New Delhi, May 18: Soft-spoken and mild-mannered economist-turned-politician Manmohan Singh shot into prominence after he steered the economy from the pits of a severe balance of payments crisis and saved the country from the verge of defaulting its external payments in 1991.

Born in Gah (West Punjab), now in Pakistan, on September 26, 1932, Singh, as Finance Minister in the Narasimha Rao's Congress government had changed the fundamental way the corporate India thinks and with it the life of millions of middle-class Indians by liberalising the economy.

The economic czar changed the outlook of foreigners towards India, whose economy was in a shambles in the early 1990s, with an unsustainable fiscal deficit of close to 8.5 per cent of GDP and the economy stagnating at a Hindu rate of growth of 4.0 per cent.

An unassuming personality, Singh has held several positions, including chief economic advisor and finance secretary before becoming governor of Reserve Bank and then deputy chairman of planning Commission and UGC chairman in 1980s and early nineties.

Singh, who unshackled the country from the bureaucratic controls and licence-permit raj, had taken the economy from the brink of bankruptcy to a high growth path of 6-7 per cent during his five years stint at North block.

The 72-year-old Rajya Sabha member from Assam has been welcomed by trade and industry as an instant choice for the coveted post because of his impeccable credentials, bureaucratic experience and intimate knowledge of international economics.

Singh, who is universally well regarded, was educated at Punjab University first and then in Oxford and Cambridge. His potential was evident when he won Cambridge's prestigious Adam Smith Prize in 1956.

The following year, he returned to India as a university lecturer and for the next nine years remained at Punjab University before being posted for international duty with UNCTAD (1966-69).

He then joined the Delhi School of Economics as a professor. Two years later, his academic career was cut short and he joined the government to serve in various capacities.

In all these positions, those who worked with him have nothing but admiration for Singh's talent and conduct. Hard-working, meticulous, charming and "such a nice man", they all said about Singh.

Despite being "unfailingly polite", Singh is known for his hard and bold economic decisions. As Finance Minister, before he presented his historic budget in 1994, Singh went to the then Prime Minister Narasimha Rao and told him that India needed a strong vision to take it forward.

"I said to him (Rao) it is possible that we will still collapse. But there is a chance that if we take bold measures, we may turn around and that I said is an opportunity. We must convert this crisis into an opportunity to build a new India, to do things which many people before us had thought should be done but somehow never done," Singh had said.

Rao had backed Singh to the hilt and India embarked on a path of reforms. And government that year entered into an understanding with RBI to deny itself the right to draw on the RBI to fund its deficit.

Looking back, Singh says when he stood up in Parliament stating the case for reforms, his argument was that in the midst of an unprecedented crisis, it was time to think big rather than tighten the belt.

"We could, in a traditional way, tighten our belt and we did that, tighten and tighten. But persistence on that path would have led to more misery, more unemployment," Singh had said.

He had suggested an "alternate path" -- stabilisation plus a credible structural adjustment programme -- that would shorten the period of misery.

"It would release the innovative spirit, entrepreneurial spirit which was always there in India in such a manner that our economy would grow at a much faster pace, sooner than most people believed. That's exactly what happened," Singh had said recalling the old days.

    Born in Gah (west Punjab), now in Pakistan, on September 26, 1932, Singh, served as Finance Minister in the Narasimha Rao's Congress government (1991-96).

    He was educated at Punjab University in India first and then in Oxford and Cambridge in UK. His potential was evident when he won Cambridge's prestigious Adam Smith prize in 1956.

    The following year, he returned to India as a university lecturer and for the next nine years remained at Punjab University before being posted for international duty with United Nations Conference on Trade and Development (1966-69).

    After that, he joined Delhi School of Economics as a professor.Two years later, his academic career was cut short and he joined the government to serve in various capacities.

    He has held several positions, including Chief Economic Advisor and Finance Secretary before becoming Governor of Reserve Bank of India and then Deputy Chairman of Planning Commission and Chairman of University Grants Commission in 1980s and early 1990s.

    He was picked up as finance minister of P.V. Narasimha Rao's cabinet between 1991 and 1996. During his ministerial tenure, he not only put India on the map of the world's attractive investment destinations but also brought about a fundamental change in the way India Inc. conducted its business, gaining the nickname of "architect of India's economic reform."

    In all these positions, those who worked with him have nothing but admiration for Manmohan's talent as well as behavior.

    Despite being unfailingly polite, Singh is known for his hard and bold economic decisions. In addition, for what Singh has done as Finance Minister, there are as many critics as admirers. Thrice,he had submitted his resignation during his five-year tenure but the then Prime Minister (Rao) did not allow him to quit.

    Luckily, the reform foundation that Singh had laid had only taken India forward and was pursued by the subsequent United Frontand National Democratic Alliance governments.

    Unlike the crisis days of 1991, Singh would be a proud man as he takes over the Prime Ministership of country with India's GrossDomestic Product growth clocking 8 percent, Foreign Exchange reserves comfortable at 118 billion US dollars with exports at over 60 billion US dollars, and inflation at 5 percent.

    The 71-year-old member of Rajya Sabha (Upper House of parliament) from north eastern Indian state of Assam has been welcomed by trade and industry as an instant choice for the coveted post.

    He is married to Gursharan Kaur and has three daughters.

 

He likes fish, not butter chicken VIVIDHA KAUL HIS DAILY ROUTINE

NEW DELHI : Butter chicken in Ludhiana does not tempt our PM-in-waiting from the Punjab , as much as fish does. Other than that, the would-be occupant of 7 Race Course Road is a frugal eater who finishes his meal while people around him are still trying out the soup. He dotes on his three grandsons — Madhav, Raghav and Rohan — but what you will find him doing most of the time is reading. It is almost always a journal on economic issues or some article on India sent by agencies like the UN, informs a source at his residence. "You will never find sir idle. Either he is reading or making notes of what he has just read. He likes to prepare all his lectures and speeches by himself," he says. One thing that his staff envies is his razor-sharp memory. "We keep forgetting, but he has all the figures and data at his fingertips," he adds. Being an early riser, he is up by 5-5.30 am . Next on the agenda of this Libran is a walk in the lawns of his Safdarjung Road residence.  Breakfast is at about 8.30 am and lunch is homemade, consisting of two to three chapatis, a subzi and some rice. "If dosas are prepared, then that’s his lunch. Other than fish, he mostly prefers vegetarian food," he says. Thanks to a strict diet discipline, Singh is hale and hearty at 72. He has three daughters — Upender, Daman and Amrit —. The eldest is the head of department of history and political science at St. Stephen's College in Delhi University , while her husband is the head of department of philosophy in the same college.   The second pursued Maths (Hons) at St. Stephen's. She is a consultant to the Tata Energy Research Institute (TERI). Her husband is an IPS officer posted in the home ministry for the past three to four years. The third daughter is studying law in the US .   The family gathers at his residence for lunch on weekends. "If he or his wife is away on a tour, then one of the daughters comes over to stay here," he says.   According to a member of his staff, Dr Singh is not very religious though he visits the Bangla Sahib Gurudwara once in a while.   He watches TV, but only for news, no saas-bahu serials for him. And if there is a good play or movie at the India Habitat Centre (IHC) that the family wants to see, he accompanies them. He is also the chief of the IHC Board.   Even though he is a member of the Gymkhana Club, he is seldom seen there. "In the past five years that I have been here, I have never seen him. His family does visit the club occasionally," says club secretary Colonel Malhotra.