Editorial: Still waters run deep

NEW DELHI: Prime Minister Manmohan Singh, who passed away last week, embodied a calm resilience and nonchalance that was diametrically opposed to the chaos and high-pitched clamour representative of national politics. As the chief cartographer of India's economic reforms roadmap, Singh unshackled the country from the chains of the Licence Raj, threw open the floodgates of liberalisation, and pulled it back from the brink of catastrophe when even its gold reserve was pledged. The unassuming, erudite, and soft-spoken scholar has been described as the midwife of India's emergence as one of the world's leading economic powerhouses.

To place his contribution into context, examine a period in our economic history when terminologies like GDP, forex reserves, bourses and per capita income growth weren't part of the common citizen's lexicon. During his stint as Finance Minister, between 1991-92 to 1995-96, he helped propel the economy from a near stagnation growth rate of 1.4% to a high growth trajectory of 7.3%. Similarly, during his prime ministerial tenure, the nation witnessed an unprecedented five years of over 7% GDP growth which in turn led to a never before over 6% annual jump in the average Indian's income. Between 2005-06 and 2007-08, India witnessed a growth rate in excess of 9%.

Between June 1991 and June 1996, the country's foreign exchange reserves also witnessed a 5x rise — from $4.7 bn to $22.1 bn. A triple jump in annual rate of poverty decline during the UPA years (2004-05 to 2011-12) as compared to the previous decade — from 0.74% in 1993-94 to 2004-05 to 2.18% in the 2004-05 to 2011-12 period, also underscored how Singh's attempts to sync the economy with the dreams of a billion Indians were bearing fruit. His reforms in 1991 included the fearsome devaluation of the rupee from Rs 21 against the dollar to Rs 25 in two stages.

Liberalisation of the trade policy entailed abolishing of export subsidies, ending the monopoly of state trading companies. The revamp of the industrial policy ended licensing for most sectors, opening up to FDI of up to 51% via automatic route in 34 sectors. Under Singh's guidance, the Controller of Capital Issues, the Indian market's regulatory authority, was abolished and Sebi was given statutory powers.

Principles of social justice and inclusive growth formed the bedrock of Singh's revolutionary reforms — thanks to legislations like the Right to Information (RTI) Act, the Right to Education Act, 2009; the Special Economic Zones Act, 2005; and the National Food Security Act, 2013 and the MGNREGA. The Congress leader, who steered the country as PM for 10 years from 2004-2014, also notched up several achievements on the foreign policy front, as part of presenting a picture of a newer, headstrong India to the world.

He was at the helm of the civil nuclear deal with the US that trumpeted India's long awaited arrival on the international arena. The deal permitted New Delhi to carry out nuclear commerce without signing the Nuclear Non-Proliferation Treaty (NPT). Mind you, Singh had even risked his own prime ministerial perch on account of defending the nuke deal, as an indispensable pillar of the UPA, the CPM had threatened to quit the alliance on this matter, and delivered on the scare too. Singh’s passing signals the end of an epoch in our polity — of an era when civility and temperance were considered the prerequisites for a life in service of the nation.