Manmohan Singh
Manmohan Singh was born in Gah, Pakistan on September 26th, 1932 and is the World Leader. At the age of 92, Manmohan Singh biography, profession, age, height, weight, eye color, hair color, build, measurements, education, career, dating/affair, family, news updates, and networth are available.
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After completing his D.Phil., Singh returned to India. He was a senior lecturer of economics at Panjab University from 1957 to 1959. During 1959 and 1963, he served as a reader in economics at Panjab University, and from 1963 to 1965, he was an economics professor there. Then he went to work for the United Nations Conference on Trade and Development (UNCTAD) from 1966 to 1969. Later, he was appointed as an advisor to the Ministry of Foreign Trade by Lalit Narayan Mishra, in recognition of Singh's talent as an economist.
From 1969 to 1971, Singh was a professor of international trade at the Delhi School of Economics, University of Delhi.
In 1972, Singh was chief economic adviser in the Ministry of Finance, and in 1976 he was secretary in the Finance Ministry. In 1980–1982 he was at the Planning Commission, and in 1982, he was appointed governor of the Reserve Bank of India under then finance minister Pranab Mukherjee and held the post until 1985. He went on to become the deputy chairman of the Planning Commission (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 November 1990.
Singh returned to India from Geneva in November 1990 and held the post as the advisor to Prime Minister of India on economic affairs during the tenure of Chandra Shekar. In March 1991, he became chairman of the University Grants Commission.
Political career
In June 1991, India's prime minister at the time, P. V. Narasimha Rao, chose Singh to be his finance minister. Singh told Mark Tully the British journalist in 2005 "On the day (Rao) was formulating his cabinet, he sent his Principal Secretary to me saying, 'The PM would like you to become the Minister of Finance'. I didn't take it seriously. He eventually tracked me down the next morning, rather angry, and demanded that I get dressed up and come to Rashtrapati Bhavan for the swearing in. So that's how I started in politics".
In 1991, 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 deficit was close to 3.5 percent of India's GDP. India's foreign reserves barely amounted to US$1 billion, enough to pay for 2 weeks of imports, in comparison to US$600 billion today.
Evidently, India was facing an economic crisis. At this point, the government of India sought funds 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.
Singh explained to the PM and the party that India is facing an unprecedented crisis. However the rank and file of the party resisted deregulation. So Chidambaram and Singh explained to the party that the economy would collapse if it was not deregulated. To the dismay of the party, Rao allowed Singh to deregulate the Indian economy.
Subsequently, Singh, who had thus far been one of the most influential architects of India's socialist economy, eliminated the permit raj, reduced state control of the economy, and reduced import taxes
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 privatisation 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 compared Singh's role in India's reforms to Deng Xiaoping's in China.
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 US$1.8 billion securities scandal. Prime Minister Rao refused Singh's resignation, instead promising to punish the individuals directly accused in the report.
Singh was first elected to the upper house of Parliament, the Rajya Sabha, in 1991 by the legislature of the state of Assam, and was re-elected in 1995, 2001, 2007 and 2013. 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.