Dr. Manmohan Singh

Dr. Manmohan Singh is the 14th and current Prime Minister of the Republic of India. He was born on Monday, 26 September 1932. He is the first Sikh to hold the post of Prime Minister in India. He is the first Indian Prime Minister since Jawaharlal Nehru to return to power after completing a full five-year term. Manmohan Singh is also the 12th Prime Minister under an Indian National Congress Government.
He was a hard working student who studied by candlelight, as his village did not have electricity. After the Partition of India, he migrated to Amritsar, India, where he studied at Hindu College. He attended Punjab University, Chandigarh studying Economics and attaining his bachelor's and master's degrees in 1952 and 1954 respectively, standing first throughout his academic career. He went on to read for the Economics Tripos at Cambridge as a member of St John's College.

Singh previously carried out economic reforms in India in 1991, during his tenure as the Finance Minister, under the leadership of P. V. Narasimha Rao, from 1991 to 1996. These reforms resulted in the end of the Licence Raj system, helping to open the Indian economy to greater international trade and investment.
Finance Minister of India
In 1991, India's Prime Minister at the time, P.V. Narasimha Rao, chose Singh to be his Finance Minister. At this time, 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.[15] India's foreign reserves barely amounted to USD$1 billion, enough to pay for a few weeks of imports, in comparison to USD$283 billion today.[16]
Evidently, India was facing an economic crisis. At this point, the government of India sought relief 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. Accordingly, Singh, who had thus far been one of the most influential architects of India's socialist economy, slowly opened the Indian economy to foreign investment and business competition.
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 privatization 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 referred to Singh as the Deng Xiaoping of India.
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 USD$1.8 billion securities scandal. Prime Minister Rao refused Singh's resignation, instead promising to punish the individuals directly accused in the report.