It has been seven years since Dr Manmohan Singh stepped down as the Prime Minister of India and handed over power to his successor Narendra Modi on 26 May 2014.
Born on September 26, 1932, former Prime Minister Manmohan Singh is always admired for his historic and significant economic reforms, which began in 1991, led to the expansion of the services sector, with large-scale liberal investment and trade arrangements. got help.
Singh, the brains behind the 1991 economic reforms as Union Finance Minister under then Prime Minister PV Narasimha Rao, was a surprising choice of the Congress-led United Progressive Alliance (UPA), which defeated the ruling National Democratic Alliance in the 2004 general elections. He had won by defeating. Alliance (NDA).
During his tenure as prime minister, Singh was trolled by the opposition for being too silent, but was praised by many economists and politicians for the economic reforms brought in during his tenure. He was also the Finance Minister of the country for 13 years before becoming the Prime Minister.
Here’s a look at Manmohan Singh’s economic reforms that he brought in during his tenure as Prime Minister
1. Direct Benefit Transfer (DBT)
DBT was launched in 2013 to ensure the benefits of welfare schemes for easier and faster flow of funds and also to target financial frauds. This scheme helps to ensure that government benefits of pension, wages, subsidies, scholarships, social security will be deposited directly into the accounts of the beneficiaries.
2. Aadhaar Number
Launched on 28 January 2009, Aadhaar faced challenges in its initial implementation, but has now become the most commonly used identity proof for Indians. It is the largest biometric program in the world.
Dr. Manmohan Singh also suggested linking of Aadhaar with Direct Benefit Transfer to ensure that the program reaches the beneficiary without any leakage.
3. National Rural Employment Guarantee Scheme (NREGA) Act 2005
NREGA, a social security scheme, was launched in 2005, which ensures income security to rural households by providing minimum 100 days of fixed wage employment in 1 year. More districts were covered, later in April 2008, when the scheme was renamed Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA).
5. GDP and Economy
Formed by the National Statistical Commission, India saw a growth rate of 10.08% in 2006–2007 under the government of Prime Minister Manmohan Singh. This was the highest recorded GDP in India since the liberalization of the economy in 1991. The highest GDP growth rate since independence was recorded at 10.2% in 1988-1989 during the prime ministership of Rajiv Gandhi.
Manmohan Singh also marked a milestone of becoming a 1 trillion economy in 2007. Sustained GDP growth of 8%-9% helped achieve this important milestone supported by strong fundamentals of the Indian economy and an economist Prime Minister.
5. Indo-US nuclear deal
The India-US deal was one of the most defining moments of Manmohan Singh’s 10-year rule. Singh meticulously walked the step-by-step process, partnering with President George Bush, to meet India’s future energy needs by peaceful uses of nuclear energy.
In other India news, the Taliban announced the replacement of Afghan passports and national identity cards issued by the previous government. New passports and national identity cards will have the name “Islamic Emirate of Afghanistan” instead of Afghanistan.