PV Narasimha Rao Brought Manmohan Singh into Politics
Former Prime Minister Manmohan Singh is often described as a leader who speaks little but delivers through his actions. Unlike many political figures, he is known for his work rather than words. During his tenure as Finance Minister from 1991 to 1996 under Prime Minister PV Narasimha Rao, Singh introduced sweeping economic reforms that reshaped India’s financial landscape.
It was PV Narasimha Rao who introduced Manmohan Singh, then the Governor of the Reserve Bank of India (RBI), to politics. In 1991, amid severe economic challenges, PV Narasimha Rao nominated Singh to the Rajya Sabha and appointed him as Finance Minister. Together, they launched the policy of Liberalization, Privatization, and Globalization, steering India out of a crippling economic crisis. The structural changes brought through privatization and reforms in public institutions and banks remain impactful to this day.
The economic reforms introduced by PV Narasimha Rao and Singh in 1992 are often cited by experts as pivotal in positioning India on the global economic stage. Singh, described as an ideal disciple to PV Narasimha Rao's mentorship, earned recognition for his silent yet effective leadership style, letting his actions speak louder than words.
Special Connection with Warangal
Manmohan Singh has a unique bond with Warangal, Telangana. In 1992, as Finance Minister, he attended the convocation ceremony of Kakatiya University, held at the Regional Engineering College (REC) in Kazipet. The event, led by the university’s Vice-Chancellor Professor Jayashankar, featured Singh as the chief guest, presenting awards and delivering a memorable address.
Champion of Employment Initiatives
Manmohan Singh’s tenure as Prime Minister saw the continuation of economic reforms initiated during his time as Finance Minister. His leadership facilitated rural employment schemes, including the landmark National Rural Employment Guarantee Act (NREGA), which provides sustained livelihood opportunities in India’s villages.
Pioneer of Farmer Loan Waiver
Manmohan Singh is credited as the pioneer of large-scale agricultural loan waivers. In 2008, under the UPA government, Singh announced a ₹72,000 crore loan waiver benefiting over 30 million farmers. This bold decision was a key factor in the UPA’s return to power in the subsequent general elections.