Manmohan Singh Critiques Over-Regulation of India's Economy in Final Interview

Former Prime Minister Manmohan Singh, known for his pivotal role in India's economic reforms, passed away at the All India Institute of Medical Sciences in Delhi. He was 92. In a 2019 interview, Singh criticised the country's economic state, highlighting over-regulation and excessive government control. He noted that even regulators had become controllers, impacting economic growth.

Singh expressed concerns about the judiciary's increasing involvement in economic policies. He believed the Congress party would have managed the economy differently. During his tenure from 2004 to 2014, Singh was instrumental in driving India's economic reform agenda. He criticised the Modi government's lack of vision, citing decisions like demonetisation as disruptive.

Economic Reforms and Criticism

In his interview on May 5, 2019, Singh warned of an impending economic slowdown. He attributed this to the government's failure to understand India's economic dynamics. Singh described demonetisation as "organised loot and legalised plunder," expressing discontent with the Modi administration's approach.

Singh also addressed public dissatisfaction with what he termed as superficial changes by the current government. He noted an undercurrent of discontent against self-promotion and illusionary achievements. Despite welcoming scrutiny and accountability, Singh accused the Modi government of avoiding responsibility for corruption allegations.

Transparency and Accountability

The former prime minister claimed that the Modi administration came to power promising transparency and anti-corruption measures. However, he argued that corruption had reached unprecedented levels over the past five years. Singh labelled demonetisation as possibly independent India's biggest scam.

Singh emphasised his commitment to accountability during his leadership, taking action even against his own party members when necessary. He criticised the current government for dismissing corruption allegations and attacking those who raised them.

Manmohan Singh's legacy as a consensus builder in politics and an architect of economic reforms remains significant. His insights into India's economic challenges continue to resonate, highlighting the need for effective governance and accountability.