“The Road Ahead More Daunting Than 1991 Crisis”: Dr Manmohan Singh Sounds Caution For Indian Economy

manmohan singh

“The road ahead is more challenging than in the 1991 crisis. Our priorities as a nation need to be redefined, to ensure a healthy and dignified life for every Indian,” Dr Manmohan Singh said.

Former Prime Minister Dr Manmohan Singh, who laid the foundation for economic liberalization in the country, has cautioned about the Indian economy. The former Prime Minister said in a warning note that the road ahead is even more daunting than during the 1991 economic crisis. He also said the government should be ready for this.

He emphasized that this is not a time to be happy or merry, but a time for introspection and reflection. “The road ahead is more challenging than in the 1991 crisis. Our priorities as a nation need to be redefined, to ensure a healthy and dignified life for every Indian,” he said.

“The road ahead is more challenging than in the 1991 crisis. Our priorities as a nation need to be redefined, to ensure a healthy and dignified life for every Indian.”

Singh praises Congress, calls reforms important

Speaking about Congress’ contribution to the Indian Economy, Dr Manmohan Singh said, “30 years ago Congress initiated important reforms of India’s economy. The party had prepared a new path for the country’s economic policy. It was followed by governments in the last three decades and today we are counted among the largest economies of the world.”

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“I am fortunate to have played a role in this process of reforms along with many colleagues in the Congress. It gives me great happiness and pride that our country has made tremendous economic progress in the last three decades. About 30 crore Indian citizens came out of poverty and crores of new jobs were created during this period.” Singh added.

Coronavirus snatched lives and jobs

Manmohan Singh said that he is deeply saddened by the devastation caused by Coronavirus and the loss of crores of jobs. “The social sectors of health and education were left behind and did not keep pace with our economic progress. So many lives and jobs have been lost, that should not have happened,” Dr Manmohan Singh said.

Dr Manmohan Singh was the Finance Minister in the government of Narasimha Rao in 1991 and presented his first budget on 24 July 1991. This budget is considered to be the foundation of economic liberalization in the country. On the occasion of the completion of 30 years of this historic budget, Manmohan Singh shared his views on many issues on Friday. He later served as the Prime Minister of the country from 2004 to 2014.

The former prime minister said, “In 1991 as a finance minister, I referred to the statement of Victor Hugo (French poet) that ‘no power on earth can stop an idea whose time has come.”

“30 years later, as a nation, we have to remember that poem by Robert Frost (America Poet) that we have to rest after fulfilling our promises and travelling for miles.”


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