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Home World News

Former Indian Prime Minister Manmohan Singh Passes Away

by bullnews
December 26, 2024
in World News
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Former Indian Prime Minister Manmohan Singh Passes Away
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Unlocking the Editor’s Digest is now free of charge. Every week, Roula Khalaf, the Editor of the Financial Times, curates her top stories in this newsletter.

India mourns the loss of its former Prime Minister, Manmohan Singh, who passed away at the age of 92. The All India Institute of Medical Sciences in New Delhi confirmed that he was receiving treatment for age-related health issues before his passing on Thursday.

An Oxford-educated economist, Singh was instrumental in steering India towards becoming a rapidly-growing economy. His tenure as finance minister from 1991 to 1996 marked a significant shift as he opened the nation up to increased foreign trade and private investments.

At the time, some viewed Singh as lacking political weight, making his rise to Prime Minister in 2004 a remarkable choice by the Congress party after their electoral victory. During his leadership, the economy flourished with a growth rate nearing 7 percent. However, his government was plagued by allegations of large-scale corruption, though Singh’s personal integrity remained largely untarnished.

Critics accused Singh of being passive and suggested he was overly deferential to the Congress party’s then-chief, Sonia Gandhi. Prior to Congress’s electoral defeat by Narendra Modi’s Bharatiya Janata Party in 2014, Singh remarked in a parliamentary speech that “history would be kinder to me than the contemporary media, or for that matter opposition parties”.

Prime Minister Modi honored Singh on Thursday, hailing him as one of India’s most noteworthy leaders. Modi highlighted Singh’s significant contributions to shaping economic policy and his sincere efforts to enhance citizens’ lives.

Rahul Gandhi, an influential figure in the Congress party, reflected on Singh’s passing, describing him as a “mentor and guide” whose “humility and profound understanding of economics inspired the nation.”

After serving as a member of parliament for over thirty years, Singh stepped back from the political scene earlier this year. Known for his gentle demeanor, Singh hailed from India’s minority Sikh community and was born in 1932 to a modest family in Punjab, a region that was part of British India and is now within Pakistan.

His career was illustrious, marked by his rise as one of India’s preeminent economists. Among his many roles in government service, Singh also headed the country’s central bank during the 1980s.

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