Discover the mixed effects of Manmohan Singh's tenure as prime minister and his legacy as the creator of India's economic reforms in 1991.

Manmohan Singh, who served as India's prime minister from 2004 to 2014, passed away at the age of 92, leaving behind a complex legacy. Widely regarded as a soft-spoken economist, Singh was instrumental in implementing significant economic reforms during his time as finance minister in 1991. These reforms opened India up to market competition and foreign investment, marking a shift away from earlier socialist policies. Key changes included devaluing the rupee, reducing trade barriers, abolishing industrial licensing, and attracting foreign investment, which helped elevate India to become the world's fifth-largest economy, with the potential to reach third place by 2028.

However, Singh's prime ministerial tenure saw a deceleration in market-oriented reforms. His administration ceased privatization efforts, launched expensive welfare initiatives, and introduced taxes that discouraged foreign investors. The Indian National Congress, his political party, has since reoriented itself away from liberalization toward focusing on populist policies under the leadership of Rahul Gandhi.

In contrast, Prime Minister Narendra Modi of the Bharatiya Janata Party has prioritized infrastructure development, streamlined welfare programs, and implemented a unified goods-and-services tax. Nevertheless, his administration has faced challenges in advancing critical reforms, including privatization, labor regulations, and agricultural market reforms. Modi’s approach has trended toward higher tariffs, government-supported industries, and fostering strong relationships with major corporations such as Adani Group and Reliance Group, reminiscent of South Korea's strategy of nurturing national champions.

India's reforms have led to a significant decline in extreme poverty, plummeting from 46% in 1990 to just 9% today, while foreign investment surged from $100 million in 1990-91 to $28.1 billion last year. Additionally, foreign-exchange reserves have skyrocketed from $1 billion in 1991 to $644 billion currently.

Despite these achievements, India still faces challenges. Its GDP growth lags behind that of the U.S. and China, and its per capita income falls short of that of countries like Vietnam and Indonesia. While Singh once quoted Victor Hugo, saying, "No power on earth can stop an idea whose time has come," the aspiration for India to join the ranks of East Asia's prosperous economies remains unrealized.