All India Association of Industries (AIAI) pays rich tribute to Architect of India’s Economic Reforms
All India Association of Industries (AIAI) pays rich tribute to the architect of the modern, open Indian economy who demonstrated the power of economic reforms in lifting people out of poverty and advancing social welfare.
Dr. Manmohan Singh steered the country through the 1991 economic crisis through his bold economic measures such as devaluation of currency and liberalization. His visionary leadership at the time of great economic instability boosted investor confidence and sowed the seeds for an emerging India with potential to compete with giant developing economies such as China and Russia.
Dr. Singh displayed rare courage and foresight to rescue the country from the impending economic collapse by challenging the dominant statist economic ideologies and scripting landmark policy shift that will have far reaching impact on the economic landscape of the country for generations to come.
His policies aided Indian industry to prepare for global competition, attract foreign investment and transform India into an emerging economic powerhouse. India’s economic growth miracle, which was fueled by Dr. Singh’s reforms, led to the economy being included in the BRIC club that has the potential to challenge the dominance of G7 countries by 2050.
The Oxford educated economist not only engineered economic reforms, but also pioneered pathbreaking welfare schemes, and advanced India-US relationship.
Under his stewardship, India signed a landmark nuclear deal with the USA, which paved the way for access to advanced nuclear technologies for civilian use.
Paying rich tribute to the architect of India’s economic reforms, Dr. Vijay Kalantri, President, All India Association of Industries and Chairman, WTC Mumbai mentioned, “The nation lost a statesman whose policy experiments transformed the lives of millions of people. Dr. Singh was a rare breed of politician who displayed simplicity, frugality and personal integrity in public life.”
Dr. Manmohan Singh was the first Indian to receive the prestigious Adam Smith Prize from the University of Chicago for his exemplary work in economics. Under his leadership, India enacted the Right to Information (RTI) Act which contributed to citizen empowerment and transparency in governance.