RBI Governor Sanjay Malhotra. File
| Photo Credit: PTI

Manmohan Singh’s contributions as the architect of India’s economic reforms have left an indelible mark, RBI Governor Sanjay Malhotra said on Friday (December 27, 2024) as he paid tribute to the departed soul.

Dr. Singh, the former Prime Minister and Finance Minister, also served as the RBI governor between 1982 and 1985.

“I am deeply saddened on the passing away of former Prime Minister, Dr. Manmohan Singh, a visionary economist and former RBI Governor. His contributions as the architect of India’s economic reforms have left an indelible mark. RBI joins the nation in mourning this huge,” Mr. Malhotra said in a post on X.

Dr. Singh, the architect of India’s economic reforms, died here on Thursday (December 26, 2024) night at the age of 92.

When Dr. Singh took the reins of the finance ministry in 1991, India’s fiscal deficit was close to 8.5% of the GDP, the balance of payments deficit was huge and the current account deficit was close to 3.5% of GDP.

To make things worse, foreign reserves were just enough to pay for two weeks of imports, indicating that the Indian economy was in deep crisis.

Against this backdrop, the new economic era was brought in through the Union Budget 1991-92 presented by Dr. Singh.

It was a turning point in the economic history of independent India which witnessed bold economic reforms, abolition of licence raj and opening of many sectors to private players and foreign players so that capital could flow in.

Dr. Singh served as Prime Minister of the country for two consecutive terms 2004-09 and 2009-14.

He is survived by wife Gursharan Kaur and three daughters.

Virat Kohli, wearing a black armband, walks out before the start of play on the second day of the fourth cricket test between Australia and India at the Melbourne Cricket Ground, Melbourne, Australia, on Friday (December 27, 2024).
| Photo Credit: AP

The Indian cricket team sported black armbands on the second day of the fourth Test against Australia to honour former Prime Minister Manmohan Singh, who died in New Delhi.

Mr. Singh, a two time former Prime Minister from 2004 to 2014, died at the All India Institute of Medical Sciences (AIIMS) on Thursday (December 26, 2024) after losing consciousness at his home owing to age-related ailments. He was 92.

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“The Indian team is wearing black arm bands as a mark of respect in the memory of former PM Dr. Manmohan Singh, who passed away,” the BCCI said in a statement.

Dr. Singh, also a renowned economist, was the architect and the brainchild of economic reforms in 1991 that pulled India from the brink of bankruptcy and ushered in an era of economic liberalisation that is widely believed to have changed the course of India’s economic trajectory.

Australia resumed day two at 311 for 6 at the Melbourne Cricket Ground.