Question:
Critically review the Biography or Autobiograph of a leader.
Manmohan Singh, a renowned economist and the former Prime Minister of India has served the post of Prime Minister for a very long time after Jawaharlal Nehru. Before starting his political career, Singh was a prominent figure in many organizations. He has started his career with the United Nations in 1966 for United Nations Conference on Trade and Development. Singh was the professor of University of Delhi after teaching 3 years in UNCTAD. He also worked with the Ministry of Foreign Trade and thus was appointed as the “Advisor at the Ministry of the State”. In 1970s, he was given the post of economic advisor with the Government of India. He was an economic consultant to the Prime Minister in that time. In 1982, he was appointed as the governor of the “Reserve Bank of India” and he has been working until 1985. During the period of 1985-1987, he served as the Deputy Chairman of the Planning Commission of India[1]. He began his political career in 1991 when India was in the phase of serious economic crisis[2]. During that phase, Singh had devalued the value of rupees, privatized the state run industries, lowered taxes and encouraged foreign investment in the country. These reforms have helped to transform the economy and thus spark economic boom in India. In 1997, the Alberta University presented him with an honorary degree in Doctorate of Laws. Singh has been awarded the degree of doctorate in economics from the Oxford University, London in 2006[3]. Manmohan Singh was highly appreciated both for the academic as well as political communities as a scholar and a thinker. He was appreciated for his well-versed academic approach and diligence to work as well as his unassuming behavior and accessibility. Singh was in the list of 100 most influential people in the world according to the report of TIME magazine. He was also described as “the leaders other leaders love” and thus has gained respect and trust among others. Singh had also laid the blueprint of the Indian economy and he introduced various kinds of economic reforms, which has helped the economy to open up to FDI. Moreover, Singh has also abolished License Raj in India and thus this has helped in the promotion of growth of the private business[4].
Manmohan Singh’s leadership in the liberalization of the Indian economy
Manmohan Singh was the finance Minister in Narasimha Rao’s government in 1990 and he has changed the economy in a fundamental way. In the initial stage of development of India, central planning is regarded as a positive factor for the development of building industries and promoting industrialization. He has tried to introduce rationality in the entire allocation process and in the later period, this has become an instrument of corruption. When Manmohan Singh assumed the role of Finance Minister, Indian economy was functioning according to Nehru’s social agenda and the external debt rose upto 23% of gross domestic product. Moreover, the internal public debt also amounted to 55% of GDP and the country was not performing better[5]. The functioning of “quasi welfare state” along with the license-raj has laid to the establishment of regulations and licenses which was necessary for the establishment and functioning of businesses in India[6]. Moreover, during this phase, the employment rate had also become negative and there was slow economic growth in the country. This has also affected the manufacturing sector in India. Manmohan Singh has scheduled the budget when he realized that there were certain problems in the Indian economy and thus there must be a shift from economic liberalization to license raj[7].
Singh has also started two step devaluation system which was set in collaboration with the RBI. This has helped in the devaluation of the currency by 9% initially and then it has gone down to 11% in the later half[8]. This has boosted the trade and the dealings in the international market. Singh has also mortgaged the gold holdings of India with the Bank of England and thus this has helped in the financial assistance of the country. He had sold 20 tons of gold to the Union Bank of Switzerland and has received $200 million. Singh has carried out this strategic route to gain the resources keeping in mind the value and the demand for gold. He also called the Indian economy to seek help from the International Monetary Fund and thus applied for an emergency loan of $220 million[9]. This has prevented the economy to be a debt defaulter and has helped in the later stage. The radical measures which were taken by Manmohan Singh were appreciated by many leaders. He has stressed growth and development in the Indian economy and several ways in which the economy has managed during the last 25 years which has proved as an exciting agenda in the research analysis. There were significant changes in the GDP of the country and the decline of the people who were sustaining below the poverty line after his leadership. He has underlined various challenges in the education, health and environmental sector and thus there were various scope of improvement in this areas for employment generation[10].
Leadership style of Manmohan Singh
Manmohan Singh followed an autocratic leadership style and this can be understood when he assumed the charge of Finance Minister of India in 1990. During these period, there was financial crisis in the economy and the economy was on the verge of bankruptcy. Manmohan Singh has understood the condition of the economy and he introduced certain reforms in the country. Moreover, Singh also had the necessary idea and information which was considered necessary in the implementation and development of the adequate economic reforms. He took quick decisions and thus introduced many reforms in the Indian economy. Singh also had the capability to inspire his subalterns by his autocratic decision that was considered important in that phase. There were certain changes in the corporate affairs and in the standard of living of the population in India[11]. As he was an autocratic leader, he could work well with the other ministers and thus has been successful in supporting the Indian economy. Moreover, he also followed streamlined work process and thus has control over the entire operation process. Singh had the capability to identify the areas of weakness of the Indian economy and bring changes through the implementation of reforms in the economy. Singh has also applied certain rules for his subordinate leaders so that they can work together for reviving the Indian economy from the phase of economic crisis. He was consistent and effective in the implementation of rules and regulations. Moreover, it can be stated that the autocratic leadership style of Singh has helped to enhance the performance level and thus bring more solutions that are accurate in the economy. The autocratic style of leadership that was followed by Manmohan Singh is considered as the most effective style of leadership and this motivates the other leaders in the economy.
Singh also followed participative leadership style when he has encouraged the international community to include Africa in the entire decision making process. This has also intensified the endeavours to support regional development. This will help in improving the living conditions on the African continent and thus support economic development in the country. Singh has pointed that participative leadership will be beneficial in this case. This will support economic development in the western countries. Singh is also considered as a visionary leader as he took many initiatives in food security bill and nuclear bill. Singh was also regarded as a task oriented leader and he focused on only one issue at a particular time[13]. Singh’s was a virtuous leader and thus this has enabled him as a leader to face many tasks and all the turbulences of political activities at the same time. Singh had solution for every complex problem which was within his reach. He wanted greater participation from the other leaders who followed or helped him with various official works. Singh also had the ability to work collaboratively in the group, using his consensus so that he can get the right things done in the correct time. An important characteristic that Singh possessed was his innovative thinking and the encouragement that was necessary for other leaders to get the things done in the correct time. Singh fostered a creative environment in the economy and he always wanted input and innovative ideas from his team members. When he was the Finance Minister of India, he urged the other leaders to deliver or share their ideas so that they can bring changes in the Indian economy[14].
Manmohan Singh had to face international embarrassment when he was appointed as the Finance Minister of India. The Left party had opposed the ideas which were given by Singh and Narasimha Rao during the period of economic crisis. The economy had to pass through a crucial approach and foreign direct investment was also detrimental in the Indian economy. Many leaders opposed the New Industrial policy that was proposed to bring changes in the Indian economy. They claimed that it was unwarranted condemnation over the past four decades of the planned economy. The leaders were not convinced with the ideas proposed by Singh and there were some political repositioning and repackaging. The New Industrial Policy has led to the presentation of new budget by Dr Manmohan Singh. He had prepared seven budgets in 1970s. However, the budget that was prepared in July 1991 was written and conceived by Singh. Moreover, he also presented this budget in 1991[15]. The budget was difficult and there was a huge paradigm shift in the economic thinking and thus this has remained steady for a quarter of century in the economy. The new trade policy has changed the environment dramatically for the exporters as well as the importers. The devaluation of rupees had taken place and thus the foreign exchange reserve of the country had dwindled to $900 million[16]. This has also led to the articulation of the new fiscal policy that Singh had done to unveil and reorient the nature of public expenditure of India[17]. Singh has also announced the formation of two committees and this was done to change the face of the Indian economy[18]. This was done with the introduction of financial sector reforms which was headed by M. Narasimhan and the other committee led by Raja Chelliah which was formed for the reduction of import duties. Manmohan Singh was the Finance Minister during the period of liberalization in 1991 and thus there were drastic changes in the economy[19]. When he became the Prime Minister i.e. during the period of 2004-2014 he became the Prime Minister of India and it was during this tenure the liberalized economic policies were implemented on a larger scale. He also stressed on the growth and development of the Indian economy and the way in which the economy has passed during the past 25 years. Singh has also streamlined the licensing process and he has tried to link the non-essential imports with the exports so as to discourage those imports. The abolishment of export subsidies and the expansion of the licensing policy was also introduced by Singh. He also called for transferring the statutory powers to SEBI and enable it to regulate the working of the stock exchange market in the country[20].
Although there was steady economic growth, Manmohan Singh’s measures were appreciated and he has faced strong challenges for going against the scheme of central financing supported by the left-oriented wing. The right-wing measures has given the capitalists to flourish their business in the Indian economy. The corporate tax was increased from 40 to 45% which depicts that there were some other plans for the development of the economy[21]. Moreover, when Singh was sworn as the Finance Minister of India, the economy faced the highest fiscal deficit and he had to decide how much he could to prioritize the reforms such as privatization and labour laws and pressure to spend more on the social programmes that has helped the Congress party to win the election. On the other hand the central bank also urged the commercial banks to reduce their lending and deposit rates[22].
Negative aspects of the Manmohan Singh’s leadership
When Manmohan Singh took the charge of the Prime Minister, there was a huge fall in the GDP of the India. There was also huge increase in the inflation level also experienced a negative growth rate. As he was an autocratic leader and he did not listen to the opinions of the other leaders, there was slow growth or negative growth rate in many sectors. The Government of India during the tenure of Manmohan Singh has failed to withdraw the post crisis fiscal stimulus. This also affected the Indian economy and the inflation rate has increased. The excess demand has spilled the trade account and thus India came close to the mess of balance of payments. Singh has given much emphasis on the foreign of India to secure the position of the country from the political legacy.
Conclusion
Singh was an integrator, strategist and a visionary leader. He is regarded as an analytical leader and he tried to understand every situation calmly before he took any strategic action. As an economic reformer, he proved himself as an excellent crisis handler. He was dedicated to his work and he has spent more than three decades in various government posts. After the opposition of the Indo-US civilian nuclear deal, Singh came to a firm conclusion to sign the deal. There was a vote of confidence by the Indian Government in this aspect. Singh also gave the credit of the success of the government to the entire UPA Government. Singh was also criticized for fostering close ties with United States and therefore he used several deals to leverage the power in the Indian Government. The slow growth rate of the economy and the allegations of corruption of the Congress officials have hindered the governance during the tenure of Manmohan Singh. Therefore, it can be concluded that Singh has presided over the rapidly expanding economy and due to the rising fuel costs, there precipitated an increase in the inflation rate and this has threatened the ability of the government to provide subsidies in the country.
References
Ahluwalia, I. J., & Little, I. M. D. (2012). India’s economic reforms and development: Essays for Manmohan Singh. Oxford University Press.
Burns, N., & Agreement, U. I. C. N. (2014). Obama’s opportunity with India and its new leader. The Washington Post.
Corbridge, S., & Harriss, J. (2014). The shock of reform. South Asia in a Globalising World: A Reconstructed Regional Geography, (3), 103.
Denyer, S., & South Asia, L. S. E. (2014). “The dual nature of its democracy is at the heart of understanding India”–Simon Denyer. South [email protected] LSE.
Faruqi, A. A. (2013). 12. Reflections on current political scenario in India. SOCRATES: Vol 1, No 1 (2013): ISSUE-YEAR 2013, 1, 122.
Goyal, S. (2016). Economic reforms in India. ACADEMICIA: An International Multidisciplinary Research Journal, 6(3), 123-128.
Henderson, D. R. (2017). A MORE OPTIMISTIC VIEW. Regulation, 40(1), 38.
Malhotra, B. (2014). Foreign Direct Investment: Impact on Indian Economy. Global Journal of Business Management and Information Technology, 4(1), 17-23.
Manor, J., & Duckett, J. (2017). The significance of political leaders for social policy expansion in Brazil, China, India and South Africa. Commonwealth & Comparative Politics, 55(3), 303-327
Raju, G. R., & Pandit, V. (2016). An Analysis of India’s Trade Flows: During the Post-Reform Period. Journal of International Economics, 7(1), 61.
Sharma, P. (2015). Democracy and transparency in the Indian state: The making of the Right To Information Act. Routledge.
Singh, M. (2015). Bilateral relations. India–Myanmar Relations: Changing Contours, 215.
Singh, M. (2017). To the Nation For The Nation. (1st ed). Academic Foundation.
Singh, M. M. (2013). The changing collateral space (No. 13-25). International Monetary Fund.
Singh, M. M. (2014). Financial plumbing and monetary policy(No. 14-111). International Monetary Fund.
Vashneya, U., & Gupta, S. (2017). Economic Reforms Concept and Strategy. Journal of Management Science, Operations & Strategies (e ISSN 2456-9305), 1(1), 1-4
Singh, M. (2017). To the Nation For The Nation. (1st ed). Academic Foundation.
Singh, M. (2015). Bilateral relations. India–Myanmar Relations: Changing Contours, 215.
Singh, M. (2017). To the Nation For The Nation. (1st ed). Academic Foundation.
Singh, M. (2015). Bilateral relations. India–Myanmar Relations: Changing Contours, 215
Singh, M. M. (2014). Financial plumbing and monetary policy(No. 14-111). International Monetary Fund
Goyal, S. (2016). Economic reforms in India. ACADEMICIA: An International Multidisciplinary Research Journal, 6(3), 123-128.
Manor, J., & Duckett, J. (2017). The significance of political leaders for social policy expansion in Brazil, China, India and South Africa. Commonwealth & Comparative Politics, 55(3), 303-327
Singh, M. (2017). To the Nation For The Nation. (1st ed). Academic Foundation.
Singh, M. M. (2013). The changing collateral space (No. 13-25). International Monetary Fund.
Faruqi, A. A. (2013). 12. Reflections on current political scenario in India. SOCRATES: Vol 1, No 1 (2013): ISSUE-YEAR 2013, 1, 122.
Raju, G. R., & Pandit, V. (2016). An Analysis of India’s Trade Flows: During the Post-Reform Period. Journal of International Economics, 7(1), 61.
Henderson, D. R. (2017). A MORE OPTIMISTIC VIEW. Regulation, 40(1), 38.
Burns, N., & Agreement, U. I. C. N. (2014). Obama’s opportunity with India and its new leader. The Washington Post
Corbridge, S., & Harriss, J. (2014). The shock of reform. South Asia in a Globalising World: A Reconstructed Regional Geography, (3), 103
Singh, M. (2017). To the Nation For The Nation. (1st ed). Academic Foundation.
Singh, M. M. (2013). The changing collateral space (No. 13-25). International Monetary Fund.
Sharma, P. (2015). Democracy and transparency in the Indian state: The making of the Right To Information Act. Routledge.
Denyer, S., & South Asia, L. S. E. (2014). “The dual nature of its democracy is at the heart of understanding India”–Simon Denyer. South [email protected] LSE.
Ahluwalia, I. J., & Little, I. M. D. (2012). India’s economic reforms and development: Essays for Manmohan Singh. Oxford University Press.
Malhotra, B. (2014). Foreign Direct Investment: Impact on Indian Economy. Global Journal of Business Management and Information Technology, 4(1), 17-23.
Singh, M. M. (2013). The changing collateral space (No. 13-25). International Monetary Fund.
Vashneya, U., & Gupta, S. (2017). Economic Reforms Concept and Strategy. Journal of Management Science, Operations & Strategies (e ISSN 2456-9305), 1(1), 1-4.
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