Dr Manmohan Singh, 92, passed away on Thursday, December 26, 2024. A connection with him that I had made on the day he was sworn in as finance minister (June 21, 1991) came to an end.

Manmohan Singh, in his own words, was an ‘accidental’ finance minister. Narasimha Rao’s first choice as finance minister was I.G. Patel, a respected academic and economist. Patel declined, and suggested the name of Manmohan Singh. Many were surprised by the presence of the blue-turbaned, elder-looking gentleman seated in the first row. It was clear that he would be sworn in as a Cabinet minister, but what portfolio would the PM give him? Within hours, he was seen at the North Block.

The devaluation of the rupee was announced on July 1, 1991 by the RBI. The prime minister called me to his office on the morning of July 3 and shared some of his cabinet colleagues’ misgivings (actually, his own misgivings) on the devaluation. I narrated the familiar script that the rupee was overvalued, that exports were suffering, that foreign exchange reserves were low, that foreign investors were reluctant to invest in India, and so on. Rao disclosed that there was one more devaluation and asked if I would go across to the finance minister and request him if the second step could be postponed if not aborted. I was certain I was not the only emissary he had........

© Indian Express