Relevance: GS 4(Ethics , Leadership )
Architect of Economic Reforms
- 1991 Liberalization: Dr. Singh, as Finance Minister, introduced reforms to address the Balance of Payments crisis:
- Key Measures: Deregulation of industries, FDI liberalization, and a shift towards a market-driven economy.
- Impact: Positioned India for sustained GDP growth and global economic integration.
- Relevance Today: These reforms serve as the foundation for current policies like GST, PLI schemes, and digital infrastructure.
Indo-U.S. Nuclear Deal
- 2008 Agreement: Despite opposition from Left parties and political risks, Dr. Singh pushed the deal forward, ending India’s nuclear isolation.
- Significance:
- Secured energy security through civil nuclear cooperation.
- Elevated India’s global strategic standing by fostering deeper ties with the U.S.
- Departure from Non-Alignment: This deal signified a gradual move away from Nehruvian non-alignment towards pragmatic engagement with global powers.
Transition in Foreign Policy
- Sharm-el-Sheikh Declaration (2009): Attempted to revive composite dialogue with Pakistan by balancing 26/11 concerns with terrorism in Balochistan.
- Criticism and Significance: While controversial, it demonstrated his commitment to diplomacy and peace-building in South Asia.
Governance and Leadership Challenges
- Achievements:
- Key social welfare initiatives like MGNREGA, RTI Act, and the Right to Education Act under his leadership.
- Expanded India’s middle class and reduced poverty.
Academic and Professional Excellence
- Distinguished Economist: Held top economic roles (RBI Governor, Finance Secretary, Chief Economic Adviser) before entering politics.
- Global Recognition: Praised by leaders like Barack Obama for his economic insight, reflecting the importance of academic expertise in governance.
Political Legacy and Historical Judgment
- “Accidental PM” to Transformational Leader: While criticized during his tenure, his strategic decisions (1991 reforms, nuclear deal) are recognized as pivotal for India’s development.
