Impactful Legacy

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An evaluation of Manmohan Singh's leadership reveals economic transformation and challenges in post-2015 policies.

The legacy of Manmohan Singh, as Finance Minister and Prime Minister, includes transformative reforms in 1991 and significant economic growth during 2004-14. This period saw a rise in GDP growth rates, a structural shift in employment, and increased non-farm jobs, supported by robust macroeconomic policies. Savings and investment rates reached historic highs, fueling growth at 8.5% annually from 2004 to 2008.

Non-farm employment expanded, reducing agriculture's share in the workforce, while poverty levels declined significantly. The global financial crisis of 2008 briefly slowed progress, but recovery followed with strong macroeconomic management.

However, after 2015, policy-induced shocks disrupted progress. Demonetization, GST implementation, and COVID-19 compounded challenges in unorganized sectors and manufacturing. GDP growth fell, unemployment rose, and income inequality widened. Key initiatives, such as "Make in India," failed to meet expectations. Social sectors, including health and education, saw inadequate investments, affecting long-term development.

The article contrasts the transformative period of 2004-14 with the stagnation and missed opportunities post-2015, urging a re-evaluation of policy priorities for inclusive and sustainable growth.