Globalisation is here to stay, we proved sceptics wrong: Manmohan Singh

Authoritarian responses cannot solve the real problems of the people or make life worth living, said the former prime minister

Globalisation is here to stay and those who were sceptical about the success of India’s “new policies” 25 years ago have been proven wrong, said former prime minister Manmohan Singh.

It was a matter of pride that the broad thrust and direction of economic policies had remained unchanged in the last 25 years, added the renowned economist, considered to be the architect of India’s reforms in the early 1990s.

The senior Congress leader was speaking at the 15th edition of the Indian School of Business Leadership Summit 2017 here on Friday.

“All of you know that in 1991, we adopted a new approach for the management of the economy, involving progressive liberalisation of both the internal and external economy. At that time, there were many people who were sceptical about the success of new policies. However, we have proved them wrong,” he said.

It was also a period associated with significant growth rate of the gross domestic product and a decline in the proportion of people living below the poverty line.

“There are undoubtedly still many challenges, particularly in areas such as health, education and environment, and in the pragmatic measures to bridge inequalities of income and wealth. However, the acceptance of the broad approach of liberalisation has come to stay.”

China, he added, has also become a great champion of globalisation.

Singh said India is a land of immense opportunities but does face internal challenges.

“It has a vast market to build long lasting, innovative and competitive enterprises. While as a democratic nation we do face internal challenges for a variety of reasons, the particular advantage of democracies lies in their ability to handle such situations with maturity.”