Rangarajan also recalled Singh's role as Finance Minister during the early 1990s under the leadership of then-PM Narasimha Rao, during which he implemented economic liberalization in India.
Former RBI Governor C. Rangarajan, who chaired the Prime Minister's Economic Advisory Council during Manmohan Singh's government, has commented on Singh's prime ministerial terms. According to Rangarajan, Singh's initial tenure was marked by excellence, showcasing his ability to navigate challenges beyond the economy, leading to rapid national growth. However, the second term was marred by political issues, though Rangarajan commended Singh's performance as Finance Minister during the early 1990s when he spearheaded the liberalization of the Indian economy under then-PM Narasimha Rao.
Reflecting on Singh's appointment as Finance Minister, Rangarajan highlighted his skills as an economist, emphasizing Singh's pivotal role in implementing crucial economic reforms. Narasimha Rao's political support was also noted, as he played a crucial role in dismantling controls and licenses in industries.
Rangarajan discussed his decision to resign as the chairman of the Economic Advisory Council after the Congress lost the 2014 general elections, citing the need for a change in leadership. He stressed the importance of India focusing on increasing per capita income to achieve developed status and emphasized the challenges posed by the changing landscape of artificial intelligence on the workforce.
Finally, Rangarajan, a former Governor of the Reserve Bank of India, highlighted the unique nature of technological changes, particularly in artificial intelligence, which may impact employment growth. He served as a member of the Rajya Sabha and had two separate tenures as the Chairman of the Prime Minister's Economic Advisory Council between 2005-08 and 2009-14.
