Introduction-

Manmohan Singh, who is often regarded as “India’s Best Finance Minister” and also as
“Great man of India”. But was he really great? How good was he as a Finance Minister &
Prime Minister? Today we will do a detailed discussion about his Life, Education,
Achievements and his failures. So stay till the end to know about him in detail.

Birth & Early Life-

Dr. Manmohan Singh was born on September 26, 1932, in Gah, a small village in what is
now Pakistan. His family’s modest means did not deter young Manmohan from excelling
academically. When India was partitioned in 1947, his family moved to Amritsar, India,
where they faced significant challenges rebuilding their lives.

Education and Early Career-

Manmohan Singh’s brilliance earned him scholarships to study at Punjab University and
later at Cambridge University, where he graduated with a first-class degree in Economics. He
went on to earn a DPhil in Economics from Oxford University. His thesis on India’s export
competitiveness became a seminal work, showcasing his deep understanding of global
markets.

Armed with world-class education, Dr. Singh returned to India and began his career as an
academic. He became a professor at the Delhi School of Economics, where he inspired
countless students with his sharp insights and dedication to teaching.

Life as an Economist and Bureaucrat-

Dr. Singh transitioned from academia to public service, holding several key positions.
Notably, he served as the Governor of the Reserve Bank of India from 1982 to 1985, where
he oversaw critical financial policy decisions. Under his tenure, India’s banking sector
witnessed significant modernization.

He also served as the Deputy Chairman of the Planning Commission and the Economic
Affairs Secretary, contributing to India’s economic strategy during a turbulent era.

The 1991 Economic Crisis and Reforms-

In 1991, India faced an unprecedented economic crisis. The country’s foreign exchange
reserves had dwindled to less than $1 billion, enough to cover just two weeks of imports.
Inflation soared above 13%, and India was on the brink of bankruptcy.

Prime Minister P.V. Narasimha Rao entrusted Dr. Singh with the Finance Ministry. In his first
budget speech, Dr. Singh said, “No power on Earth can stop an idea whose time has come.”

 Liberalized the economy by reducing import tariffs and dismantling license raj.
  Opened up sectors like telecommunications, banking, and insurance to private and
foreign investment.
 Devalued the rupee to make Indian exports more competitive.
 Encouraged foreign direct investment, leading to a surge in multinational companies
entering India.

These reforms revitalized the economy,

 Resulting in GDP growth accelerated from 1.1% in 1991 to 5.3% by 1994.

 Foreign exchange reserves grew from $1.2 billion in 1991 to $19.6 billion by 1996.
 FDI inflows increased from $165 million in 1991 to $5.3 billion by 1995.

Foreign exchange reserves climbed steadily, averting bankruptcy and setting India on a path
to globalization.

Dr. Singh’s tenure saw transformative growth, but it wasn’t without criticism. While the
reforms led to increased foreign investments and industrial expansion, they also widened
income inequality. The transition to a market economy caused short-term unemployment,
especially in rural areas.

Role as Prime Minister-

In 2004, Dr. Singh became India’s 14th Prime Minister, leading a coalition government.
During his decade-long tenure, he introduced several landmark policies and rights that
reshaped India’s social fabric.

 The Right to Information Act (2005): Empowered citizens to seek transparency from
the government.
 National Rural Employment Guarantee Act (2005): Guaranteed 100 days of wage
employment to rural households.
 Right to Education Act (2009): Made education a fundamental right for children
aged 6-14.
 Nuclear Deal with the United States (2008): Bolstered India’s global standing and
energy security.

His tenure also witnessed significant GDP growth, averaging 7.6% between 2004 and 2014.
Infrastructure development, particularly in rural areas, accelerated under his leadership.

Criticisms and Challenges as Prime Minister-

Despite these achievements, Dr. Singh’s leadership faced criticism. Corruption scandals,
such as the 2G spectrum case, coal scam and the Commonwealth Games controversy,
marred his government’s reputation. Critics also questioned his silence on political matters,
dubbing him a "weak Prime Minister."

Legacy and Conclusion-

Dr. Manmohan Singh’s legacy is complex. As an economist, he laid the foundation for India’s
economic resurgence. As Prime Minister, he introduced transformative social policies but
struggled with political challenges.

Today, Dr. Singh remains a respected figure globally, celebrated for his intellect and
integrity. His journey from a small village to the highest echelons of power serves as an
inspiration to generations.
[Opening Scene: Inspiring instrumental music plays. A montage of significant moments
in India’s history, ending with a close-up of Dr. Manmohan Singh addressing a crowd.
The title fades in: "Dr. Manmohan Singh: The Economist Who Transformed India"]

[Narrator Voiceover] Today, we delve into the life and legacy of Dr. Manmohan Singh – a
man whose intellect and resilience shaped modern India. From humble beginnings to steering
India through one of its worst economic crises, his story is one of perseverance, reform, and
transformation.

[Segment 1: Birth and Early Life] [Footage of Gah village, Punjab] Dr. Manmohan Singh
was born on September 26, 1932, in Gah, a small village in what is now Pakistan. His
family’s modest means did not deter young Manmohan from excelling academically. When
India was partitioned in 1947, his family moved to Amritsar, India, where they faced
significant challenges rebuilding their lives.

[Segment 2: Education and Early Career] [Archival photos of Cambridge University

and Oxford University] Manmohan Singh’s brilliance earned him scholarships to study at
Punjab University and later at Cambridge University, where he graduated with a first-class
degree in Economics. He went on to earn a DPhil in Economics from Oxford University. His
thesis on India’s export competitiveness became a seminal work, showcasing his deep
understanding of global markets.

[Narrator Voiceover] Armed with world-class education, Dr. Singh returned to India and
began his career as an academic. He became a professor at the Delhi School of Economics,
where he inspired countless students with his sharp insights and dedication to teaching.

[Segment 3: Life as an Economist and Bureaucrat] [Footage of the Reserve Bank of

India building] Dr. Singh transitioned from academia to public service, holding several key
positions. Notably, he served as the Governor of the Reserve Bank of India from 1982 to
1985, where he oversaw critical financial policy decisions. Under his tenure, India’s banking
sector witnessed significant modernization.

[Narrator Voiceover] He also served as the Deputy Chairman of the Planning Commission
and the Economic Affairs Secretary, contributing to India’s economic strategy during a
turbulent era.

[Segment 4: The 1991 Economic Crisis and Reforms] [Footage of a bustling Indian
market, juxtaposed with images of empty government coffers] In 1991, India faced an
unprecedented economic crisis. The country’s foreign exchange reserves had dwindled to less
than $1 billion, enough to cover just two weeks of imports. Inflation soared above 13%, and
India was on the brink of bankruptcy.
[Narrator Voiceover] Prime Minister P.V. Narasimha Rao entrusted Dr. Singh with the
Finance Ministry. In his first budget speech, Dr. Singh said, “No power on Earth can stop an
idea whose time has come.”

[Graphics: Key Reforms Introduced by Dr. Singh]

 Liberalized the economy by reducing import tariffs and dismantling license raj.
 Opened up sectors like telecommunications, banking, and insurance to private and
foreign investment.
 Devalued the rupee to make Indian exports more competitive.
 Encouraged foreign direct investment, leading to a surge in multinational companies
entering India.

[Narrator Voiceover] These reforms revitalized the economy, resulting in GDP growth
rebounding to 5.3% by 1992. Foreign exchange reserves climbed steadily, averting
bankruptcy and setting India on a path to globalization.

[Segment 5: Achievements and Criticisms as Finance Minister] [Footage of industrial

parks and bustling cities] Dr. Singh’s tenure saw transformative growth, but it wasn’t
without criticism. While the reforms led to increased foreign investments and industrial
expansion, they also widened income inequality. The transition to a market economy caused
short-term unemployment, especially in rural areas.

[Segment 6: Role as Prime Minister] [Footage of Dr. Singh being sworn in as Prime
Minister in 2004] In 2004, Dr. Singh became India’s 14th Prime Minister, leading a coalition
government. During his decade-long tenure, he introduced several landmark policies and
rights that reshaped India’s social fabric.

[Graphics: Key Reforms and Initiatives Under His Leadership]

 The Right to Information Act (2005): Empowered citizens to seek transparency

from the government.
 National Rural Employment Guarantee Act (2005): Guaranteed 100 days of wage
employment to rural households.
 Right to Education Act (2009): Made education a fundamental right for children
aged 6-14.
 Nuclear Deal with the United States (2008): Bolstered India’s global standing and
energy security.

[Narrator Voiceover] His tenure also witnessed significant GDP growth, averaging 7.6%
between 2004 and 2014. Infrastructure development, particularly in rural areas, accelerated
under his leadership.
[Segment 7: Criticisms and Challenges as Prime Minister] [Footage of protests and
newspaper headlines] Despite these achievements, Dr. Singh’s leadership faced criticism.
Corruption scandals, such as the 2G spectrum case and the Commonwealth Games
controversy, marred his government’s reputation. Critics also questioned his silence on
political matters, dubbing him a "weak Prime Minister."

[Segment 8: Legacy and Conclusion] [Montage of Dr. Singh addressing the UN,
interacting with global leaders, and teaching students] Dr. Manmohan Singh’s legacy is
complex. As an economist, he laid the foundation for India’s economic resurgence. As Prime
Minister, he introduced transformative social policies but struggled with political challenges.

[Narrator Voiceover] Today, Dr. Singh remains a respected figure globally, celebrated for
his intellect and integrity. His journey from a small village to the highest echelons of power
serves as an inspiration to generations.

[Closing Scene: The screen fades to black with the text, “Dr. Manmohan Singh: The
Economist Who Transformed India”. The instrumental music swells and fades out.]

[End Credits Roll]