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Manmohan Singh (Punjabi: ਮਨਮੋਹਨ ਸਿੰਘ; Hindi: मनमोहन सिंह, pronounced [mənˈmoːhən ˈsɪŋɡʱ]; born 26 September 1932) is the 14th and current Prime Minister of the Republic of India. He is the only Prime Minister since Jawaharlal Nehru to return to power after completing a full five-year term. He is the first Sikh to hold the office. Singh is also the 7th Prime Minister belonging to the Indian National Congress party.
Singh previously carried out economic reforms in India in 1991, during his tenure as the Finance Minister, under the leadership of P. V. Narasimha Rao, from 1991 to 1996. These reforms resulted in the end of the Licence Raj system, helping to open the Indian economy to greater international trade and investment.[1]
In 2010, Newsweek magazine recognized him as the world leader who is most respected by other heads of state, describing him as "the leader other leaders love." The article quoted Mohamed ElBaradei, who remarked that Dr. Singh is "the model of what a political leader should be."[2] Singh is number 18 on the 2010 Forbes list of the world's most powerful people.[3]
Manmohan Singh was born to Gurmukh Singh and Amrit Kaur on 26 September 1932, in Gah, Punjab, (now in Chakwal District, Pakistan), British India, into a Sikh family. He lost his mother when he was very young and was raised by his paternal grandmother, to whom he was very close.
After the Partition of India, his family migrated to Amritsar, India, where he studied at Hindu College. He attended Panjab University, Chandigarh, studying Economics and got his bachelor's and master's degrees in 1952 and 1954, respectively, standing first throughout his academic career. He went on to read for the Economics Tripos at Cambridge as a member of St John's College. He won the Wright's Prize for distinguished performance in 1955 and 1957. He was also one of the few recipients of the Wrenbury scholarship. In 1962, Singh completed his studies from the University of Oxford where he was a member of Nuffield College. The title of his doctoral thesis was "India’s expert performance, 1951–1960, expert prospects and policy implications" and his thesis supervisor was Dr. I.M.D. Little. This thesis later grew into the book "India’s Export Trends and Prospects for Self-Sustained Growth".[4]
In 1997, the University of Alberta awarded him an Honorary Doctor of Law degree. The University of Oxford awarded him an honorary Doctor of Civil Law degree in June 2006, and in October 2006, the University of Cambridge followed with the same honour. St. John's College further honoured him by naming a Ph.D Scholarship after him, the Dr. Manmohan Singh Scholarship.
[edit]Early career
After completing his D.Phil, Singh worked for United Nations Conference on Trade and Development (UNCTAD) from 1966–1969. During the 1970s, he taught at the University of Delhi and worked for the Ministry of Foreign Trade with the former Cabinet Minister for Foreign Trade, Lalit Narayan Mishra. As the Minister of Foreign Trade, Lalit Narayan Mishra was one of the first to recognize Singh's talent as an economist and appointed him his advisor at the Ministry of Foreign Trade. Mr. Singh and Mr. Mishra first met, coincidentally, on a flight from India to Chile. Mr. Mishra was on his way to Santiago, Chile, to attend an UNCTAD meeting.
In 1982, he was appointed the Governor of the Reserve Bank of India and held the post until 1985. He went on to become the deputy chairman of the Planning Commission of India from 1985 to 1987. Following his tenure at the Planning Commission, he was appointed Secretary General of the South Commission in Geneva from 1987 to 1990, an independent economic policy think tank, headquartered in Geneva, Switzerland.
[edit]Finance Minister of India
In 1991, India's Prime Minister at the time, P.V. Narasimha Rao, chose Singh to be his Finance Minister. At this time, India's fiscal deficit was close to 8.5 per cent of the gross domestic product, the balance of payments deficit was huge and the current account deficit was close to 3.5 percent of India's GDP.[5] India's foreign reserve barely amounted to USD$1 billion, enough to pay for a few weeks of imports, in comparison to USD$283 billion today.[6]
Evidently, India was facing an economic crisis. At this point, the government of India sought relief from the supranational International Monetary Fund, which, while assisting India financially, imposed several conditions regarding India's economic policy. In effect, IMF-dictated policy meant that the ubiquitous Licence Raj had to be dismantled, and India's attempt at a state-controlled economy had to end. Accordingly, Singh, who had thus far been one of the most influential architects of India's socialist economy, reluctantly and slowly opened the Indian economy to foreign investment and business competition.[5][7]
Rao and Singh thus implemented policies to open up the economy and change India's socialist economy to a more capitalistic one, dismantling the Licence Raj in the process, a system that inhibited the prosperity of private businesses. They removed many obstacles standing in the way of Foreign Direct Investment (FDI), and initiated the process of the privatization of public sector companies. However, in spite of these reforms, Rao's government was voted out in 1996 due to non-performance of government in other areas. In praise of Singh's work that pushed India towards a market economy, long-time Cabinet minister P. Chidambaram has referred to Singh as the Deng Xiaoping of India. [8]
In 1993, Singh offered his resignation from the post of Finance Minister after a parliamentary investigation report criticised his ministry for not being able to anticipate a USD$1.8 billion securities scandal. Prime Minister Rao refused Singh's resignation, instead promising to punish the individuals directly accused in the report.[9]