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Manmohan Singh, Indian ex-PM and architect of economic reform, dies at 92
Former Indian prime minister Manmohan Singh has died at the age of 92.
Singh was one of India’s longest-serving prime ministers and he was considered the architect of key liberalising economic reforms, as premier from 2004-2014 and before that as finance minister.
He had been admitted to a hospital in the capital Delhi after his health condition deteriorated, reports say.
Among those who paid tribute to Singh on Thursday were Prime Minister Narendra Modi, who wrote on social media that “India mourns the loss of one of its most distinguished leaders”.
Modi said that Singh’s “wisdom and humility were always visible” during their interactions and that he had “made extensive efforts to improve people’s lives” during his time as prime minister.
Priyanka Gandhi, the daughter of former prime minister Rajiv Gandhi and a Congress party member, said that Singh was “genuinely egalitarian, wise, strong-willed and courageous until the end”.
Her brother Rahul, who leads Congress, said he had “lost a mentor and guide”.
Singh was the first Indian leader since Jawaharlal Nehru to be re-elected after serving a full first term, and the first Sikh to hold the country’s top post. He made a public apology in parliament for the 1984 riots in which some 3,000 Sikhs were killed.
But his second term in office was marred by a string of corruption allegations that dogged his administration. The scandals, many say, were partially responsible for his Congress party’s crushing defeat in the 2014 general election.
Singh was born on 26 September 1932, in a desolate village in the Punjab province of undivided India, which lacked both water and electricity.
After attending Panjab University he took a master’s degree at the University of Cambridge and then a DPhil at Oxford.
While studying at Cambridge, the lack of funds bothered Singh, his daughter, Daman Singh, wrote in a book on her parents.
“His tuition and living expenses came to about £600 a year. The Panjab University scholarship gave him about £160. For the rest he had to depend on his father. Manmohan was careful to live very stingily. Subsidised meals in the dining hall were relatively cheap at two shillings sixpence.”
Daman Singh remembered her father as “completely helpless about the house and could neither boil an egg, nor switch on the television”.
His unexpected appointment capped a long and illustrious career as an academic and civil servant – he served as an economic adviser to the government, and became the governor of India’s central bank.
In his maiden speech as finance minister he famously quoted Victor Hugo, saying that “no power on Earth can stop an idea whose time has come”.
That served as a launchpad for an ambitious and unprecedented economic reform programme: he cut taxes, devalued the rupee, privatised state-run companies and encouraged foreign investment.
The economy revived, industry picked up, inflation was checked and growth rates remained consistently high in the 1990s.
Manmohan Singh was a man acutely aware of his lack of a political base. “It is nice to be a statesman, but in order to be a statesman in a democracy you first have to win elections,” he once said.
When he tried to win election to India’s lower house in 1999, he was defeated. He sat instead in the upper house, chosen by his own Congress party.
The same happened in 2004, when Singh was first appointed prime minister after Congress president Sonia Gandhi turned down the post – apparently to protect the party from damaging attacks over her Italian origins. Critics however alleged that Sonia Gandhi was the real source of power while he was prime minister, and that he was never truly in charge.
The biggest triumph during his first five-year term was to bring India out of nuclear isolation by signing a landmark deal securing access to American nuclear technology.
But the deal came at a price – the government’s Communist allies withdrew support after protesting against it, and Congress had to make up lost numbers by enlisting the support of another party amid charges of vote-buying.
A consensus builder, Singh presided over a coalition of sometimes difficult, assertive and potentially unruly regional coalition allies and supporters.
Although he earned respect for his integrity and intelligence, he also had a reputation for being soft and indecisive. Some critics claimed that the pace of reform slowed and he failed to achieve the same momentum he had while finance minister.
When Singh guided Congress to a second, decisive election victory in 2009, he vowed that the party would “rise to the occasion”.
But the gloss soon began to wear off and his second term was in the news mostly for all the wrong reasons: several scandals involving his cabinet ministers which allegedly cost the country billions of dollars, a parliament stalled by the opposition, and a huge policy paralysis that resulted in a serious economic downturn.
LK Advani, a senior leader in the rival BJP party, called Singh India’s “weakest prime minister”.
Manmohan Singh defended his record, saying his government had worked with “utmost commitment and dedication for the country and the welfare of its people”.
Singh adopted the pragmatic foreign policies pursued by his two predecessors.
He continued the peace process with Pakistan – though this process was hampered by attacks blamed on Pakistani militants, culminating in the Mumbai gun and bomb attack of November 2008.
He tried to end the border dispute with China, brokering a deal to reopen the Nathu La pass into Tibet which had been closed for more than 40 years.
Singh increased financial support for Afghanistan and became the first Indian leader to visit the country for nearly 30 years.
He also angered many opposition politicians by appearing to end relations with India’s old ally, Iran.
A studious former academic and bureaucrat, he was known for being self-effacing and always kept a low profile. His social media account was noted mostly for dull entries and had a limited number of followers.
A man of few words, his calm demeanour nevertheless won him many admirers.
Responding to questions on a coal scandal involving the illegal allocation of licences worth billions of dollars, he defended his silence on the issue by saying it was “better than thousands of answers”.
In 2015 he was summoned to appear in court to answer allegations of criminal conspiracy, breach of trust and corruption related offences. An upset Singh told reporters that he was “open for legal scrutiny” and that the “truth will prevail”.
After his time as premier, Singh remained deeply engaged with the issues of the day as a senior leader of the main opposition Congress party despite his advancing age.
In August 2020, he told the BBC in a rare interview that India needed to take three steps “immediately” to stem the economic damage of the coronavirus pandemic, which had sent the country’s economy into a recession.
The government needed to provide direct cash assistance to people, make capital available for businesses, and fix the financial sector, he said.
History will remember Singh for bringing India out of economic and nuclear isolation, although some historians may suggest he should have retired earlier.
“I honestly believe that history will be kinder to me than the contemporary media, or for that matter, the opposition parties in parliament,” he told an interviewer in 2014.
Singh is survived by his wife and three daughters.
[BBC]
Deepti Sharma turned in a superb all-round performance to help India seal the ODI series 3-0 in Vadodara. She first took 6 for 31 as West Indies folded for 162. Then with India in choppy waters, Deepti provided a calming influence with an unbeaten 39 to the team home by five wickets.
While Deepti dug in for the hard grind, aided with luck when she was dropped by Hayley Matthews at slip on 21, Richa Ghosh lent the finishing touches. Having walked in to bat with India 129 for 5, Ghosh allayed fears of a collapse by hitting one four and three sixes in her brisk 11-ball 23. This included back-to-back sixes off legspinner Afy Fletcher to see off India’s chase.
Under leaden skies, and on a surface that got progressively tougher to bat on with the odd ball keeping low and turning big, West Indies were left to rue another poor batting performance. Barring Chinelle Henry and Shemaine Campbelle, who put together 91 for the fourth wicket, there was little else of note from the batting unit.
The collapse began in the very first over when Renuka Singh removed Qiana Joseph, with a faint tickle down leg, and the in-form Matthews with a superb in-ducker four balls later. When Deandra Dottin was bowled attempting a hack into the leg side to Renuka, the visitors were 9 for 3 in the fifth over. Renuka with finish with a four-for eventually, coming back later to clean up the lower order amid the Deepti show.
Under the shadow of a collapse, Henry, playing her first ODI of the series, rebuilt the innings. She struggled to get bat to ball early on, pottering to 3 off 17. Then from nowhere, she brought out a release shot for six off debutant left-arm spinner Tanuja Kanwar to get going.
During the course of her third half-century, Henry played some neat little cuts and glides. At the other end, Campbelle showed positivity against spin. She took the attack early to legspinner Priya Mishra, hitting her for three boundaries in her second over. After using her feet to launch into two stunning drives – one down the ground and the other through cover – she rocked back to pull Mishra for a third as she dropped short.
This 91-run stand for the fourth wicket appeared to have revived the visitors as much as it frustrated India. This is when Deepti came into the game and made a telling contribution.
Campbell was consumed by a rush of blood as she was lulled into the big shot by Deepti, only for Pratika Rawal to take a comfortable catch at long-on. In the following over, Zaida James was caught superbly at slip by Harmanpreet as Deepti had her driving from the rough.
It could’ve been a triple-strike for India but for Renuka dropping the simplest of return catches via a leading edge to reprieve Aaliya Alleyne on 0. Alleyne would make only 21, though, falling to a tame chip to short midwicket. Alleyne’s wicket came hot on the heels of Henry’s dismissal for a third ODI half-century when she was out bowled by a straighter one. West Indies went on to lose their last 5 wickets for 21.
India’s reply began in nervous fashion as they lost Smriti Mandhana and Harleen Deol early in the power play against the moving ball. Pratika Rawal too missed out on a great opportunity to build on a solid foundation from her first two ODIs when she holed out to mid-on in an attempt to hit out against Matthews’ offspin.
India captain Harmanpreet then picked the pieces up and put together a fantastic exhibition of cover driving. Having begun with two fours off her first five deliveries, she went on to pierce a packed off-side ring to hit Dottin for three fours in the ninth over to quickly take to 23 off 13.
Harmanpreet looked in rip-roaring form when she played back to be bowled by a skidder from Afy Fletcher. The wicket briefly galvanised the visitors, but India weren’t to be denied as Deepti, Jemimah Rodrigues and Ghosh all played neat hands to see them home.
Brief scores:
India Women 167 for 5 in 28.2 overs (Deepti Sharma 39*, Harmanpreet Kaur 32, Jemmimah Rodrigues 29, Richa Ghosh 23*) beat West Indies Women 162 in 38.5 overs (Chinnel Henry 61, Shemaine Campbelle 46, Aaliyah /alleine 21; Deepti Sharma 6-31, Renuka Singh 4-29) by five wickets
[Cricinfo]
Australia kept their vice-like grip around the MCG Test despite a fighting effort from Yashasvi Jaiswal as India went to stumps at 164 for 5, trailing the hosts by 310 runs. Scott Boland and Pat Cummins made that possible after Steve Smith scored his 11th Test century against India – the most by any batter against this opposition in the format.
Jaiswal shrugged off his four ordinary outings in Adelaide and Brisbane to get stuck into the Australian bowlers on Day 2 to carve out a fine essay. He was proactive with his feet movement against the pacers and negotiated Nathan Lyon with a lot of comfort in favourable batting conditions. He went after Mitchell Marsh too, setting himself up for a three-figure score. Kohli did well to buckle down and offer judgment to balls on the fifth stump channel as the Aussie quicks repeatedly tempted him to play at it with a populated slip cordon on their toes. Kohli, who was seen simulating this situation with Harshit Rana and Prasidh Krishna in the nets on the eve of the game, successfully let balls go. With edges not carrying either, the pacers bowled straighter at him that allowed Kohli to get his innings going with flicks and pulls.
But in the final hour of the day, a few minutes of indecisiveness saw both the batters back in the dressing room. First, Jaiswal fell for 82 to a run out after driving one to mid-on and dashing off for a single. Kohli wasn’t keen and stood his ground, leading to Jaiswal’s dismissal. Seven balls later, Kohli bit the bullet and edged a ball from Scott Boland – the kind he’d let go for majority of the session – to depart for 36. Boland dug his heels in further, dismissing nightwatchman Akash Deep and leaving India five down.
The home side’s advantage at the close of play on the second day was built on Steve Smith’s outstanding century in the morning. Smith overcame a mini-battle against Jasprit Bumrah and took runs off Deep at the other end to extend his team’s dominance that was well-established by the top-order on the opening day. Smith had several false shots against Deep but none came with the doom of his dismissal for him. He further rubbed it in by picking runs easily as Deep conceded 30 in his five-over spell. The change bowlers couldn’t stop the runs either as Siraj endured a forgettable outing with figures of 0 for 122 in 23 overs.
Smith and Cummins added quick runs in the first hour before Jadeja ended the Australian captain’s stay on 49. Smith however, got to his 34th Test hundred, fifth at the MCG, and shifted gears after to take on both Jadeja and Washington Sundar. Mitchell Starc didn’t hold back either, even hitting Jasprit Bumrah for a six towards the end of the session. The Lunch break came as respite for a misfiring India, who then struck early in the second session. Jadeja cleaned up Starc and Deep removed Smith with some luck – the centurion danced down for a big shot through the off-side, but the ball ricocheted off his leg and rolled on to dislodge one bail as he watched on. Bumrah wrapped up the innings soon but India’s riposte was once again found wanting.
Rohit Sharma opened the innings again but was swiftly sent back by his opposite number when he tried and failed to play a pull shot off a ball that wasn’t quite short. KL Rahul and Jaiswal started to build a stand but Cummins put the lid on that with an incredible ball that straightened off a length, squaring up and cleaning up Rahul at the stroke of Tea.
The difference between a fighting response and an underwhelming one for India was the health of the Kohli-Jaiswal stand, which promised to lead the way before being broken against the run of play. India lost three wickets for the addition of just six runs in this period, letting Australia maintain complete control of the game.
Brief scores:
India 164/5 (Yashasvi Jaiswal 82; Pat Cummins 2-57, Scott Boland 2-24) trail Australia 474 (Steve Smith 140, Marnus Labuschagne 72; Jasprit Bumrah 4-99) by 310 runs
[Cricbuzz]
A press briefing on the economic stabilization process and the proposed relief packages for the public was held on Thursday (26) at the Presidential Media Center (PMC).
Minister of Labor and Deputy Minister of Economic Development, Dr. Anil Jayantha Fernando, along with Deputy Minister of Finance and Planning, Dr. Harshana Suriyapperuma, attended the briefing.
The media statement released during the press briefing is as follows:
Press Statement on the Economic Stabilization Process and Relief Packages to people.
1. Economic Stabilization
Economic stabilization is key to take the country out of abyss created by past regimes. At the time the government assumed office those who are responsible for the crisis had unilaterally suspended external debt servicing in April 2022, entered into IMF program for Extended fund facility (EFF) of approximately USD 3 billion over a period of 4 years to be received in 8 installments, and paddled through the IMF program and debt restructuring process in line with debt sustainability analysis connected to it. The delayed and complex nature of the debt restructuring process incurred additional costs to the country and created additional burden on the people. However after, considering both pros and cons of the context prevailed at that time in terms of social, political and economic perspective, the government proceeded with the options in the best interest of the people of the country.
Accordingly, it was possible to reach the staff-level agreement of the third review on 26th November 2024, in line with the program parameters, and government revenue measures with appropriate engagement, and timely facilitation. In the lead-up to the board approval from the IMF, the government is engaging with necessary stakeholders to obtain the next tranche of the EFF.
Debt Restructuring
It consists of both domestic and external restructuring. Domestic debt restructuring was completed in July 2023. External restructuring excludes multilateral creditors on various ground and arguments. The rest consists of official bilateral debt and private ISB holders.
Bilateral Debt
The bilateral debt is dealt with the Official Creditor Committee (OCC) co-chaired by France, India and Japan representing 17 countries, China Exim Bank, China Development bank, other official creditors (Kuwait, Saudi Arabia, Iran and Pakistan) and other commercial creditors.
OCC had agreed to the terms and conditions in June 2024 and the loans with China Exim bank had already been restructured in October 2023 within the agreed framework, ensuring comparability of treatment (CoT). Except the other official creditors (Kuwait, Saudi Arabia, Iran and Pakistan) accounting roughly USD 300 million representing about 1% total external debt subject restructuring , all other bilateral creditors have already agreed for restructuring within the agreed framework.
ISB Creditors
Much delayed ISB restructuring had passed several stages of negotiations with agreements, disagreements, changes to proposals, adjustments in line with DSA and IMF consents, had finally agreed in principle (AIP) on 19 September 2024 just two days prior to the presidential election. Ad Hoc Group (AHG) and Local banking consortium represent ISBs which account for USD 14.2 billion including a past due interest of USD 1.7 billion.
By prioritizing and facilitating actions in a timely manner, the new government has demonstrated a strong political commitment to steering the country toward economic stability. These efforts toward financial stability have been independently acknowledged by third parties, including rating agencies which have upgraded the ratings by several notches, which was only possible due to the correct prioritization and implementation of economic stabilization measures. Hence, the government continued with the restructuring process and facilitated it to ensure the successful completion of the issuance of new bonds for the exchange of existing ones on 20th December 2024 in order to achieve the critical objective of stabilizing the economy in pursue of navigating the country with the growth and development trajectory towards a thriving nation and beautiful life.
2. SME Sector Facilitation
2.a.1. Parate Extension
Instead of merely postponing the Parate execution date, the government engaged with stakeholder groups to ensure acceptable solutions was found for this long-standing issue. As a result, the Parate execution has now been extended until 31st March 2025.
2.a.2. Relief Package
The relief for businesses is not only in the form of an extension of time. Based on data provided by the Central Bank, 99% of borrowers with outstanding capital of less than 25 million rupees in restructured loans have been granted a 12-month extension to renegotiate with banks and agree on a settlement path. Borrowers with debts between 25,000,000 and 50,000,000 rupees have been granted a 9-month extension, while all other borrowers are entitled to a 6-month extension. This relief package, proposed by the government and to be implemented through the Central Bank, also includes several other important measures, such as easing the credit rating status, extending the repayment period, offering low interest rates for restructured debt, and providing a transparent mechanism to resolve valuation disputes.
This package aims to ensure that the SME sector can actively contribute to the economy.
2.b. School Stationery Assistance for School Children
2.b.1. Children in the Aswesuma Families
To ease the burden on parents from vulnerable groups in society, Rs. 6,000 per child has been allocated to purchase essential school books and stationery for the upcoming school term. Children from Aswesuma recipient families will begin receiving this benefit shortly.
2.b.2. Children Not Receiving Aswesuma
Children from families who are not currently receiving Aswesuma but are facing economic hardship will also be provided with this benefit, based on recommendations from the Ministry of Education. It is expected that the process will be finalized soon, and the disbursement scheme will start within a few days, ensuring that all deserving children facing economic hardship receive assistance.
[PMD]
Deepti’s all-round heroics hand India series sweep
Australia maintain full control despite Jaiswal’s 82
Economic stabilization process and relief packages to people to continue
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