• Investing
  • Stock
  • Editor’s Pick
  • Economy
The Significant Deals
Editor's Pick

Manmohan Singh, India’s reluctant prime minister, dies aged 92

by December 26, 2024
written by December 26, 2024

By Devjyot Ghoshal and Matthias Williams

NEW DELHI (Reuters) – Described as a “reluctant king” in his first stint as prime minister, the quietly spoken Manmohan Singh was arguably one of India’s most successful leaders.

The first Sikh in office, Singh, 92, was being treated for age-related medical conditions and died after he was brought to hospital after a sudden loss of consciousness on Thursday.

He is credited with steering India to unprecedented economic growth and lifting hundreds of millions out of dire poverty. He went on to serve a rare second term.

Prime Minister Narendra Modi said: “India mourns the loss of one of its most distinguished leaders, Dr. Manmohan Singh Ji.”

He applauded the economist-turned-politician’s body of work.

Born into a poor family in a part of British-ruled India now in Pakistan, Singh studied by candlelight to win a place at Cambridge University before heading to Oxford, earning a doctorate with a thesis on the role of exports and free trade in India’s economy.

He became a respected economist, then India’s central bank governor and a government advisor but had no apparent plans for a political career when he was suddenly tapped to become finance minister in 1991.

During that tenure to 1996, Singh was the architect of reforms that saved India’s economy from a severe balance of payments crisis, promoted deregulation and other measures that opened an insular country to the world.

Famously quoting Victor Hugo in his maiden budget speech, he said: “No power on earth can stop an idea whose time has come,” before adding: “The emergence of India as a major economic power in the world happens to be one such idea.”

Singh’s ascension to prime minister in 2004 was even more unexpected.

He was asked to take on the job by Sonia Gandhi, who led the centre-left Congress party to a surprise victory. Italian by birth, she feared her ancestry would be used by Hindu-nationalist opponents to attack the government if she were to lead the country.

Riding an unprecedented period of economic growth, Singh’s government shared the spoils of the country’s new found wealth, introducing welfare schemes such as a jobs programme for the rural poor.

In 2008, his government also clinched a landmark deal that permitted peaceful trade in nuclear energy with the United States for the first time in three decades, paving the way for strong relations between New Delhi and Washington.

But his efforts to further open up the Indian economy were frequently frustrated by political wrangling within his own party and demands made by coalition partners.

“HISTORY WILL BE KINDER TO ME”

And while he was widely respected by other world leaders, at home Singh always had to fend off the perception that Sonia Gandhi was the real power in the government.

The widow of former prime minister Rajiv Gandhi, whose family has dominated Indian politics since independence from Britain in 1947, she remained Congress party leader and often made key decisions.

Known for his simple lifestyle and with a reputation for honesty, Singh was not personally seen as corrupt. But he came under attack for failing to crack down on members of his government as a series of scandals erupted in his second term, triggering mass protests.

The latter years of his premiership saw India’s growth story, which he had helped engineer, wobble as global economic turbulence and slow government decision-making battered investment sentiment.

In 2012, his government was tipped into a minority after the Congress party’s biggest ally quit their coalition in protest at the entry of foreign supermarkets.

Two years later Congress was decisively swept aside by the Bharatiya Janata Party under Narendra Modi, a strongman who promised to end the economic standstill, clean up graft and bring inclusive growth to the hinterlands.

But at a press conference just months before he left office, Singh insisted he had done the best he could.

“I honestly believe that history will be kinder to me than the contemporary media or, for that matter, the opposition parties in parliament,” he said.

Singh is survived by his wife and three daughters.

This post appeared first on investing.com
0 comment
0
FacebookTwitterPinterestEmail

previous post
Starbucks barista strike expands as workers demand pay raises
next post
Putin says there is no time to sign new Ukraine gas transit deal this year

You may also like

China central bank conducts 1.7 trln yuan of...

January 27, 2025

Fuji Media, rocked by sexual misconduct allegations, says...

January 27, 2025

ECB president fears loss of central bank independence

January 27, 2025

European tech shares tumble as China’s AI push...

January 27, 2025

Futures slip as investors eye China’s latest AI...

January 27, 2025

Markets may be repeating the mistake of 2019,...

January 27, 2025

How billionaire Caltagirone could influence Italy’s banking M&A...

January 27, 2025

How Italy’s MPS went from near collapse to...

January 27, 2025

Analysis-To weather Trump, emerging market investors look to...

January 27, 2025

Chinese AI startup DeepSeek overtakes ChatGPT on Apple...

January 27, 2025
Fill Out & Get More Relevant News








    Stay ahead of the market and unlock exclusive trading insights & timely news. We value your privacy - your information is secure, and you can unsubscribe anytime. Gain an edge with hand-picked trading opportunities, stay informed with market-moving updates, and learn from expert tips & strategies.

    Recent Posts

    • Reddit co-founder Alexis Ohanian takes minority stake in Chelsea FC women’s team

      May 16, 2025
    • ‘Shark Tank’ alum Bombas taps former Under Armour exec as CEO as it looks beyond digital roots

      May 16, 2025
    • Netflix says its ad tier now has 94 million monthly active users

      May 15, 2025
    • Dick’s Sporting Goods to buy struggling Foot Locker for $2.4 billion

      May 15, 2025

    Categories

    • Economy (245)
    • Editor's Pick (3,646)
    • Investing (465)
    • Stock (6,426)

    Latest News

    • Reddit co-founder Alexis Ohanian takes minority stake in Chelsea FC women’s team
    • ‘Shark Tank’ alum Bombas taps former Under Armour exec as CEO as it looks beyond digital roots

    Popular News

    • BofA sees ‘big institutional outflows amid the end of tax loss harvesting season’
    • Sports bar chain Twin Peaks is going public. These restaurant companies are the next to watch.

    About The Significant deals

    • Privacy Policy
    • Terms & Conditions

    Copyright © 2025 thesignificantdeals.com | All Rights Reserved

    The Significant Deals
    • Investing
    • Stock
    • Editor’s Pick
    • Economy