Manmohan Singh: Doctor who turned sick India into a global power
Deccan ChronicleDecades back, Dr Manmohan Singh had said, “Never let a crisis go waste.” He was presented with a similar opportunity, when he was picked by then Prime Minister P.V. The room for maneuver, to live on borrowed money or time, does not exist any more,” Dr Manmohan Singh declared in his first Budget on July 24, 1991.Drawing attention of Parliament to the fact that inflation hurts everybody, but it hurts the poorest the most, Dr Singh made it clear that any further postponement of macroeconomic adjustment would make inflation, already high, intolerable.However, Dr Singh was quite forthright with his assessment and prescription to cure malaise affecting the Indian economy — a bitter pill. Direct foreign investment would provide access to capital, technology and markets.”In spite of the economic crisis, many Indians, including those in the Congress, were not ready to take Dr Singh’s prescription. As he bid adieu to this world, Dr Singh must be truly satisfied to see India emerge as the fifth largest economy in the world in nominal terms and third largest economy in the purchase power parity terms.