Indian economy owes a lot to Dr Manmohan Singh: Sunil Bharti Mittal

New Delhi [India], December 27 (ANI): Sunil Bharti Mittal, Founder and Chairman of Bharti Enterprises paid his heartfelt condolence to the late Dr Manmohan Singh, as the industrialist recalled his engagements and meetings with the former prime minister over the past three decades.

Talking to ANI over the phone, Mittal said the Indian economy owes a lot to Dr Manmohan Singh, particularly because of his milestone 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.

“We all know his economic reforms. 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.”

Dr Manmohan Singh’s demise is a big loss for the nation, Mittal said.

“I must say, I have had seen his personal warmth, and engagements from time to time on many matters,” he recalled his overseas tours with the former prime minister as part of business delegations. “He was always generous and kind.”

Mittal had travelled with Dr Manmohan Singh to multiple countries as CEO. 

“(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,” Mittal recalled.

The removal of licensing Raj was like unleashing new energy for the entrepreneurial minds of his era, Mittal noted.

The reforms he brought in when he was at the helms of affairs at the Ministry of Finance back then were “unparalleled”, Mittal said.

As a prime minister, late Dr Manmohan Singh worked around for continued momentum in the country’s economy, ensuring all sections of the society were gaining, Mittal said.

“He will be remembered as a tall giant who not only ushered in economic reforms and unshackled all of the entrepreneurs of our era,” Mittal added.

India’s economic growth post-liberalization cannot be hailed without recognizing the significant contribution of former Prime Minister Dr Manmohan Singh. His journey began long before he assumed charge as the 13th Prime Minister of the country.

He passed away late on Thursday evening.

When India was facing a balance of payments crisis, Singh, along with then Prime Minister PV Narasimha Rao, steered the economy onto the path of development through liberalization and served as the Finance Minister in Rao’s government.

As Finance Minister under Prime Minister Rao from 1991 to 1996, Singh played a pivotal role in liberalizing India’s economy. He reduced the License Raj and streamlined regulations, significantly reducing government interference in industries.

He also introduced trade reforms, cutting import tariffs and moving towards an open-market economy. The major reforms in Foreign Direct Investment (FDI), which India continues to benefit from, were initiated under his leadership, allowing FDI in key sectors.

When he assumed charge as Prime Minister, the country experienced sustained economic growth. India achieved an average growth rate of 7 per cent during his first term. According to IMF data, India's GDP from 2004 to 2014 averaged a growth rate of around 6.7 per cent. (ANI)