Former Prime Minister Dr. Manmohan Singh is also known as the architect of India’s economic reforms. The important moment for Manmohan Singh came in the year 1991, when he met Prime Minister P.V. Deregulated the economy under Narasimha Rao as Finance Minister. After this, revolutionary changes were seen in foreign direct investment and trade in India. As Finance Minister, Manmohan Singh took the important decision to liberalize the economy amid pressure from multiple fronts. Come, let us know some big decisions of former Prime Minister Dr. Manmohan Singh which took India on the path of progress.
Big change in economic policy
In 1991, Dr. Manmohan Singh, as Finance Minister, abolished the License Raj, which had been a source of slow economic growth and corruption in the Indian economy for decades. He liberalized the Indian economy, which saw India’s growth surge dramatically.
Special Economic Zone (SEZ) Act 2005
The Special Economic Zone (SEZ) Act 2005 received the assent of the President of India on 23 June 2005, during the tenure of former Prime Minister Manmohan Singh. The Act came into force on 10 February 2006 along with the Special Economic Zones (SEZ) Rules 2006.
National Rural Employment Guarantee Scheme (NREGA) Act 2005
The Government of India, under the leadership of former Prime Minister Manmohan Singh, introduced the National Rural Employment Guarantee Act (NREGA) in 2005, a social security scheme aimed at providing livelihood, sustenance 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.
GDP reached 10.08%
According to data on GDP prepared by the Real Sector Statistics Committee constituted by the National Statistical Commission, India recorded a growth rate of 10.08% in 2006–2007 under the government of former Prime Minister Manmohan Singh. This was the highest GDP recorded in India since the liberalization of the economy in 1991. The highest GDP growth rate was 10.08% in 2006–2007.
India-US nuclear deal
One of India’s biggest achievements under the government of former Prime Minister Manmohan Singh was the signing of the India-US Nuclear Deal or the India Civil Nuclear Agreement. This agreement between India and the US was outlined in a joint statement by Manmohan Singh and the then President of the United States, George W Bush. Under the agreement, India agreed to separate its civilian and military nuclear facilities and all civilian nuclear facilities would be placed under the International Atomic Energy Agency. This agreement was signed on 18 July 2005.
helped increase GDP
Former Prime Minister Manmohan Singh presided over a period when the Indian economy grew with an economic growth rate of 8-9%. In 2007, India achieved its highest GDP growth rate of 9% and became the world’s second fastest growing major economy. In 2005, Singh’s government introduced a VAT tax which replaced the complex sales tax.
Right to Information Act (RTI) (2005)
The Right to Information Act, passed during the tenure of former Prime Minister Dr. Manmohan Singh, is an important law that gives Indian citizens the right to seek information from government officials and institutions. This Act has been helpful in promoting transparency, accountability and reducing corruption in public administration.
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