Former Prime Minister Manmohan Singh said on Friday that the economic policies of the past 25 years, which have resulted in significant development in India, have proved sceptics wrong about the concept of liberalisation.
Addressing students, faculty and professionals at the 15th edition of the Indian School of Business (ISB) Leadership Summit 2017 here on Friday evening, the noted economist said that those people who were sceptical about the economic policies launched in 1991 had been proved wrong.
“At that time, there were many people who were sceptical about the success of the new policies. However, we have proved them wrong. It is indeed a matter of pride that inspite of many changes in government at the political level, the broad thrust and direction of economic policies have remained unchanged in the last 25 years,” he pointed out.
Manmohan Singh was the Union Finance Minister when the liberalisation era was initiated in 1991 with drastic changes in the country’s economic policies. He later served as Prime Minister from 2004 to 2014 when the liberalised economic policies were implemented on a larger scale.
Stressing that the growth and development in India and the way that the economy has been managed in the past 25 years could be an “exciting agenda for research and analysis”, he pointed out that the period saw significant increase in GDP and decline in the proportion of people living below the poverty line.
Manmohan Singh also underlined the challenges – in the health, education and environment sector, that still confront India, adding that the country had a lot of scope of improvement in areas like employment generation and giving impetus to manufacturing sector.