The passing of Dr. Manmohan Singh marks the end of an era for India and for Indians. The nation is mourning the loss of its former Prime Minister and it is worth reflecting here the way his visionary leadership planted seeds for India’s thriving startup ecosystem.
India was on the brink of an economic collapse in 1991 Singh was the Finance Minister then. He took bold steps to liberalize the economy and it was at such a time when India had less than INR 2,500 crore in foreign exchange reserves. The reserves were not even enough for two full weeks to fund imports. His reforms dismantled the infamous Licence Raj and freed businesses from bureaucratic red tape. It was called Liberalization, Privatization and Globalization (LPG).
The bold step was not just about fixing a crisis, but it was also about unleashing India’s potential. his famous quote from Victor Hugo is worth taking a note here and it was that no power on earth can stop an idea whose time has come.
Companies like Infosys and Wipro flourished due to his reforms that paved the path of a technology-driven economy. Infosys cofounders such as TV Mohandas Pai and Kris Gopalakrishnan started backing a plethora of startups and created a ripple effect to empower young entrepreneurs today.
The influence of Singh didn’t just stop with the 1991 reforms. Singh was Prime Minister of India from 2004 to 2014 and he worked on initiatives that shaped India’s digital future.
His policies like increasing the foreign investment cap in insurance and opening multi-brand retail to global players brought more opportunities and technology into the country. His vision extended to green technology and the National Electric Mobility Mission Plan (NEMMP) was witnessed laying the groundwork for India’s electric vehicle ecosystem.
The legacy of Singh is more than just policies and numbers as it is about creating a mindset of innovation and confidence. India’s startup boom might never have happened without his leadership. It is clear that he was not just addressing a crisis in 1991, but he was also building a future.
