The well-known economist, Dr. Manmohan Singh was also the first prime minister after Pt. Jawaharlal Nehru who returned to power after completing a complete five-year term, and also the first Sikh to hold the office.
As Finance Minister in 1991, he abolished the Licence Raj, the source of slow economic growth and corruption in the Indian economy for decades. He liberalized the economy of the nation, allowing it to speed up development intensely.
Back in an interview with BBC in 1999, he warned that great nations like the Soviet Union have perished. They have disappeared from the world map due to mismanagement of our economy and it seems to be happening in India now.
He mentions that he has warned the members of parliament that we should not assume that there is a divine destiny that will ensure that India continues to flourish and prosper, howsoever we mismanage our economy.
Great nations like the Soviet Union have perished. They have disappeared from the surface of the Earth. If the Indian polity is not well managed, I think we ought to recognize that the similar danger can overtake us too.
He also highlights the fact that it might not be on the cards right away, but there is a great danger of that sort of thing happening and it’s a great danger if we continue to mismanage our economy or divide our country based on religion, caste or any other sectarian issues.
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