Manmohan Singh Posthumously Honoured with PV Narasimha Rao Award for Economics

The former Prime Minister, and the architect of the economic liberalisation of India in 1991, was the posthumous recipient of the PV Narasimha Rao Memorial Award of Economics. The award was given by Montek Singh Ahluwalia to Dr. Singh’s wife, Gursharan Kaur who has played a key role in guiding the Indian economy to come out of a financial crisis and also made far-reaching reforms like de-licensing industries, cutting down importation tariffs, and opening up trade. Policymakers and economists attended the award ceremony in New Delhi with his wife, Gursharan Kaur, accepting the award on his behalf.

Key Points in Detail

Significance of the Award

• The PV Narasimha Rao Memorial Award in Economics is an award that recognizes those who have made revolutionary contributions to the economic development of India.

• Dr. Manmohan Singh is credited with the historic contribution in the formulation of the post independence economic policies of India particularly the 1991 economic reforms.

• This award was given after his death as a commemoration of the legacy that Singh left behind in transforming the Indian economy.

The role of Dr. Singh in Reforming the Economy of India (1991)

• De-licensing of industries in order to encourage entrepreneurship and development of the private sector.

• Improved competition and low prices: through reduced tariffs on imports.

• Liberalization of the exchange rates in order to open the Indian economy to the rest of the world.

• Promotion of Foreign Direct Investment (FDI) to increase inflow of capital and boost growth.

• Reorganizing the state sector to enhance efficiency and competitiveness.

• These reforms played a critical role in ensuring that India was no longer heading towards a financial crisis and embarked on the process of liberalisation and integration into the worldwide arena.

Old Relationship with P V Narasimha Rao.

• Dr. Singh being the Finance Minister had collaborated with the Prime Minister Narasimha Rao to carry out the 1991 reforms.

• The liberalisation policies have the credit of both leaders and have transformed the economic picture of India.

• The award is a recognition of the long-term relationship between the two whose combined forces gave the foundation to the Indian sustained economic growth in later decades.

PV Narasimha Rao Memorial Foundation (PVNMF) 

• PV Narasimha Rao Memorial Foundation (PVNMF) is a non-profit organization that celebrates the life of a great Indian national leader by awarding donation scholarships and facilitating education.

• The award, named after PV Narasimha Rao Memorial Foundation (PVNMF), is given to honor those who have assisted the economic growth of India in a significant way.

• The ceremony was attended by K. Ramachandra Murthy (President of PVNMF) and Madhamchetty Anil Kumar (General Secretary) who paid tribute to the legacy of Dr. Singh.

Conclusion

The posthumous PV Narasimha Rao Memorial Award conferred on Dr. Manmohan Singh in Economics shows his legendary contribution to the economic reforms in India that transformed the growth of the nation. This recognition supports the old relationship between Dr. Singh and PV Narasimha Rao whose coupled vision resulted in a new phase of economic liberalisation and internationalisation. In the case of UPSC, this is the significance of transformational leadership in the economic policy and the legacy of 1991 reforms on the modern Indian economy.