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The passing of Dr. Manmohan Singh, architect of economic reforms is truly the end of an era. His style of leadership exemplified simplicity, dignity and grace, and of seeking consensus. As Prime Minister for two terms from 2004 till 2014, he led two coalition governments but achieved a lot in terms of landmark legislations and a high economic growth. In that aspect, his tenure can be compared to that of Prime Minister Atal Bihari Vajpayee, who too led a government with 23 coalition partners. This week marked the 100 th birth anniversary of Vajpayee. There is a telling comment that Vajpayee left in the visitors’ book after the death of Vice President Krishna Kant. Paying a tribute to Kant, Vajpayee wrote in Hindi, in his decorative impeccable handwriting, “here was a beautiful lotus flower which bloomed despite being in the cesspool of politics”. These remarks are equally applicable to Manmohan Singh—a scholar, economist, and statesman whose life embodied dignity, intellect, and humility. From humble beginnings to eminence Dr. Singh’s journey is truly inspirational. Born in a small village in undivided Punjab, he was raised by his grandparents under frugal means. His early life was shaped by the upheaval of Partition. Displaced by the chaos, Singh rose through sheer perseverance to achieve academic excellence. He earned scholarships to study at Cambridge and Oxford. At Cambridge, he topped the Economics Tripos and received the Adam Smith Prize, a rare accolade for an Indian. At Cambridge, Singh’s intellectual rigor won him admiration from renowned economists like Joan Robinson and Nicholas Kaldor. His doctoral thesis on India’s export prospects challenged the prevalent pessimism. His book, “India’s Export Trends and Prospects for Self-Sustained Growth” (1964), became a seminal work. It advocated for export-driven growth. Decades later, India’s economic trajectory would vindicate his vision. Singh’s career spanned academia, administration, and politics. He began as a professor at the Delhi School of Economics. Later, he held roles like Chief Economic Advisor, Governor of the Reserve Bank of India, and Vice Chairman of the Planning Commission. After that was as Finance Minister and then two terms as Prime Minister. His career reflected academic brilliance, administrative acumen, political savvy and governance expertise. No other economist has had such a breathtaking career and meteoric rise. Architect of economic reforms Dr. Singh’s appointment as Finance Minister in 1991 was a turning point for India. Faced with a severe balance-of-payments crisis, Singh unleashed bold economic reforms. These included dismantling the license raj, deregulating banking, and opening the economy to trade and foreign investment. In his maiden budget speech in 1991, Singh quoted Victor Hugo: “No power on earth can stop an idea whose time has come.” That idea was the emergence of India as an economic power. He ensured that the bold reforms were supported by expert committees and consultation which gave a robust foundation. The committees included the Raja Chelliah Committee for tax reforms and the Narasimham Committee for financial sector reforms. These reforms resolved the crisis and paved the way for sustained growth. India’s GDP growth rates soared. By the end of Singh’s two terms as Prime Minister, India had joined the league of $2 trillion economies. Decency and statesmanship in leadership Dr. Singh’s tenure as Prime Minister (2004–2014) further cemented his legacy. His leadership style, marked by consensus-building and quiet determination, led to landmark legislation. These included the Right to Information Act, MGNREGA, and the rollout of Aadhaar. He also showed political courage by staking his government’s survival on the Indo-US civil nuclear deal. Singh’s integrity and humility were his hallmarks. Stories abound of his simple lifestyle and ethical conduct. As Finance Minister, after devaluing the rupee, he donated the windfall to the Prime Minister’s Relief Fund. When he lost a Lok Sabha election and had borrowed funds for his campaign, he promptly repaid the loan. A scholar’s evolving vision Singh’s views evolved over time. Early in his career, he was a staunch advocate of free trade and market-oriented reforms. As Prime Minister, his policies leaned toward welfarism. This reflected a nuanced understanding of growing income inequalities and the need for a safety net. His balance between market liberalization and social welfare showed pragmatism and intellectual honesty. His open-mindedness echoed John Maynard Keynes’s dictum: “When the facts change, I change my mind. What do you do, sir?” Singh’s readiness to adapt ensured that his policies remained relevant. He addressed both economic crises and social inequities. Global leadership and legacy Dr. Singh’s influence extended beyond India. As Secretary-General of the South Commission, he championed South-South cooperation. This role prepared him for leading coalition governments at home. It also shaped his approach to multilateral diplomacy. Under his leadership, India became a key player in global forums like the G20. His tenure amplified India’s voice on issues like climate change and trade. His commitment to inclusive and sustainable development was evident. Criticism and the judgment of history Like any public figure, Singh faced criticism. His tenure as Prime Minister saw allegations of corruption within his coalition government. This led to a perception of weakness. Yet, even his harshest critics acknowledged his personal incorruptibility and sincerity. He often responded to detractors with silence, describing it as maintaining their dignity. Dr. Singh’s career is a testament to the genius of India’s democracy. It shows how individuals from modest beginnings can rise to power. His legacy is one of dedication, scholarship, and decency. He believed in the transformative power of ideas and hard work. As the nation bids farewell to this “gentleman leader,” his words resonate: history will judge him kindly. For in Dr. Manmohan Singh, India had a leader who symbolized quiet strength, relentless intellect, and unshakable integrity. Dr. Ajit Ranade is a noted economist. (Syndicate: The Billion Press)
HONG KONG (AP) – Asian markets were mostly higher yesterday, with Chinese markets logging gains of more than one per cent after the Chinese finance minister promised a more pro-active approach to government spending in the coming year. United States (US) futures were little changed in quiet holiday eve trading and oil prices rose. Japan’s benchmark Nikkei 225 slipped 0.3 per cent to 39,036.85. Honda’s shares surged more than 12.2 per cent as the Japanese automaker announced an up to JPY1.1 trillion (USD7 billion) share buyback after it announced Monday that it was seeking a merger with its larger but troubled rival Nissan. The two companies said they had signed a memorandum of understanding on Monday and that smaller Nissan alliance member Mitsubishi Motors Corp also had agreed to join the talks on integrating their businesses. Nissan’s shares rose six per cent. The Hang Seng in Hong Kong added 1.1 per cent to 20,098.29 and the Shanghai Composite index was up 1.3 per cent at 3,393.53. Chinese Finance Minister Lan Fo’an told a financial work conference that Beijing will increase the fiscal deficit in 2025 and step up spending, issuing more government bonds and increasing transfers to local governments to help ensure they can deliver guarantees to the public for housing, heating and food, according to the ministry’s website. The comments were the latest by top leaders aimed at assuaging concern over the slowing growth of the world’s second-largest economy. South Korea’s Kospi lost 0.1 per cent to 2,440.52 as a report said consumer sentiment dropped sharply in December. Elsewhere in Asia, Australia’s S&P/ASX 200 advanced 0.2 per cent to 8,220.90. Taiwan’s Taiex gained 0.1 per cent, with shares in Taiwan Semiconductor Manufacturing Co, the world’s biggest computer chip maker, hitting a record high. On Monday, the S&P 500 ended 0.7 per cent higher at 5,974.07. The Dow Jones Industrial Average eked out a 0.2 per cent gain to 42,906.95. The tech-heavy Nasdaq composite rose one per cent to 19,764.89. The Conference Board said its consumer confidence index fell to 104.7 from 112.8 in November. Wall Street had been expecting a reading of 113.8. The unexpectedly weak consumer confidence update followed several generally strong economic reports last week. One report showed the overall economy grew at a 3.1 per cent annualised rate during the summer, faster than what was thought earlier. The latest report on unemployment benefit applications showed the job market remains solid. Inflation concerns have added to uncertainties heading into 2025, which include the jobs market and shifting economic policies under President-elect Donald Trump. Wall Street has several economic reports to look forward to this week, including a weekly update on unemployment benefits tomorrow. In other dealings early yesterday, US benchmark crude oil picked up 37 cents to USD69.61 per barrel.No. 10 Westlake takes on No. 21 San Antonio Brennan in 6A-DI 2nd roundWhy A 11-Minute Clip Of Roughskin Dog Fish Shark Is A Big Deep Sea Breakthrough
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Richmond Battlefield kicks off Sock Drive and welcomes Santa ClausA bungalow which was closed by police following months of drug dealing, prostitution and anti-social behaviour is set to undergo a half-a-million-pound refurbishment. The one-bedroom property in Vale Road, Northfleet , will be redeveloped into a four-to five-bedroom home after it fell into disrepair due to how the previous tenant was living. The council house was historically let to older people, however, as the occupants aged, they struggled to maintain the large back garden and access the concrete steps leading to the front door. It was then rented to a younger person but after engaging in a “significant amount of anti-social behaviour” the police issued a closure order on the property and the tenant was evicted in 2021. Investigating officers applied for the order after they were called to numerous incidents at the property including drug dealing, prostitution and general disturbances between May 2020 and November 2021. This anti-social behaviour also included the tenant, and their associates, verbally abusing and intimidating various members of the community. "Despite multiple warnings and ongoing visits to the property, the occupant refused to change his behaviour and failed to show the most basic level of respect to those around him. "Often is the case that the actions of one person can affect so many and this is why it was important that we took these steps to ensure that this unacceptable behaviour was unable to continue. "It is therefore entirely proportionate for the person to be removed from this address, and I hope the community notices an improvement to their daily lives.” The bungalow, which is the only council-owned home in Vale Road, has been vacant ever since and due to how the tenant was living has fallen into disrepair. According to a report discussed at a Gravesham council cabinet meeting last week (December 16), it would cost around £40,000 to refurbish the home and a further £20,000 to bring it up to the required energy standards. Due to the amount of work needed, council officers decided it would be a “good opportunity to maximise the use of the land” and build a much larger family home. The leader of Gravesham council, Cllr John Burden, did question whether there was a need for such a home during the meeting and was told there was. There are currently 97 households on the local authority’s housing register in need of a four-or five-bedroom home and within its existing stock there are 192 four-bedroom and 26 five-bedroom properties. However, the report stated over the last three years there have been no five-bedroom and 24 four-bedroom homes that have become available to re-let. Council officers added: “This is an opportunity to add another larger property to the council housing portfolio which would be delivered in 2025 and reduce waiting times for larger households in need.” Cabinet members unanimously agreed to go ahead with the scheme meaning a planning application can be drawn up and a contractor appointed to build the house. It will see the derelict bungalow turned into a three-storey home with four bedrooms, a living room, open plan living and drining area, bathrooms on each floor and the potential for a fifth bedroom. The construction cost is estimated to cost £509,000 and will be funded through loan finance. The report said: “This is a cautious estimate and there is a good chance a tendering exercise will result in a lower price, but from a viability point of view, it was important to consider worst case scenario. “As the overall cost for this development may appear to be excessive, consideration has been given to purchasing something similar on the open market instead of developing the Vale Road property. “Recent Rightmove listings for a four-bedroom detached property of a similar size are currently marketed at around £650,000.” Council officers added that buying from the open market would come with risks and additional costs on future maintenance whereas building a new property will ensure it is compliant with the local auhtority’s standrads. The planning application is expected to be submitted early next year.