New Delhi [India]: Sunil Bharti Mittal, Founder and Chairman of Bharti Enterprises, expressed heartfelt condolences on the passing of former Indian Prime Minister Dr. Manmohan Singh. Reflecting on his decades-long association with the late leader, Mittal lauded Singh’s transformative contributions to India’s economy.
Speaking to media, Mittal credited Dr. Singh for India’s economic progress, particularly through the groundbreaking reforms of the early 1990s.
“I think the Indian economy owes a lot to Dr Singh, especially my generation who created remarkable success stories around aviation, broadcasting, telecom, Infosys, Wipro, and Airtel,” Mittal said.
Highlighting the impact of the 1991-92 reforms, he noted, “People like me would not have been in my position today, had the 1991, and 1992 reforms not unshackled the burden of regulations and licensing raj and lowered the barriers to imports and FDI.”
Mittal described Dr. Singh’s passing as a significant loss for the nation. Recalling his personal interactions with the former prime minister, he said, “I must say, I have seen his personal warmth and engagements from time to time on many matters.”
Mittal shared memories of accompanying Dr. Singh on overseas tours as part of business delegations.
“(During those tours), I saw him in action on these forums and how he handled with fortitude and foresight, dealing with some of these issues,” he remarked, adding that Singh’s removal of the License Raj had “unleashed new energy” for entrepreneurial minds of the era.
Dr. Singh’s leadership as Finance Minister under Prime Minister PV Narasimha Rao from 1991 to 1996 was pivotal in liberalizing India’s economy. Singh reduced the License Raj, introduced trade reforms, cut import tariffs, and opened key sectors to Foreign Direct Investment (FDI). These efforts addressed India’s balance of payments crisis and set the foundation for its future economic growth.
As Prime Minister, Dr. Singh maintained the momentum of economic progress, ensuring benefits reached all sections of society. Under his leadership, India achieved an average growth rate of 7% during his first term, with the country’s GDP growth averaging 6.7% from 2004 to 2014, according to IMF data.
Mittal emphasized that Singh’s legacy as an economic reformer and statesman will endure.
“He will be remembered as a tall giant who not only ushered in economic reforms but also inspired an era of entrepreneurship,” Mittal added.
Dr. Manmohan Singh passed away on Thursday evening at the age of 92, leaving behind a legacy of economic transformation and nation-building.