The former Prime Minister Manmohan Singh, who passed away recently, scripted India’s belated economic reforms, chiefly liberalization and globalization, as Finance Minister under the active encouragement of then-Prime Minister P.V. Narasimha Rao. Singh was well-read, well-qualified, suave, humble, and accessible, wearing many hats, including Governor of the Reserve Bank of India. The notorious license raj, which held sway from independence until Rao took the reins, stifled the entrepreneurial spirit of Indians, condemning them to shoddy goods and services. Scooter drivers, for instance, negotiated bends with their hands flailing pathetically in the absence of indicators. For these drivers and their wives nervously clinging to their infants, foreign collaboration was manna from heaven, bringing safety features and better mileage. What the Rao-Singh duo achieved was not earth-shaking, as they primarily plucked low-hanging fruits, yet they earned the nation’s gratitude for their efforts.

However, unshackling industry alone was insufficient. The share of manufacturing in the nation’s GDP continues to languish at a dismal 15% in 2024, with agriculture tottering at 16%. Foreign Direct Investment (FDI)........

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