Dr Manmohan Singh was the 13th Prime Minister of India. Before that, Singh had served as India's finance minister between 1991 and 1936. Sing turned 90 today. While most of the younger generation know Singh as the former prime minister of India, his contribution as finance minister was invaluable as he helped the Indian economy free from the shackles of the Nehruvian inertia of a socialist economy. As the former PM celebrates his birthday today, let's take a look at key policy decisions that helped transformed the Indian economy:
Finance Minister (1991-1996)
* Manmohan Singh took the Indian economy towards liberalisation by ending licensee raj, opening all sectors barring five related to national security.
* Singh devalued the rupee by 20 per cent giving the trade a major boost that also led to the creation of employment.
* He persuaded the RBI to mortgage gold with the Bank of England which helped India get necessary financial assistance. Under his guidance, India took an emergency loan from the International Monetary Fund (IMF) that helped India prevent a debt default.
* Securities and Exchange Board of India (SEBI) made the sole regulator of the stock markets.
* The government announced key tax concessions for the services sector.
* Singh encouraged entrepreneurship and invited foreign investment for industrialisation.
* He got the trade policy reworked and abolished the export subsidies.
* While his move promoted private businesses, Singh increased corporate tax to 45 per cent from 40 per cent.
Prime Minister (2004-2014)
* Under Singh's prime ministership, the Centre introduced the Right to Information Act in 2005.
* It was under his tenure that National Rural Employment Guarantee Act, 2005, popularly known as MNREGA came into being.
* Notwithstanding pressures from Left parties, Singh went ahead with the Indo-US nuclear deal and sealed it.
* Under his tenure, India delivered a robust 8.5 per cent GDP growth for most of his tenure.
Awards Conferred upon Dr Manmohan Singh
* Padma Vibhushan (1987)
* Jawaharlal Nehru Birth Centenary Award of Indian Science Congress (1995)
* Asia Money Award for Finance Minister of the Year (1993 and 1994)
* Euro Money Award for Finance Minister of the Year (1993)
* Adam Smith Prize of the University of Cambridge (1956)
* Wright's Prize for Distinguished Performance at St. John's College in Cambridge (1955)
Dr Manmohan Singh is also the recipient of honorary degrees from universities like the Universities of Cambridge and Oxford.
