30 years of India's liberalisation: Manmohan Singh says the road ahead is more daunting

Former Prime Minister Manmohan Singh on Friday said that the 1991 economic reforms process helped India emerge as a global power. Manmohan Singh noted that the economic liberalisation process triggered by an economic crisis has helped lift 300 million people out of poverty. He went on to say that the reforms unleashed the spirit of free enterprise and produce some world-class companies helping India grow in many sectors.

Manmohan Singh, who has served as the Finance Minister in the Congress-led government of then Prime Minister PV Narasimha Rao, also said that the COVID-19 pandemic affected too many lives. Dr Singh said, "too many lives and livelihoods have been lost that should not have been" and it "is not a time to rejoice and exult but to introspect and ponder". He went on to say that the road ahead is even more daunting than during the 1991 crisis.

Manmohan Singh says he takes pride in catapulting the Indian economy forward

In a statement on the 30th anniversary of economic liberalization, the former Prime Minister said that the then Congress government made some significant reforms for India's economy. He said that the reforms paved a new path for the nation's economic policy. Dr Singh also reminded once again that the 1991 reform was triggered by a crisis.

"On this day 30 years ago, in 1991, the Congress party ushered in significant reforms of India's economy and paved a new path for our nation's economic policy. Over the last three decades, successive governments have followed this path to catapult our nation to a $3 trillion economy and into the league of the world's largest economies," Dr Singh said. "More importantly, nearly 300 million fellow Indians have been lifted out of poverty in this period and hundreds of millions of new jobs have been provided for our youth," he added.

"The economic liberalisation process in 1991 was triggered by an economic crisis that confronted our nation then, but it was not limited to crisis management. The edifice of India's economic reforms was built on the desire to prosper, the belief in our capabilities, and the confidence to relinquish control of the economy by the government," the former PM further said. Dr Singh went on to say that he was "fortunate to play a role” in the reform process. He said that the reforms were a matter of pride for him and his party.

'Road ahead for the Indian economy will be more daunting'

Manmohan Singh said that the current pandemic situation was ‘deeply saddening’ as it claimed the lives of millions of fellow Indians. Pondering on the idea of various sectors in India getting back to their feet, the former PM said that the process will be ‘daunting’. "Too many lives and livelihoods have been lost that should not have been. It is not a time to rejoice and exult but to introspect and ponder. The road ahead is even more daunting than during the 1991 crisis. Our priorities as a nation need to be recalibrated to foremost ensure a healthy and dignified life for every single Indian," Dr Singh said.

IMAGE: PTI