Manmohan Singh on economy: road ahead even more daunting than in 1991

Former Prime Minister Manmohan Singh on Friday said that the road ahead is "even more daunting" than during the 1991 economic crisis and the nation would need to "recalibrate its priorities to ensure a dignified life for all Indians".

In a statement on the occasion of the 30th anniversary of economic liberalisation, he said that on this day 30 years ago, in 1991, the Congress "ushered in significant reforms of India's economy and paved a new path for the nation's economic policy".

"Over the last three decades, successive governments have followed this path to catapult our nation to a $3 trillion economy and into the league of the world's largest economies," he added.

Manmohan Singh said that he "was fortunate to play a role in this reform process along with several of my colleagues in the Congress party" and "it gives us immense joy to look back with pride at the tremendous economic progress made by our nation in the last three decades".

"But I am also deeply saddened at the devastation caused by the Covid-19 pandemic and the loss of millions of fellow Indians. The social sectors of health and education have lagged behind and not kept pace with our economic progress. Too many lives and livelihoods have been lost that should not have been," the former Prime Minister said.

"It is not a time to rejoice and exult but to introspect and ponder. The road ahead is even more daunting than during the 1991 crisis. Our priorities as a nation need to be recalibrated to foremost ensure a healthy and dignified life for every single Indian."