'India owes a debt of gratitude': Business leaders pay rich tribute to Manmohan Singh

Former Prime Minister Manmohan Singh, hailed as the architect of India’s 1991 economic reforms, received heartfelt tributes from corporate leaders across the country, lauding his visionary leadership, intellect, and humility. Singh, 92, passed away on Thursday night at AIIMS, Delhi.

Tata Sons Chairman N Chandrasekaran described Manmohan Singh as one of the stalwarts who envisioned a new, liberalised India. "Dr Singh will always be remembered for his visionary thinking and deep insights while always being humble and upholding his personal values," he said, adding that Singh's leadership earned him global respect.

Aditya Birla Group Chairman Kumar Mangalam Birla said Singh’s most defining contribution was the "epochal 1991 reforms," which spurred multi-decadal economic growth and reshaped India’s possibilities. “India has lost one of its tallest leaders and finest economists. His intellect, wisdom, and humility left an indelible mark on the nation's conscience,” Birla said in a statement.

JSW Group Chairman Sajjan Jindal, in a post on X, called Singh “a statesman of humility and wisdom”.

"India owes him a debt of gratitude," he said.

Industrialist Gautam Adani remembered Singh as a “rare leader who spoke softly but achieved monumental strides through his actions.” He lauded Singh’s role in the transformative 1991 reforms, describing his life as “a masterclass in leadership, humility, and service to the nation.”

RPG Enterprises Chairman Harsh Goenka and Mahindra Group Chairman Anand Mahindra also paid tribute to Singh for his service to the nation.

Goenka said, "An architect of economic reforms, he shaped modern India with intellect, grace, and integrity. A leader who let actions speak louder than words. #RIP.".

Mahindra Group Chairman Anand Mahindra posted on X: "Farewell Dr. Manmohan Singh. You loved this nation. And your service to it will long be remembered".

Kiran Mazumdar-Shaw, Executive Chairperson of Biocon Limited, wrote: "Manmohan Singh, 2-Time PM And Architect Of India's Economic Reforms, Dies At 92 - He was an erudite economist and a man of high integrity. A PM to whom we owe our economic turnaround."

When Singh took the reins of the finance ministry in 1991, India's fiscal deficit was close to 8.5 per cent of the GDP, the balance of payments deficit was huge and the current account deficit was close to 3.5 per cent of GDP.

To make things worse, foreign reserves were just enough to pay for two weeks of imports, indicating that the Indian economy was in deep crisis.

Singh introduced path-breaking reforms to liberalise India’s economy, abolishing the Licence Raj and opening key sectors to private and foreign investment. His policies addressed India’s acute balance of payments crisis, setting the stage for decades of economic growth.

During his tenure as Prime Minister from 2004 to 2014, Singh championed inclusive development, enacting schemes like MGNREGA and Aadhaar, and introducing indirect tax reforms. Singh also navigated India through the 2008 global financial crisis with stimulus measures, reinforcing his legacy as a pragmatic and transformative leader.