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Sunday, July 24, 2011

Should MONTEK Take Over the Helms as Wahington as well as Ruling Hegemony Dissatisfied with REFORM PACE and Rahul Has NO Chance to Boost Free Market Economy with Proactive Activism Nor He May STOP Reform Maniac Hindutva Forces! However, Manmohan Cont

Should MONTEK Take Over the Helms as Wahington as well as Ruling Hegemony Dissatisfied with REFORM PACE and Rahul Has NO Chance to Boost Free Market Economy with Proactive Activism Nor He May STOP Reform Maniac Hindutva Forces! However, Manmohan Continues DEMOLITION Production System and Ethnic Cleansing since 1991!Who May DARE to VIOLATE Dictations from Corporate Imperialist Post Modern Zionist Manusmriti Apartheid Satanic Order!

Indian Holocaust My Father`s Life and Time - SIX HUNDRED  NINETY TWO

Palash Biswas

http://indianholocaustmyfatherslifeandtime.blogspot.com/



http://basantipurtimes.blogspot.com/


Should MONTEK Take Over the Helms as Wahington as well as Ruling Hegemony Dissatisfied with REFORM PACE and Rahul Has NO Chance to Boost Free Market Economy with Proactive Activism Nor He May STOP Reform Maniac Hindutva Forces! However, Manmohan Continues DEMOLITION Production System and Ethnic Cleansing since 1991!



Who May DARE to VIOLATE Dictations from Corporate Imperialist Post Modern Zionist Manusmriti Apartheid Satanic Order!

24 JUL, 2011, 11.11AM IST, ET BUREAU

Budget 1991: What Manmohan Singh promised and what was delivered

I do not minimise the difficulties that lie ahead on the long and arduous journey on which we have embarked. But as Victor Hugo once said, "no power on earth can stop an idea whose time has come". I suggest to this august House that the emergence of India as a major economic power in the world happens to be one such idea. Let the whole world hear it loud and clear. India is now wide awake. We shall prevail. We shall overcome.- Budget Speech, July 24, 1991



WHAT HE SAID : It is essential to increase...competition between firms in the domestic market so that there are adequate incentives for raising productivity, improving efficiency and reducing costs.


WHAT CHANGED : End of licensing raj, companies were freed from quantitative restrictions


WHAT HE SAID : The time has come to expose Indian industry to competition from abroad... As a first step in this direction, the Government has introduced changes in import-export policy, aimed at a reduction of import licensing, vigorous export promotion and optimal import compression.


WHAT CHANGED : Import of plant and machinery as well as consumer goods became easier

*

WHAT HE SAID : After four decades of planning for industrialisation...we should welcome, rather than fear, foreign investment. Our entrepreneurs are second to none. Our industry has come of age. Direct foreign investment would provide access to capital, technology and markets.


WHAT CHANGED: Foreign companies were allowed to enter JVs with domestic companies and in due course set up 100% subsidiaries


WHAT HE SAID : Up to 20% of government equity in selected public sector undertakings would be offered to mutual funds and investment institutions in the public sector, as also to workers in these firms. Public enterprises which are chronically sick and which cannot be turned around, will be referred...for the formulation of revival or rehabilitation schemes.


WHAT CHANGED : Beginning of disinvestment of profitable PSUs. But revival of sick PSUs did not gain much traction


WHAT HE SAID : Full statutory powers will be given to the Securities and Exchange Board of India...to enable it to effectively regulate, promote and monitor the working of the Stock Exchanges in the country.


WHAT CHANGED: Sebi became the sole markets regulator. All listed companies have to comply with its rules and regulations


WHAT HE SAID : It is time we make all-out efforts to capture the overseas software market. With this objective, I propose to extend the tax concession under section 80HHC of the Income-tax Act to export of software. With this concession, the exports of this industry should register rapid growth.


WHAT CHANGED: This concession enabled Indian software companies to become more cost effective.


WHAT HE SAID : Resources for development must be raised from those who have the capacity to pay. For this purpose, we must place greater emphasis on direct taxes. This calls for increased rates wherever necessary and a better tax compliance. At the same time, rationalisation of the system, which reduces the maximum marginal rate of tax, simplifies the procedures, reduces the plethora of concessions, and brings the average rates of income tax at various levels of income to more appropriate levels, is necessary.


WHAT CHANGED : Peak income tax rate came down over the years to 30% and number of slabs to three. Tax-GDP ratio has improved, but still short of the ratios seen in developed nations.

More stories from this edition of Sunday ET



http://economictimes.indiatimes.com/news/politics/nation/budget-1991-what-manmohan-singh-promised-and-what-was-delivered/articleshow/9339032.cms

-

22 JUL, 2011, 02.19AM IST, DEVIKA BANERJI & RAVI TEJA SHARMA,ET BUREAU 
Draft law on land acquisition gives farmer 20% of rise in land value, may carry employment clause- 

NEW DELHI: Rocked by protests against states acquiring land across the country, the government is trying to rewrite the rules to give farmers who have lost their property a way to realise part of the appreciation in value of the farmland after it is bought and developed. 

RELATED ARTICLES

These rules could find their way into the new land acquisition law, which Finance MinisterPranab Mukherjee on Wednesday said would be tabled in the monsoon session of Parliament starting August 1. Farmers will get 20% of the appreciation in the value of land for up to 10 years after selling it, based on the price of transactions done subsequently. This proposal, which is included in the new draft of the land acquisition bill being deliberated by the ministry of rural development under Jairam Ramesh, has not gone down well with property developers. 

"Sharing 20% of the appreciation in value will not work because even if one farmer is not satisfied, he can go to court and possibly stall the project," said Anil Sharma, chairman and managing director,Amrapali Group, a property developer. State governments, most recently in Uttar Pradesh, have used 'eminent domain' powers vested in the current law to buy land cheap and then sell it to property developers at vastly inflated rates. 

Law may carry employment clause 

The new draft law will also suggest that people displaced by acquisition should be employed in projects coming up on their land. It will lay down that at least 80% of the people who stand to lose their land and livelihood must first agree to the acquisition, whether it is by the government or private entities. 

Most of the contents of the new draft bill are in line with the recommendations of Sonia Gandhi-ledNational Advisory Council (NAC). The ministry is also likely to side with the NAC's suggestion that the government should continue to play a dominant role in land acquisition for all kinds of projects. 

More stories from this edition of Land Acquisition

 









Finance Minister Pranab Mukherjee leaves for UK to strengthen financial sector collaboration
Looking to strengthen ties with the UK in the financial sector, Finance MinisterPranab Mukherjee leaves for London on Sunday to take part in a ministerial-level meeting being held tomorrow. 

Accompanied by Department of Economic Affairs Secretary R Gopalan, Chief Economic Advisor Kaushik Basu and Sebi Chairman U K Sinha, Mukherjee will attend the fourth chapter of the ministerial-level India-UK Economic and Financial Dialogue. 

"TheFinance Minister will co-chair the dialogue withGeorge Osborne, Chancellor of Exchequer, UK. The issues of UK-India partnership in education and skills, structural policy reforms and strengthening of India-UK financial sector collaboration are high on the agenda," an official statement said. 

The dialogue would also focus on a wide range of issues such as strengthening of theG-20 andIMF surveillance, the UK-India infrastructure partnership, global and domestic financial regulatory reforms and strengthening of UK-India financial sector reforms, among others. 

A bilateral meeting between Mukherjee and Osborne will also take place on the sidelines of the dialogue to exchange views on macroeconomic policy issues, climate change finance and issues of mutual commercial concern, among others. 


29 JUN, 2011, 11.03AM IST, IANS 

India, US to deepen ties in reforms, infrastructure finance

RELATED ARTICLES

WASHINGTON: India and the United States have set a "robust agenda" to deepen their economic engagement in three key areas of macroeconomic challenges, financial sector reforms and infrastructure finance. 

The agenda was outlined in a Joint Statement issued at the end of the second US-India Economic and Financial Partnership meeting here Tuesday. Here is the text: 

"Today, US Secretary of the Treasury Timothy Geithner and Indian Finance MinisterPranab Mukherjee convened in Washington, DC, the second ministerial meeting of the US-India Economic and Financial Partnership. 

As two of the world's largest economies, the US-India relationship offers enormous economic opportunities for Americans and Indians alike. 

Through stronger collaboration and coordination amongst our economic and financial policymakers, this Partnership has sought to deepen US-India bilateral and multilateral engagement in order to fully capitalise on the wealth of economic opportunities between our two nations. 

The comprehensive inter-agency participation from both the United States and India, including Federal Reserve ChairmanBernanke andReserve Bank of India Governor Subbarao, is the highest level economic and financial meeting ever between our two countries. 

This meeting clearly demonstrates the vision and commitment that the United States and India share in expanding economic opportunities for our citizens through greater trade and investment. 
29 JUN, 2011, 10.54AM IST, ET BUREAU 

'Per Capita Income could reach $10K with sustained GDP Growth of 8 -8.5%'

RELATED ARTICLES

The per capita income of Indian will reach US $ 10,000 by the year 2039 from the current level of US $ 1,000 plus ifIndia maintains its GDP growth at 8 to 8.5 percent for the next 25 years, said Dr Kaushik Basu,Chief Economic Advisor,Government of India while delivering his keynote address at the Panel on Realizing India's Full Economic Potential at the CII Brookings Conference on US India Economic and Financial Partnership inWashington, Monday evening.

Alluding to the growth prospects of Indian economy and the game changing reforms India had undertaken during the decade and a half, Dr Basu said that the fundamentals of Indian economy are strong in the medium term and the long term growth prospects were good for India to grow at a healthy rate of 8 % plus growth. He added that it was important to keep the growth momentum going as 1% increase in GDP growth would create 1 million jobs. 

Speaking on the US India economic and financial partnership, Dr Basu alluded that the fundamental similarities between US and India are the aspirations in terms of democracy, vibrant media and secularism and this political common aspiration should translate into reaping the economic potential. 

Delivering his keynote address at the Panel session on striking the balance between inflation and growth, Dr Subir Gokarn, Deputy Governor, Reserve Bank of India said that growth momentum would moderate in the short run due to supply side pressure on inflation and presented the RBI projection for growth during 2011-12 at 8 per cent. 

Inflation is a significant near term macro challenge and growth would be impacted in the short term in managing inflation and inflationary expectations. However, long term growth prospects would be strengthened if inflation is kept under control he added.

29 JUN, 2011, 10.37AM IST, PTI 

Economy to grow by 8.5% despite inflation control measures: Pranab

WASHINGTON: Finance MinisterPranab Mukherjee on Wednesday said the economy will grow by around 8.5 per cent in the current fiscal despite the conscious decision of theReserve Bank to sacrifice growth to contain inflation. 

"I am still holding the projection which I had that is 8.5 per cent plus... We shall have to wait for some time. But it would not be less than 8 per cent plus," he said in an interview to PTI. 

TheFinance Minister was here to participate at the 'US-India Economic and Financial Partnership' jointly organised by the Confederation of Indian Industry (CII) and Brookings Institute, a Washington-based think-tank. 

The government and the Reserve Bank, Mukherjee said, have been trying to strike a balance between containing growth and promoting inflation. 

"One need not cancel the other, but controlling inflation is essential. In a developing economy like ours, if we cannot bring inflation within a manageable limit, the hardship goes to the weaker sections of the people... they are the worst sufferers," the minister said. 

Sacrificing growth, the RBI has raised key policy rates ten times since March, 2010, to contain inflation, which is hovering at around 9 per cent. Inflation stood at 9.06 per cent in May. 

Controlled inflation is needed, Mukherjee said, adding that the "best course would be to reduce inflation to have it at the acceptable moderate level and also to have reasonable high growth rate... because if you want to have high growth which is not realistic, that would lead to inflationary pressure."
AFP

Bears circle India's slowing economy

AFP - Penny MacRae - ‎Jul 10, 2011‎
NEW DELHI — Not long ago it was the toast of investors, but India's appeal has taken a hit, with bearish sentiment building thanks to worries over stubbornly high inflation and widespread political corruption. Investor ardour for Asia's third-largest ...

Bears circle India's slowing economy

Sin Chew Jit Poh - Penny MacRae - ‎Jul 9, 2011‎
NEW DELHI, July 10, 2011 (AFP) - Not long ago it was the toast of investors, but India's appeal has taken a hit, with bearish sentiment building thanks to worries over stubbornly high inflation and widespread political corruption. ...
AFP

India's Rahul Gandhi vows to protect farmers' rights

AFP - Penny MacRae - ‎Jul 9, 2011‎
NEW DELHI, India — Rahul Gandhi, tipped as a future Indian premier, vowed at the weekend to protect farmers' rights against greedy land developers as he ended a march through the nation's dusty countryside. Gandhi, who has pitched himself as champion ...

Keep up to date with these results:




24 JUL, 2011, 05.56AM IST, ET BUREAU 

How the Indian economy changed in 1991-2011


Manmohan Singh is not a renowned orator. He delivers his public speeches in a monotonous undertone that one associates with college lecturers and bankers - and India's prime minister has been both. But one of Singh's speeches, made exactly twenty years ago, will go down in the annals of Indian history as the one that changed India. 

/photo.cms?msid=9339262

In his maiden budget speech as the finance minister of India, Singh presented the finances of a country that was nearly bankrupt and slayed the licence raj, thereby changing the lives of not just India's 84 crore citizens then but those of another 36 crore citizens who have been born since. 

/photo.cms?msid=9339274

How much has India changed since then? Since 1991, India's GDP has quadrupled, its forex reserves have surged from $5.8 billion to $279 billion, and exports from $18 billion to $178 billion. 

But these are just numbers. The change in our lives and lifestyles is a lot more fascinating. Back in 1991, owning a Maruti 800 (Rs 1.48 lakh in Delhi) was a middle- class status symbol. 

/photo.cms?msid=9339280

Scooters like Bajaj Chetak and Lambretta accounted for more than half of the two-wheelers sold in the country. A bottle of soft drink, be it desi versions like Gold Spot or Thums Up, cost just Rs 4.50. 

More stories from this edition of Sunday ET

 







http://economictimes.indiatimes.com/news/economy/indicators/how-the-indian-economy-changed-in-1991-2011/articleshow/9339258.cms


Montek Singh Ahluwalia

From Wikipedia, the free encyclopedia
 This article includes a list of references, related reading or external links, but its sources remain unclear because it lacks inline citations. Please improve this article by introducing more precise citations where appropriate. (May 2011)
Montek Singh Ahluwalia
Deputy Chairperson of the Planning Commission
Incumbent
Assumed office
6 July 2004
Prime Minister Manmohan Singh
Preceded byK.C. Pant
Personal details
Born24 November 1943 (age 67)
New Delhi, India
Political partyIndependent
Spouse(s)Isher Judge Ahluwalia
Alma mater University of Delhi (B.A.)
University of Oxford
(M.A. & M.Phil.)
OccupationEconomist
Civil servant
ReligionSikhism

Montek Singh Ahluwalia (born 24 November 1943) is an Indian economist and civil servant. He is currently the Deputy Chairperson of the Planning Commission of the Republic of India. He was previously the first Director of the Independent Evaluation Office at the International Monetary Fund.

Contents

 [hide]

[edit]Early life and education

Montek Singh Ahluwalia was born in New Delhi, India. He studied at St. Patrick's High School, Secunderabad, Delhi Public School, Mathura Road, and Bishop Cotton School Shimla, then graduated with a B.A. (Hons) degree from St. Stephen's College, Delhi, University of Delhi. He received the BA(Hons) degree as a Rhodes scholar from the University of Oxford having studied at Magdalen College, Oxford. He also studied for a BPhil in Economics at Oxford University, which the university later reclassified as an MPhil. While at Oxford, he was the president of the prestigious Oxford Union.

[edit]Career

Ahuluwalia, after graduating from University of Oxford, joined the World Bank during the tenures of Hollis Chenery and Robert MacNamara. At the age of 28, he became the youngest "Division Chief" in the World Bank's bureaucracy.

Prior to taking up his position at the IMF, Ahluwalia was a Member of the Planning Commission in New Delhi as well as a Member of the Economic Advisory Council to the Prime Minister.

Being not a member of the Indian Civil Service, he held the following positions of civl servants in the central government:

In 2007 he became a member of the influential Washington-based financial advisory body, the Group of Thirty.

[edit]Personal life

Ahluwalia is married to fellow economist Dr. Isher Judge Ahluwalia and has two children.[citation needed]

[edit]Awards and Honours

Year of Award or Honor Name of Award or Honor Awarding Organization
2011 Padma Vibhushan President of India.
2008 Doctor of Civil Law University of Oxford.

[edit]See also

[edit]References

[edit]External links

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21 JUL, 2011, 04.49AM IST, ET BUREAU 

India regaining status as trading powerhouse: Report

NEW DELHI: India broke into the club of top 20 exporters of goods and reclaimed its position among top 10 services exporters in 2010, moving up two notches in both categories from 2009 in a display of resilience to the economic downturn that continues to cast its shadow on the US and the EU. 

The 'World Trade Report 2011' of the WTO, released on Wednesday, said trade in goods rebounded to grow by 14.5% in volume terms in 2010 after shrinking 12% in 2009. However, it projected the growth to moderate to 6.5% in 2011. 

India's goods exports rose at a much sharper 31% in 2010, helping the country not only improve its world ranking to 20 from 22 in 2009 but also expand its market share to 1.4% from 1.2% a year ago. 

Interestingly, while exports shrunk by 20% in 2009 owing to contraction in demand, India's share in world trade increased from 1.1% in 2008 and ranking improved from 26 the year before. 

Experts attribute the robust growth to a change in the composition of exports and addition of new markets. 

"Our basket has shifted from raw materials to manufactured goods, such as processed agri commodities and engineering items. Our exports have become relatively wide based in manufacturing," pointed out Rajesh Chadha, senior fellow, NCAER. 

Engineering and petroleum exports now account for 42% of exports as compared to 14% in 2000. 

"This high export growth clearly indicates that diversification to other destinations has taken place apart from changes in the composition of goods," finance ministerPranab Mukherjee said on Wednesday.

RELATED ARTICLES

 

Indian Institute of Foreign Trade (IIFT)) directorK T Chacko also said the government's attempt to help exporters diversify markets beyond traditional regions like the EU and the US has stood India in good stead. "Greater interaction between business communities with newer countries opens up various opportunities. Various free trade agreements (FTAs) and consolidation of special economic zones (SEZs) have also contributed to the rise in exports." 


22 JUL, 2011, 10.59AM IST, REUTERS 

Struggling Indian economy hardens case to end policy tightening


MUMBAI: India is nearing the end of its credit tightening cycle, as 10 interest rate increases since March 2010 exact a toll on growth in a once-roaring economy, making Tuesday's expected rate rise potentially the last for the near future. 

Growth rates are still expected to be around 8 percent, which means India is not heading for a sharp slowdown even if the road ahead is filled with speed-bumps and the country's economic engines are not firing on all pistons. 

However, recent industrial output and manufacturing data was the worst in nine months, car sales are skidding and loan demand is slowing, even as the central bank readies yet another increase in interest rates. 

India's dream of annual growth of 10 percent appears increasingly distant. 

The rate increases have been needed to fight persistent inflation, which is running about 9 percent and some economists predict a return to double-digits. 

"We haven't seen, or are at the very early stage of seeing the lagged effects of all the interest rate hikes," saidCredit Suisse economist Robert Prior-Wandesforde in Singapore. 

"That's only just started, and I think that's going to deal a much heavier blow to growth as we go forward," said Prior-Wandesforde, whose forecasts for Indian growth of 7.5 percent this fiscal year and next are among the lowest. 

QUITE A DROP 

A Reuters poll of more than 20 economists forecast growth in the fiscal year that ends in March 2012 will be 7.9 percent, quite a drop from last year's 8.5 percent. But the crowd is sanguine about prospects for the year that ends in March 2013, forecasting a growth rate of 8.4 percent. 

This year, sluggish investment due to rising rates and government paralysis in the wake of corruption scandals has slowed the building of additional capacity, which in turn has added to inflationary pressures on the supply side of the manufacturing sector. 

All in all, the onus of arresting double-digit price rises has been left entirely to the Reserve Bank of India, which has managed to rein in credit growth and the stock of cash in the banking system but with unintended consequences. 

Car sales in India, which jumped 30 percent in the year through March, grew by just 1.6 percent in June, their slowest in two years, as higher interest rates and more expensive diesel and petrol deterred buyers. 

Loan growth has cooled to below 21 percent on an annual basis after reaching 25 percent at the end of 2010, with further slowdown expected as credit becomes more costly. Manufacturing surveys indicate further slackening in demand and therefore production. 

Even at an 8 percent pace, India will be the second fastest economy in Asia, but it needs to grow quickly in order to raise living standards and create jobs for a surging working age population. 

There is no sign at all of a possible plunge in growth to a "hard landing", which is technically difficult to define but conceptually would mean India couldn't generate the number of new jobs needed for its young population or the revenue gains the government requires to contain its fiscal deficit.

RELATED ARTICLES

 

VICIOUS CYCLE 

That would spawn a vicious cycle of more government borrowing and higher yields, possibly monetary easing and therefore inflation. 

India is cushioned from a precipitous fall in growth by an absence of major asset bubbles. Mumbai stocks are among the world's worst performers in 2011, down about 10 percent this year, and property prices have been sluggish for months. 

Manmohan Singh

From Wikipedia, the free encyclopedia
For the film director, see Manmohan Singh (director).
 This article may contain original research. Please improve it by verifying the claims made and adding references. Statements consisting only of original research may be removed. More details may be available on the talk page. (April 2011)
This article may require copy editing for grammar, style, cohesion, tone, or spelling. You can assist by editing it. (December 2010)
Manmohan Singh
ਮਨਮੋਹਨ ਸਿੰਘ
The Right Honourable Dr. Manmohan Singh
Prime Minister of India
Incumbent
Assumed office
22 May 2004
President Abdul Kalam
Pratibha Patil
Preceded byAtal Bihari Vajpayee
Minister of Railways
In office
19 May 2011 – 13 July 2011
PresidentPratibha Patil
Preceded byMamata Banerjee
Succeeded byDinesh Trivedi
Minister of Finance
In office
30 November 2008 – 24 January 2009
Preceded byP. Chidambaram
Succeeded byPranab Mukherjee
In office
21 June 1991 – 16 May 1996
Prime MinisterNarasimha Rao
Preceded byYashwant Sinha
Succeeded byJaswant Singh
Minister of External Affairs
In office
6 November 2005 – 24 October 2006
Preceded byKunwar Natwar Singh
Succeeded byPranab Mukherjee
Deputy Chairperson of the Planning Commission
In office
15 January 1985 – 31 August 1987
Prime MinisterRajiv Gandhi
Preceded byNarasimha Rao
Succeeded byPunjala Shiv Shankar
Governor of the Reserve Bank
In office
15 September 1982 – 15 January 1985
Preceded byIndraprasad Gordhanbhai Patel
Succeeded byAmitav Ghosh
Personal details
Born26 September 1932 (age 78)
Gah, Punjab, British India[1]
Political partyIndian National Congress
Spouse(s)Gursharan Kaur (1958–present)
ChildrenUpinder
Daman Singh
Amrit
ResidencePanchavati (Official)
Guwahati (Private)
Alma mater Panjab University, Chandigarh
St John's College, Cambridge
Nuffield College, Oxford
ProfessionEconomist
Civil servant
Social worker
Professor
ReligionSikhism
SignatureManmohan Singh
WebsiteOfficial website

Manmohan Singh (Listeni/mənˈmoʊhən ˈsɪ́ŋɡ/; Punjabi: ਮਨਮੋਹਨ ਸਿੰਘ; Hindi: मनमोहन सिंह; born 26 September 1932) is the 13th and current Prime Minister of India. He is the only Prime Minister since Jawaharlal Nehru to return to power after completing a full five-year term. ASikh, he was the first non-Hindu to occupy the office. Singh is also the 7th Prime Minister belonging to the Indian National Congress party.

Singh previously carried out economic reforms in India in 1991, during his tenure as theFinance Minister, under the leadership of P. V. Narasimha Rao, from 1991 to 1996. These reforms resulted in the end of the Licence Raj system, helping to open the Indian economy to greater international trade and investment.[2]

In 2010, Newsweek magazine recognized him as a world leader who is respected by other heads of state, describing him as "the leader other leaders love." The article quoted Mohamed ElBaradei, who remarked that Dr. Singh is "the model of what a political leader should be."[3]Singh is number 18 on the 2010 Forbes list of the world's most powerful people.[4] Forbesmagazine described Singh as being "universally praised as India's best prime minister since Nehru".[5]

Contents

 [hide]

Early life and education

Manmohan Singh was born to Gurmukh Singh and Amrit Kaur on 26 September 1932, in Gah,Punjab, (now in Chakwal District, Pakistan), British India, into a Sikh Khatri family. He lost his mother when he was very young and was raised by his paternal grandmother, to whom he was very close.

After the Partition of India, his family migrated to Amritsar, India, where he studied at Hindu College. He attended Panjab University, Chandigarh, studying Economics and got his bachelor's and master's degrees in 1952 and 1954, respectively, standing first throughout his academic career. He went on to read for the Economics Tripos at Cambridge as a member ofSt John's College. He won the Wright's Prize for distinguished performance in 1955 and 1957. He was also one of the few recipients of the Wrenbury scholarship. In 1962, Singh completed his studies from the University of Oxford where he was a member of Nuffield College. The title of his doctoral thesis was "India's export performance, 1951–1960, export prospects and policy implications" and his thesis supervisor was Dr. I.M.D. Little. This thesis later grew into the book "India's Export Trends and Prospects for Self-Sustained Growth".[6]

In 1997, the University of Alberta awarded him an Honorary Doctor of Law degree.[7] The University of Oxford awarded him an honorary Doctor of Civil Law degree in July 2005,[8] and in October 2006, the University of Cambridge followed with the same honour.[9] St. John's College further honoured him by naming a Ph.D Scholarship after him, the Dr. Manmohan Singh Scholarship. In 2008, he was awarded honorary Doctor of Letters degree by Benaras Hindu University[10] and later that year he was awarded an honorary doctorate degree byUniversity of Madras.[11] In 2010, he was awarded honorary doctorate degree by King Saud University.[12]

After completing his Ph.D., Singh worked for the United Nations Conference on Trade and Development (UNCTAD) from 1966–1969. During the 1970s, he taught at the University of Delhi and worked for the Ministry of Foreign Trade with the former Cabinet Minister for Foreign Trade, Lalit Narayan Mishra. As the Minister of Foreign Trade, Lalit Narayan Mishra was one of the first to recognize Singh's talent as an economist and appointed him his advisor at the Ministry of Foreign Trade. Singh and Mishra first met, coincidentally, on a flight from India to Chile. Mishra was on his way to Santiago, Chile to attend an UNCTAD meeting.[13]

In 1982, he was appointed the Governor of the Reserve Bank of India and held the post until 1985. He went on to become the deputy chairman of the Planning Commission of India from 1985 to 1987. Following his tenure at the Planning Commission, he was Secretary General of the South Commission, an independent economic policy think tank headquartered in Geneva, Switzerland from 1987 to 1990.[14]

Early political career

Finance Minister of India

In 1991, India's Prime Minister at the time, P.V. Narasimha Rao, chose Singh to be his Finance Minister. At this time, India's fiscal deficit was close to 8.5 per cent of the gross domestic product, the balance of payments deficit was huge and the current account deficitwas close to 3.5 percent of India's GDP.[15] India's foreign reserves barely amounted toUSD$1 billion, enough to pay for a few weeks of imports, in comparison to USD$283 billion today.[16]

Evidently, India was facing an economic crisis. At this point, the government of India sought relief from the supranational International Monetary Fund, which, while assisting India financially, imposed several conditions regarding India's economic policy. In effect, IMF-dictated policy meant that the ubiquitous Licence Raj had to be dismantled, and India's attempt at a state-controlled economy had to end. Accordingly, Singh, who had thus far been one of the most influential architects of India's socialist economy, slowly opened the Indian economy to foreign investment and business competition.[15][17]

Rao and Singh thus implemented policies to open up the economy and change India's socialist economy to a more capitalistic one, in the process dismantling the Licence Raj, a system that inhibited the prosperity of private businesses. They removed many obstacles standing in the way of Foreign Direct Investment (FDI), and initiated the process of the privatization of public sector companies. However, in spite of these reforms, Rao's government was voted out in 1996 due to non-performance of government in other areas. In praise of Singh's work that pushed India towards a market economy, long-time Cabinet minister P. Chidambaram has referred to Singh as the Deng Xiaoping of India.[18]

In 1993, Singh offered his resignation from the post of Finance Minister after a parliamentary investigation report criticised his ministry for not being able to anticipate a USD$1.8 billion securities scandal. Prime Minister Rao refused Singh's resignation, instead promising to punish the individuals directly accused in the report.[19]

Career in the Rajya Sabha

Singh was first elected to the upper house of Parliament, the Rajya Sabha, in 1991[20] and was re-elected in 2001 and 2007. From 1998 to 2004, while the Bharatiya Janata Party was in power, Singh was the Leader of the Opposition in the Rajya Sabha. In 1999, he contested for the Lok Sabha from South Delhi but was unable to win the seat.[21]

Prime ministership

14th Lok Sabha

A renowned economist,[22] Singh is also regarded as one of the "greatest statesmen in Asian history".[23] Shown here with Indian delegation at the 33rd G8 summit inHeiligendamm.

After the 2004 general elections, the Indian National Congress stunned the incumbent National Democratic Alliance (NDA) by becoming the political party with the single largest number of seats in the Lok Sabha. In a surprise move, United Progressive Alliance (UPA) Chairperson Sonia Gandhi declared Manmohan Singh, a technocrat, as the UPA candidate for the Prime Ministership. Despite the fact that Singh had never won a Lok Sabha seat, he "has enjoyed massive popular support, not least because he was seen by many as a clean politician untouched by the taint of corruption that has run through many Indian administrations."[24] He took the oath as the Prime Minister of India on 22 May 2004.[25][26]

Economic policy

Following the advice of IMF, in 1991, Singh as Finance Minister, officially freed India from theLicence Raj, source of slow economic growth and corruption in the Indian economy for decades. He liberalized the Indian economy, allowing it to speed up development dramatically. During his term as Prime Minister, Singh continued to encourage growth in the Indian market, enjoying widespread success in these matters. Singh, along with the former Finance Minister, P. Chidambaram, have presided over a period where the Indian economy has grown with an 8–9% economic growth rate. In 2007, India achieved its highest GDP growth rate of 9% and became the second fastest growing major economy in the world.[27][28]

Singh is now a strong supporter of globalization, seeing India's immense labor capacity as a path to delivering Indian goods in a worldwide market and eventually relieving large-scale poverty.[29]

Singh's government has continued the Golden Quadrilateral and the highway modernisation program that was initiated by Vajpayee's government. Singh has also been working on reforming the banking and financial sectors, as well as public sector companies. The Finance ministry has been working towards relieving farmers of their debt and has been working towards pro-industry policies. In 2005, Singh's government introduced the Value added tax, replacing sales tax. In 2007 and early 2008, the global problem of inflation impacted India.[30]

Healthcare and education

In 2005, Prime Minister Singh and his government's health ministry started the National Rural Health Mission, which has mobilised half a million community health workers. This rural health initiative was praised by the American economist Jeffrey Sachs.[31] In 2006, his Government implemented the proposal to reserve 27% of seats in All India Institute of Medical Studies (AIIMS), Indian Institutes of Technology (IITs), the Indian Institutes of Management (IIMs) and other central institutions of higher education for Other Backward Classes which led to 2006 Indian anti-reservation protests.

Singh has announced that eight more Indian Institutes of Technology will be opened in the states of Andhra Pradesh, Bihar, Gujarat, Orissa,Punjab, Madhya Pradesh, Rajasthan and Himachal Pradesh. The Singh government has also continued the Sarva Shiksha Abhiyanprogramme, begun by his predecessor, Mr. Vajpayee. The programme has included the introduction and improvement of mid-day meals and the opening of schools all over India, especially in rural areas, to fight illiteracy.

Security and Home Affairs

His government has been instrumental in strengthening anti-terror laws with amendments toUAPA, where most of provisions of POTA were reincorporated,critics however cite that the amendments make the act equally draconian. NIA was also created soon after the Nov 2008 Mumbai terror attacks as need for a central agency to combat terrorism was realised. Also Unique Identification Authority of India was established in February 2009, an agency responsible for implementing the envisioned Multipurpose National Identity Card with the objective of increasing national security and facilitating e-governance. His government has been criticized by some human rights organizations,that these measures could help establish a police state.

His government has also been criticized for not being able to reduce the Naxal terrorism that is menacing rural areas in Eastern and Central India. Singh's government has, however, extended the ban on the radical Islamic terror group Student's Islamic Movement of India (SIMI).

Singh's administration initiated a massive reconstruction effort in Kashmir to stabilise the region but after some period of success, insurgent infiltration and terrorism in Kashmir has increased since 2009.[32] However, the Singh administration has been successful in reducing terrorism in Northeast India.[32]

Legislation

The important National Rural Employment Guarantee Act (NREGA) and the Right to Information Act were passed by the Parliament in 2005 during his tenure. While the effectiveness of the NREGA has been successful at various degrees, in various regions, the RTI act has proved crucial in India's fight against corruption.[33]

Foreign policy

Prime Minister Manmohan Singh with Chinese Premier Wen Jiabao at theGreat Hall of the People in Beijing.

Manmohan Singh has continued the pragmatic foreign policy that was started by P.V. Narasimha Raoand continued by Bharatiya Janata Party's Atal Bihari Vajpayee. Singh has continued the peace process with Pakistan initiated by his predecessor, Atal Bihari Vajpayee. Exchange of high-level visits by top leaders from both countries have highlighted his tenure, as has reduced terrorism and increased prosperity in the state of Kashmir. Efforts have been made during Singh's tenure to end the border dispute with People's Republic of China. In November 2006, Chinese President Hu Jintaovisited India which was followed by Singh's visit to Beijing in January 2008. A major development inSino-Indian relations was the reopening of the Nathula Pass in 2006 after being closed for more than four decades. As of 2010, the People's Republic of China is the second biggest trade partner of India.[34]

Relations with Afghanistan have also improved considerably, with India now becoming the largest regional donor to Afghanistan.[35] During Afghan President Hamid Karzai's visit to New Delhi in August 2008, Manmohan Singh increased the aid package to Afghanistan for the development of more schools, health clinics, infrastructure, and defence.[36] Under the leadership of Singh, India has emerged as one of the single largest aid donors to Afghanistan.[36]

Manmohan Singh with American PresidentBarack Obama at the White House. Singh is known to be a pro US leader and has contributed a lot in cementing the ties between the two countries.

Singh's government has worked towards stronger ties with the United States. He visited the United States in July 2005 initiating negotiations over the Indo-US civilian nuclear agreement. This was followed by George W. Bush's successful visit to India in March 2006, during which the declaration over the nuclear agreement was made, giving India access to American nuclear fuel and technology while India will have to allow IAEA inspection of its civil nuclear reactors. After more than two years for more negotiations, followed by approval from the IAEA, Nuclear Suppliers Group and the US Congress, India and the U.S. signed the agreement on 10 October 2008 with Pranab Mukherjee representing India.[37]

Singh had the first official state visit to the White House during the administration of U.S. President Barack Obama. The visit took place in November 2009, and several discussions took place, including on trade and nuclear power.

Prime Minister Manmohan Singh seen here withDmitry Medvedev, Hu Jintao, Dilma Rousseff andJacob Zuma at the 3rd 2011 BRICS Summit inSanya, China.

Relations have improved with Japan andEuropean Union countries, like the United Kingdom, France, and Germany. Relations with Iran have continued and negotiations over theIran-Pakistan-India gas pipeline have taken place. New Delhi hosted an India–Africa Summit in April 2006 which was attended by the leaders of 15 African states.[38] Relations have improved with other developing countries, particularly Brazil and South Africa. Singh carried forward the momentum which was established after the "Brasilia Declaration" in 2003 and theIBSA Dialogue Forum was formed.[39]

Manmohan Singh's government has also been especially keen on expanding ties with Israel. Since 2003, the two countries have made significant investments in each other[40] and Israel now rivals Russia to become India's defence partner.[41] Though there have been a few diplomatic glitches between India and Russia, especially over the delay and price hike of several Russian weapons to be delivered to India,[42] relations between the two remain strong with India and Russia signing various agreements to increase defence, nuclear energy and space cooperation.[43]

15th Lok Sabha

India held general elections to the 15th Lok Sabha in five phases between 16 April 2009 and 13 May 2009. The results of the election were announced on 16 May 2009.[44] Strong showing in Andhra Pradesh, Rajasthan, Maharashtra, Tamil Nadu, Kerala, West Bengal and Uttar Pradesh helped the United Progressive Alliance (UPA) form the new government under the incumbent Singh, who became the first prime minister since Jawaharlal Nehru in 1962 to win re-election after completing a full five-year term.[45] The Congress and its allies were able to put together a comfortable majority with support from 322 members out of 543 members of the House. These included those of the UPA and the external support from the Bahujan Samaj Party (BSP), Samajwadi Party (SP), Janata Dal (Secular) (JD(S)), Rashtriya Janata Dal (RJD) and other minor parties.[46]

On 22 May 2009, Manmohan Singh was sworn in as the Prime Minister during a ceremony held at Rashtrapati Bhavan.[47][48] The 2009 Indian general election was the largest democratic election in the world held to date, with an eligible electorate of 714 million.[49]

Public image

Singh has always been perceived as a man of clean background with high intellect. He is seen as a man of few words. The Independentdescribed him as "one of the world's most revered leaders" and "a man of uncommon decency and grace," noting that he drives a Maruti 800, one of the humblest cars in the Indian market. Eminent Khushwant Singh lauded Dr. Singh as the best prime minister India has had, even rating him higher than Jawaharlal Nehru. He mentions an incident in his book Absolute Khushwant: The Low-Down on Life, Death and Most things In-between where after losing the 1999 Lok Sabha elections, Singh immediately returned the Indian Rupee symbol.svg2 lakh (US$4,500) he had borrowed from the writer for hiring taxis. Terming him as the best example of integrity, Mr. Khushwant Singh stated, "When people talk of integrity, I say the best example is the man who occupies the country's highest office." [50]

However his public image was tarnished following corruption allegations on the government during June 2011.[51]

Family and Personal Life

Singh married Gursharan Kaur in 1958. Their three daughters, Upinder Singh, Daman Singh and Amrit Singh, have successful, private-sector, careers.[52]

Upinder Singh is a professor of history at Delhi University. She has written six books, including Ancient Delhi (1999) and A History of Ancient and Early Medieval India (2008).[53] Daman Singh is a graduate of St. Stephen's College, Delhi and Institute of Rural Management, Anand, Gujarat, and author of The Last Frontier: People and Forests in Mizoram and a novel Nine by Nine.[54] Amrit Singh is a staff attorney at theACLU.[55]

Singh has undergone multiple cardiac bypass surgeries, the most recent of which took place in January 2009.[56]

Singh and his wife both belong to the Kohli clan,[57][58] though neither uses the name as their surname.

Degrees and posts held

Awards and honours

Year of Award or Honor Name of Award or Honor Awarding Organisation
2010 World Statesman Award Appeal of Conscience Foundation
2005 Top 100 Influential People in the World Time
2002 Outstanding Parliamentarian Award Indian Parliamentary Group
2000 Annasaheb Chirmule Award Annasaheb Chirmule Trust
1999 H.H. Kanchi Sri Paramacharya Award for Excellence Shri R. Venkataraman, The Centenarian Trust
1999 Fellow of the National Academy of Agricultural Sciences, New Delhi National Academy of Agricultural Sciences
1997 Lokmanya Tilak Award Tilak Smarak Trust, Pune
1997 Justice K.S. Hegde Foundation Award Justice K.S. Hegde Foundation
1997 Nikkei Asia prize for Regional Growth Nihon Keizai Shimbun Inc.
1996 Honorary Professorship Delhi School of Economics, University of Delhi, Delhi
1995 Jawaharlal Nehru Birth Centenary Award (1994–95) Indian Science Congress Association
1994 Finance Minister of the Year Asiamoney
1994 Jawaharlal Nehru Birth Centenary Award (1994–95) Indian Science Congress Association
1994 Elected Distinguished Fellow of the London School of Economics London School of Economics, Centre for Asia Economy, Politics and Society
1994 Elected Honorary Fellow, Nuffield College Nuffield College, University of Oxford, Oxford, U.K.
1994 Elected Distinguished Fellow of the London School of Economics London School of Economics, Centre for Asia Economy, Politics and Society
1994 Elected Honorary Fellow of the All India Management Association All India Management Association
1993 Finance Minister of the Year Euromoney
1993 Finance Minister of the Year Asiamoney
1987 Padma Vibhushan President of India
1986 Elected National Fellow, National Institute of Education National Institute of Education
1985 Elected President of the Indian Economic Association Indian Economic Association
1982 Elected Honorary Fellow, St. John's College St. John's College, Cambridge
1982 Elected Honorary Fellow, Indian Institute of Bankers Indian Institute of Bankers
1976 Honorary Professorship Jawaharlal Nehru University, New Delhi
1957 Elected Wrenbury Scholar University of Cambridge, U.K.
1956 Adam Smith Prize University of Cambridge, U.K.
1955 Wright Prize for Distinguished Performance St. John's College, Cambridge, U.K.
1954 Uttar Chand Kapur Medal, for standing first in M.A. (Economics) Panjab University, Chandigarh
1952 University Medal for standing first in B.A. (Honors Economics) Panjab University, Chandigarh

See also

Portal-puzzle.svg Chandigarh portal

References

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  2. ^ Biswas, Soutik (14 October 2005). "India's architect of reforms". BBC News. Retrieved 11 December 2008.
  3. ^ by Christopher DickeyAugust 16, 2010 (16 August 2010). "Go to the Head of the Class". Newsweek. Retrieved 15 February 2011.
  4. ^ "The World's Most Powerful People: Manmohan Singh".Forbes. 3 November 2010.
  5. ^ "The World's Most Powerful People: Sonia Gandhi". Forbes. 3 November 2010.
  6. ^ "Curriculum Vitae" (PDF). Prime Minister's Office. Retrieved 11 December 2008.
  7. ^ "University of Alberta confers honorary doctorate on Manmohan Singh".
  8. ^ "Oxford University confers doctorate degree on Manmohan Singh".
  9. ^ "Cambridge University confers doctorate degree on Manmohan Singh".
  10. ^ "Manmohan Singh awarded honorary doctorate degree by BHU".
  11. ^ "Manmohan Singh conferred honorary doctorate degree by Madras University".
  12. ^ "Manmohan conferred honorary doctorate by King Saud University".
  13. ^ "Lalit Narayan Mishra".
  14. ^ "India - Head of Government".
  15. ^ a b rediff Business Desk (26 September 2005). "Manmohan Singh: Father of Indian Reform". Rediff.com. Retrieved 3 January 2010.
  16. ^ Mahalakshmi Hariharan (Saturday 2 January 2010). "Forex reserves swell 11% in 2009". Yahoo Finance India. Retrieved 3 January 2010.
  17. ^ L. Friedman, Thomas (2008). The World is Flat – A brief history of the twenty-first century. Picador. p. 488. ISBN 0-374-29288-4.
  18. ^ "Manmohan is Deng Xiaoping of India: P Chidambaram – Oneindia News". News.oneindia.in. 2 May 2008. Retrieved 15 February 2011.
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  22. ^ Watson, Paul (24 May 2004). "Economist chosen to become next prime minister of India". The Seattle Times. Retrieved 11 December 2008.
  23. ^ Strengthen Team India – The Australian
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  32. ^ a b Infiltration has not reduced in Kashmir, insurgency down in North East: Chidambaram
  33. ^ RTI Act: A strong tool to cleanse corruption in India
  34. ^ China becomes India's 2nd largest trade partner
  35. ^ Bajoria, Jayshree (23 October 2008). "India-Afghanistan Relations". Council on Foreign Relations. Retrieved 11 December 2008.
  36. ^ a b India announces more Afghan aid
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  38. ^ "Several African leaders to attend Africa-India summit, AU says". African Press International. 28 March 2008. Retrieved 11 December 2008.
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  40. ^ Halarnkar, Samar (23 October 2007). "India and Israel: The great seduction". Hindustan Times. Retrieved 11 December 2008.
  41. ^ Waldman, Amy (7 September 2003). "The Bond Between India and Israel Grows". The New York Times. Retrieved 11 December 2008.
  42. ^ Dikshit, Sandeep (17 April 2008). "Centre admits to problems in naval deals". The Hindu (Chennai, India). Retrieved 11 December 2008.
  43. ^ Roychowdhury, Amitabh (6 December 2006). "India, Russia sign agreements to further strengthen ties". Outlook. Retrieved 11 December 2008.
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  49. ^ Template:Singh-the-best-man-for-an-impossible-job-2089136.html
  50. ^ PM Manmohan Singh is the best example of integrity: Khushwant Singh date= 17 August 2010 publisher Times Of India
  51. ^ http://www.dailypioneer.com/345116/Liability-called-Manmohan-Singh.html Liability called Manmohan Singh
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  53. ^ Raote, Rrishi (10 October 2008). "This Singh is King of History". Business Standard. Retrieved 4 April 2009.
  54. ^ "Meet Dr. Singh's daughter". Rediff.com. 28 January 2009. Retrieved 4 April 2009.
  55. ^ Rajghatta, Chidanand (21 December 2007). "PM's daughter puts White House in the dock". Times of India. Retrieved 13 October 2008.
  56. ^ "One graft successfully performed on Manmohan Singh". The Hindu (Chennai, India). 24 January 2009. Retrieved 24 January 2009.
  57. ^ Puneet Singh Lamba (14 November 2005). "Biographies – Manmohan Singh: Architect of the New India". The Sikh Times. Retrieved 15 February 2011.
  58. ^ "Gursharan Kaur Kohli 's Profile". Katagogi. Retrieved 15 February 2011.

External links

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Government of India

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Political offices
Preceded by
Indraprasad Gordhanbhai Patel		 Governor of the Reserve Bank
1982–1985		 Succeeded by
Amitav Ghosh
Preceded by
Narasimha Rao		 Deputy Chairperson of the Planning Commission
1985–1987		 Succeeded by
Punjala Shiv Shankar
Preceded by
Yashwant Sinha		 Minister of Finance
1991–1996		 Succeeded by
Jaswant Singh
Preceded by
Atal Bihari Vajpayee		 Prime Minister of India
2004–present		 Incumbent
Chairperson of the Planning Commission
2004–present
Preceded by
Kunwar Natwar Singh		 Minister of External Affairs
2005–2006		 Succeeded by
Pranab Mukherjee
Preceded by
P. Chidambaram		 Minister of Finance
2008–2009
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