Manmohan Singh and One Rupee note: How one step by former Finance Minister transformed India’s economy
GH News December 28, 2024 01:06 AM
New Delhi: Former prime minister Manmohan Singh the architect of Indias economic reforms passed away in Delhis All India Institute of Medical Sciences (AIIMS) on Thursday night. Singhs death was announced by the institute where he was admitted in the emergency ward around 8.30 PM in a critical condition.
An AIIMS bulletin said he was treated for age-related medical conditions and had sudden loss of consciousness at home on December 26. Resuscitative measures were started immediately at home. He was brought to medical emergency at AIIMS Delhi at 8.06 pm. Despite all efforts he could not be revived and was declared dead at 9.51 pm said the bulletin.
Manmohan Singh during his tenure as the Finance Minister and later as Prime Minister brought a slew of significant reforms. Amid this a one-rupee note bearing his signature has also come to the fore. During that time one-rupee notes featured the signature of the Finance Secretary instead of the Governor of the Reserve Bank of India.
All one-rupee notes printed bore Manmoha Singhs signature when he served as Finance Secretary.
When Manmohan Singh Became Governor of the Reserve Bank of India
Dr. Manmohan Singh became the Governor of the Reserve Bank of India on December 16 1982. He served as RBI Governor from 1982 to January 14 1985. During his tenure every currency note issued bore his signature. Manmohan Singhs work as the Governor of the Reserve Bank of India was widely appreciated and it was during this time that he came into the limelight with the then-government.
How Did Manmohan Singh Become Finance Minister?
It was Alexandar who informed him that Narasimha Rao is planning to induct him in his cabinet as the Finance Minister. At that time Manmohan Singh was the Chairman of the University Grants Commission (UGC) and had no connection to politics. As a result he didnt take Alexanders words seriously. However Narasimha Rao was very serious about him.
Narasimha Raos Trust Made Him Finance Minister
An anecdote from June 21 1991 is mentioned in Manmohan Singhs daughter Daman Singhs book Strictly Personal Manmohan and Gursharan. On that day Manmohan Singh was at his UGC office when he was asked to go home get ready and attend the oath-taking ceremony.
The book further adds that when the new team members were lined up to take the oath everyone was surprised to see Manmohan Singh among them. Although his portfolio was allocated later Narasimha Rao had already informed him that he was going to be the Finance Minister.