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30 years of economic liberalisation: Road ahead more daunting, need to recalibrate priorities says Manmohan Singh

In 2016, when India celebrated its 25th anniversary of economic opening, the former prime minister Manmohan Singh, the chief architect of the historic liberalization of 1991, is known to have said that the country is inclined to act in a crisis. According to him, when everything is over, the status quo will come.

On Friday, marking the 30th anniversary of economic liberalization, Singh issued a warning. He said the road ahead is even more daunting than it was during the 1991 economic crisis, and the nation will need to reconsider its priorities to ensure a decent life for all Indians.

Recalling a moment in 1991, he said on that day 30 years ago that Congress “initiated significant reforms in India’s economy and paved the way for our country’s economic policy.”

Over the past three decades, successive governments have followed this path to catapult India into a $ 3 trillion economy and a league of the world’s largest economies, he said. However, he added, “now is not the time to rejoice and rejoice, but to reflect and reflect,” because “the road ahead is even more daunting than during the 1991 crisis.” “Our priorities as a nation must be redefined to ensure a healthy and dignified life for every Indian in the first place,” he said.

Singh said he was fortunate enough to play a role in the reform process alongside his counterparts in Congress, but said he was saddened by the crisis hitting the economy due to pandemic… “It is a great pleasure for us to look back with pride at the tremendous economic progress our country has made over the past three decades. But I am also deeply saddened by the devastation caused COVID-19 pandemic and death of millions of Indians. The social sectors of health and education are lagging behind and not keeping pace with our economic progress. Too many lives and livelihoods have been lost that shouldn’t have been there, ”he said.

“As finance minister in 1991, I ended my budget speech by quoting Victor Hugo:“ No power on Earth can stop an idea whose time has come. ” Thirty years later, as a nation, we must remember a poem by Robert Frost: “But I have promises to keep and many miles to go before I fall asleep,” Singh said.



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