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Apr 6, 2024 · Singh can best be described as a non-doctrinaire mildly left-of-centre economist, whose "faith in the Indian economy" led him to join issue in 1973 with Robert McNamara, then president of the World Bank, for saying that the Indian economy would collapse in six months of the oil crisis.
- TN Ninan
- India Today Insight
Manmohan Singh ( Punjabi: [mənˈmoːɦən ˈsɪ́ŋɡ] ⓘ; born 26 September 1932) is an Indian retired politician, economist, academician and bureaucrat who served as the 13th Prime Minister of India from 2004 to 2014. He is the fourth longest-serving prime minister after Jawaharlal Nehru, Indira Gandhi and Narendra Modi.
- Devaluation
- Gold Holdings
- Foreign Investment
- Reworked Trade Policy
- Power Distribution
- IMF
He started with a two-step devaluation programme in collaboration with the RBI, which was first devalued against major currencies by nine percent initially and then brought down to eleven percent two days later. This naturally gave a boost to trade and dealings with the international market.
The next thing he did was get the RBI on board to mortgage India’s gold holdings with the Bank of England in four tranches, so that it could avail the necessary financial assistance it would provide. He did this in lieu of a similar action that the State Bank of Indiahad undertaken earlier, selling 20 tonnes of gold to the Union Bank of Switzerland...
Singh stated that it was prudent to welcome foreign investment into the Indian Capital. This would give a much-needed boost to industrialisation by encouraging the spirit of entrepreneurship in the country and would also provide direct access to the required capital, technology and target markets.
Considering the fact that the country was seconds away from being banned essential imports, including oil and gas, for more than three weeks, it was pertinent to rework the existing patterns of trade policy. To this end, the new programme called for doing away with unnecessary controls, streamlining the licensing process and linking non-essential i...
Singh called for the transfer of full statutory powers to the Securities and Exchange Board of India (SEBI) to enable it to regulate the workings of the Stock Exchanges in the country. As a result, SEBI became the sole market regulator. He also proposed to extend the tax concession under section 80HHC of the Income Tax Act to export of software. As...
He also called for the economy to seek relief from the International Monetary Fundby applying for an emergency loan of $220 million, which later proved to be the essential keeper to preventing a debt default. Highlighting the major parts of the economic reforms that help sustain the slow but steady economic growth that the Indian Economy was stream...
3 days ago · Manmohan Singh (born September 26, 1932, Gah, West Punjab, India [now in Pakistan]) is an Indian economist and politician who served as prime minister of India from 2004 to 2014. A Sikh, he was the first person from a minority community to occupy the office.
- The Editors of Encyclopaedia Britannica
- Special Economic Zones (SEZ) Act 2005. Under Prime Minister Manmohan Singh, the Special Economic Zone (SEZ) Act 2005 received the approval of the President of India on 23rd June 2005.
- Right to Information (RTI) Act 2005. The Right to Information Act of 2005, or RTI Act, is an act that aims to promote transparency in government institutions in India.
- National Rural Employment Guarantee Scheme (NREGA) Act 2005. The government of India, under Prime Minister Manmohan Singh’s leadership introduced the National Rural Employment Guarantee Act (NREGA) in 2005, which is a social security scheme that aims at providing livelihood, sustenance and employment to rural communities and labourers in India.
- Jawaharlal Nehru National Urban Renewal Mission. The Jawaharlal Nehru National Urban Renewal Mission, or JNNURM for short, was a large-scale city-modernisation drive launched by the government of India, led by Prime Minister Manmohan Singh under the Ministry of Urban Development.
As Finance Minister of India from 1991 to 1996, the breadth and depth of Singh’s knowledge and wide-ranging experience of domestic and global economic issues was instrumental in bringing about a paradigm shift in India’s economic pol-icy and for saving the country from economic disaster.
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