New Delhi [India], December 27 : Sajjan Jindal, Chairman and MD of JSW Group, paid his condolences on the demise of former prime minister Dr Manmohan Singh.
"Deeply saddened by the passing of Dr. Manmohan Singh ji, former Prime Minister of India and the visionary leader behind India's economic liberalization. A statesman of humility and wisdom - India owes him a debt of gratitude," Sajjan Jindal posted on X.
Jindal also shared a few cherished moments with late Dr Manmohan Singh, which were captured during the launch of a book celebrating the life and legacy of his father, OP Jindal.
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.
Dr Manmohan Singh passed away on Thursday night.
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.
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 in 2004, 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.
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