist economic restrictions after the Nehruvian era. His significant policy choices helped reshape the Indian economy. Let’s have a look at some of his contributions:
Liberalisation of the economy (1991)
Singh, as Finance Minister, played a crucial role in liberalising India’s economy in 1991. He reduced trade restrictions, abolished the Licence Raj regime, and allowed foreign investment in key industries. These measures sparked India’s economic progress and globalisation.
Singh’s administration also led to significant developments in infrastructural development, social welfare, and foreign policy.
The National Rural Employment Guarantee Act (NREGA) of 2005
The National Rural Employment Guarantee Act (NREGA), later renamed the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA), was introduced in 2005 by the Singh-led government to combat rural poverty and unemployment by offering legal guarantees of at least 100 days of employment annually to rural households.
Indian-American Civil Nuclear Agreement of 2005
The Indo-US Civil Nuclear Agreement, also known as the 123 Agreement, was a significant foreign policy initiative led by Manmohan Singh. This historic agreement allowed the United States and India to collaborate on civil nuclear projects, providing India with nuclear fuel and technology for its civilian nuclear energy program.
2005’s Right to Information Act (RTI)
The Right to Information Act, passed during Manmohan Singh’s administration, aimed to enhance transparency and accountability and combat corruption in public administration by granting Indian citizens the right to request information from government organisations and agencies.
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