Montek Singh Ahluwalia Praises Manmohan Singh's Economic Achievements
Montek Singh Ahluwalia Praises Manmohan Singh's Economic Achievements
In New Delhi, economist Montek Singh Ahluwalia commended former Prime Minister Manmohan Singh for lifting 138 million people above the poverty line. Ahluwalia, who served as the Deputy Chairman of the Planning Commission of India, highlighted that India experienced unprecedented economic growth during Singh's leadership.
Ahluwalia emphasized that Singh's tenure should be evaluated based on the country's overall performance. He noted that during Singh's time as Prime Minister, India not only grew faster than ever before but also faster than it has since. This period saw a significant reduction in poverty, with 138 million people moving above the poverty line for the first time.
Ahluwalia also pointed out the importance of the Indo-US nuclear deal, which lifted nuclear restrictions on India, as a key achievement of Singh's second term. When asked to compare Singh's roles as Finance Minister and Prime Minister, Ahluwalia explained that both positions are distinct. As Finance Minister, Singh implemented historic policy changes, while as Prime Minister, he led an economy that had already undergone reforms.
Furthermore, Ahluwalia stressed the need for a clear plan to reduce the fiscal deficit of both central and state governments to support economic growth. He warned that India's high fiscal deficit, compared to other developing countries, was hindering private investments.
Doubts Revealed
Montek Singh Ahluwalia
Montek Singh Ahluwalia is an Indian economist who has worked in various important positions in the Indian government. He is known for his role in economic planning and policy-making.
Manmohan Singh
Manmohan Singh is a former Prime Minister of India who served from 2004 to 2014. He is also an economist and is credited with significant economic reforms in India.
Poverty line
The poverty line is a way to measure who is considered poor. It is based on the minimum income needed to meet basic needs like food, clothing, and shelter.
Indo-US nuclear deal
The Indo-US nuclear deal was an agreement between India and the United States that allowed India to access nuclear technology and fuel for civilian purposes, even though India is not a part of the Nuclear Non-Proliferation Treaty.
Fiscal deficit
A fiscal deficit occurs when a government's total expenditures exceed the revenue that it generates, excluding money from borrowings. It is an important economic indicator.
Private investments
Private investments refer to money put into businesses or projects by individuals or private companies, rather than the government. It is important for economic growth and development.
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