Mumbai: India Inc on Friday mourned the demise of former Prime Minister Dr Manmohan Singh, describing him as the architect of India's economic liberalisation who ushered in path-breaking reforms across all areas of the economy. Besides, industry giants such as billionaire Gautam Adani, Tata Sons chairman N Chandrasekaran and business tycoon Anil Ambani also paid tributes to former Dr Singh, calling him the architect of economic reforms and one of the tallest leaders.
With his visionary leadership, Chandrajit Banerjee, director general, CII said that Dr Singh set India on a new journey of growth, all-round development and global engagement and he played a pivotal role in shaping the country's economic destiny. “Under his leadership as finance minister and later as Prime Minister, India witnessed unprecedented economic growth and emerged as a global economic powerhouse," the industry body said.
Engineering exporters' body EEPC India's chairman Pankaj Chadha described Dr Singh as a man of exceptional calibre who unleashed economic reforms that catapulted India into a different league. “Singh's relentless efforts put the Indian economy on a strong footing. His series of policy measures took India out of the fiscal crisis and ushered in a phase of high growth and prosperity. The economic boom that followed the reforms significantly improved the purchasing power of the common man and saw the emergence of a growing middle class,” he said.
For India Inc, the biggest support came in the form of the new industrial policy in 1991, which addressed industrial licensing and Monopolies and Restrictive Trade Practices Act (MRTP). Foreign direct investment or FDI in specified high priority industries was raised to 51 per cent, approval for which he said would be ‘prompt’, subject to the condition that equity inflows are sufficient to finance the import of capital goods at the stage of investment. Singh also permitted foreign equity up to 51 per cent for trading companies primarily engaged in export activities.
“History will forever honour his pivotal role in the transformative 1991 reforms that reshaped India and opened its doors to the world. A rare leader who spoke softly but achieved monumental strides through his actions, Dr Singh's life remains a masterclass in leadership, humility and service to the nation and will inspire generations to come,” Adani group chairman said in a post on X.
Tata Sons chairman N Chandrasekaran also called Dr Singh as one of the stalwarts, who envisioned a new, liberalised India that is taking its rightful place in the world. “We mourn the passing away of former Prime Minister Dr Manmohan Singh, one of the stalwarts who envisioned a new, liberalised India that is taking its rightful place in the world,” he said in a statement.
“With Dr Singh's demise the nation has lost one of its tallest leaders and finest economists. His most defining contribution -- the epochal 91 reforms spurred a multi-decadal economic boom and more importantly reshaped the calculus of possibilities for India and Indians. Over several decades in public life, his intellect, wisdom, and humility stood as exemplars, leaving an indelible mark on the nation's conscience,” ” Birla said in a statement.
Reliance Group head Anil Ambani said that the former prime minister's life was a testament to humility, wisdom and service to India. “As the Guru Granth Sahib says, 'Nanak Naam Chardi Kala, Tere Bhane Sarbat Da Bhala' - 'With the Divine Name comes eternal optimism; by You will, may there be well-being for all'. His vision and integrity will inspire generations,” he said in a statement.
In a post on X, JSW Group chairman and managing director Sajjan Jindal described Singh as "a statesman of humility" and wisdom-India owes him a debt of gratitude. “Deeply saddened by the passing of Dr Singh ji, former Prime Minister of India and the visionary leader behind India's economic liberalisation,” Jindal wrote.
RPG Enterprise chairman Harsh Goenka wrote, “India mourns the loss of Dr. Singh, a true statesman whose quiet demeanour belied his transformative impact. “An architect of economic reforms, he shaped modern India with intellect, grace, and integrity. A leader who let actions speak louder than words,” Goenka said.
Mahindra Group chairman Anand Mahindra in a post on X said: “Farewell Dr. Manmohan Singh. You loved this nation. And your service to it will long be remembered, Biocon Ltd executive chairman Kiran Mazumdar-Shaw posted on X: “Manmohan Singh, 2-Time PM And Architect Of India's Economic Reforms, Dies At 92 - He was an erudite economist and a man of high integrity. A PM to whom we owe our economic turnaround.”
