Today is the 90th birthday of the 13th Prime Minister of the Republic of India, Dr. Manmohan Singh. He is also known as a famous economist. After his victory in the 2009 Lok Sabha elections, Manmohan Singh became the first Prime Minister of India after Jawaharlal Nehru, who got the opportunity to become the Prime Minister for the second time in a row after successfully completing a five-year term. He is also credited for the economic reforms carried out during the Prime Ministership of PV Narasimha Rao as Finance Minister from 21 June 1991 to 16 May 1996.
Manmohan Singh was born on 26 September 1932 in a village in the Punjab province of undivided India (now Pakistan). Former Prime Minister of the country Manmohan Singh is always praised for his economic reforms. The economic reforms that began in 1991 led to the expansion of the services sector, largely helped by liberalized investment and trade arrangements. However, during his tenure as the Prime Minister of India, Manmohan Singh had to face much criticism from the opposition for his calm nature. But many economists praised him and many leaders hailed him for his economic reforms. Manmohan Singh was also the Finance Minister of the country for 13 years before becoming the Prime Minister of the country. On the occasion of Manmohan Singh’s birthday, there are some special things related to him who made many economic reforms in the country.
Former PM Manmohan Singh, along with former finance minister and Congress leader P Chidambaram, presided over the period when the Indian economy grew with an economic growth rate of 8-9%. In 2007, India achieved the highest GDP growth rate of 9% and during this time India became the second fastest-growing major economy in the world. Manmohan Singh’s government also worked on reforms in the banking and financial sectors. It was during the tenure of Manmohan Singh’s government that the Finance Ministry worked on freeing farmers from their debt and pro-industry policies. In 2005, Manmohan Singh’s government introduced VAT instead of a complex sales tax.
The Special Economic Zones (SEZ) Act 2005 was enacted during the tenure of Prime Minister Manmohan Singh’s government. This act was approved by the President of India on 23 June 2005. The Act came into force on 10 February 2006 along with the Special Economic Zones (SEZ) Rules 2006. The Act was enacted as a drive for the economic development of the country through the generation of foreign exchange through the export of goods and services, attracting investment into the country. The objectives of the Act were to help provide a legal framework for the establishment of Special Economic Zones and their units. To generate additional economic activity by promoting goods and services and generating foreign and domestic investment.
The Government of India under the leadership of former Prime Minister Manmohan Singh introduced the National Rural Employment Guarantee Act (NREGA) in 2005. It is a social security scheme aimed at providing livelihood, livelihood, and employment to rural communities and laborers in India. NREGA ensures income security to rural households by providing at least 100 days of fixed-wage employment in a year.
One of India’s greatest achievements, the government of Prime Minister Manmohan Singh, was the signing of the Indo-US nuclear deal or the India Civil Nuclear Agreement. The framework of this agreement between India and the US was drawn up in a joint statement by Manmohan Singh and the then US President George W Bush. Under the agreement, India had agreed to separate its civil and military nuclear facilities and all civilian nuclear facilities would be placed under the International Atomic Energy Agency (IAEA). The agreement was signed on 18 July 2005.
