Former Prime Minister of India Dr. Manmohan Singh passed away on Thursday at the age of 92. Before serving the country as Prime Minister for 10 years, Dr. Manmohan Singh had also served as RBI Governor,
Deputy Chairman of Planning Commission and Finance Minister. He is credited with taking the country out of severe economic crisis through liberalization.
Apart from this, he also has a special achievement to his name. He has been the only Prime Minister of the country whose signature was on the notes (currency) of India.
The only PM of the country to sign notes Dr. Manmohan Singh
In 2005, when Dr. Manmohan Singh was the Prime Minister, the Government of India issued a new note of Rs 10. It had Manmohan Singh’s signature on it. Although according to the rules at that time, the signature of the Governor of the Reserve Bank of India was on the notes. But Manmohan Singh’s signature was done on the Rs 10 note under a special change.
Dr. Manmohan Singh held the post of Governor of the Reserve Bank of India from 16 September 1982 to 14 January 1985. The notes printed during that time used to have Manmohan Singh’s signature. Even today, this system is in place in India that the currency is signed by the RBI Governor and not the President or the Prime Minister.
He started the era of economic reforms while being the Finance Minister in Narasimha Rao’s government
Former PM Manmohan Singh is called the pioneer of the country’s economic liberalization. He had a deep grasp and interest on economics. While being the Finance Minister in Narasimha Rao’s government in 1991, he is credited with ending the license raj in the country.
The reforms done by him showed a new path to the Indian economy. When Manmohan Singh took over the reins of the Finance Ministry in 1991, India’s fiscal deficit was close to 8.5 percent of the gross domestic product (GDP), the balance of payment deficit was very large and the current account deficit had also reached around 3.5 percent of GDP.
The country had only two weeks of foreign currency left to meet the expenses of essential imports. The country had to mortgage its gold with the Bank of England. However, after assuming office, Manmohan Singh was able to take the country out of the economic crisis with his farsighted decisions. Later, the country’s mortgaged gold was also returned to the RBI.
With Dr. Manmohan Singh’s decisions, the country moved forward on the path of globalization
On 24 July 1991, while presenting the Union Budget 1991-92, Dr. Manmohan Singh ushered in a new economic era. He took bold steps like economic reforms, abolition of license raj and opening many sectors to private and foreign companies.
पीएम मोदी ने Manmohan Singh को दी श्रद्धांजलि, बोले- देश ने अपना एक सबसे विशिष्ट नेता खो दिया
He made a new beginning by allowing foreign direct investment (FDI), devaluation of rupee, reduction in taxes and privatization of public sector companies. His role in initiating a comprehensive policy of economic reforms was acknowledged worldwide. His policies took the Indian economy in the direction of liberalization,
globalization and privatization. He continued to implement economic reforms as Finance Minister till 1996.
In May 2004, Manmohan Singh got a chance to serve the country as Prime Minister. Manmohan Singh’s government introduced Mahatma Gandhi National Employment Guarantee Act (MGNREGA) in 2005 and Value
Added Tax (VAT) was implemented in place of sales tax. Apart from this, he benefited crores of farmers by implementing agricultural loan waiver and debt relief scheme of Rs 76,000 crore across the country. The work of starting an identity system like Aadhaar in the country also started during the tenure of Dr. Manmohan Singh.
Provided efficient leadership to the country during the global recession of 2008
Dr. Singh led the country during the global financial recession of 2008. He announced a huge stimulus package to come out of this difficult time. Financial inclusion was promoted on a large scale during his tenure as Prime Minister.
Bank branches were opened across the country during his tenure as Prime Minister. Other reforms like Right to Information, Right to Food and Right to Free and Compulsory Education Act for Children also took place during his tenure.
Special things related to Dr. Manmohan Singh
Two governors of the Reserve Bank of India (RBI) became finance ministers – one of them was Manmohan Singh and the other was CD Deshmukh.
Four finance ministers became prime ministers – these names are Morarji Desai, Charan Singh, V.P. Singh and Manmohan Singh.
Manmohan Singh could speak fluent Hindi, but due to his proficiency in Urdu, his speeches were written in Urdu.
Manmohan Singh was named as “Finance Minister of the Year” by Euromoney and Asiamoney in 1993.
In 1962, when India’s first Prime Minister Jawaharlal Nehru offered Manmohan Singh a position in the government, Singh refused.
He has 18 years of experience in journalism. Currently he is the Editor in Chief of Samar India Media Group. He lives in Amroha, Uttar Pradesh. For contact samarindia22@gmail.com
