India’s “silent” prime minister didn’t just make noise in the 1990s — he reshaped the country’s future.
Manmohan Singh, the economist-turned-politician, put India on the global financial map and lifted millions out of poverty.
MONIIFY takes a look back at the man, and the decisions he made that changed India’s economic trajectory forever.
From License Raj to startup rush
Before Singh became finance minister in 1991, starting a business in India was an Olympic-level challenge. The infamous License Raj drowned entrepreneurs in red tape. Singh blew up the system, cutting out the bureaucracy that choked innovation.
He was warned: if his reforms failed, he’d take the fall. They didn’t. India opened its doors to the world, and today, startups and multinationals are fighting for space in the booming market.
PM’s report card
By the time Singh took office as PM in 2004, the seeds of economic liberalization had blossomed into robust growth. During his decade-long tenure, India’s stock market, now the world’s fourth largest, went on a tear.
The BSE Sensex delivered a jaw-dropping fivefold gain — unmatched by any other era. For perspective, current PM Narendra Modi’s tenure has seen a 250% rise.
Read more: From Nano to Land Rover, the Ratan Tata years
Pushing back poverty
But Singh’s legacy isn’t just about market numbers. Poverty dropped from 37.7% to 20% during his two terms (2004–2014). Landmark policies like MNREGA and the National Food Security Act didn’t just write headlines — they rewrote the lives of 137 million Indians who escaped poverty.
These measures have continued to resonate, with poverty rates dropping to 11.3% by 2022–2023.
Green power
Singh didn’t just think about today — he planned for tomorrow with the National Action Plan on Climate Change. This visionary policy emphasized clean energy and outlined eight missions, including an ambitious push for solar energy and sustainable development.
Singh’s foresight on renewable energy resonates today, having laid the groundwork for India’s solar revolution.
A legacy tempered by challenges
Despite his monumental achievements, Singh’s tenure was not without its trials. Corruption allegations during his second term tarnished his government’s image. Critics slammed him for being too reserved, too passive.
But Singh’s personal integrity? Bulletproof.
In his final press conference, Singh, often caricatured as too silent for the political stage, delivered a prophetic and mic-drop statement: “History will be kinder to me than the contemporary media or the opposition.”
Manmohan Singh’s leadership wasn’t loud, but it was seismic. He modernized India’s economy, empowered its people, and made the country a global contender.
History, as Singh predicted, is looking back at him kinder than ever. The quiet PM didn’t need words — his deeds said it all.
Edited by Ankush Chibber. If you have any tips, ideas or feedback, please get in touch: talk-to-us@moniify.com
