Dr. Manmohan Singh, India's 13th Prime Minister and a renowned economist, served from 2004 to 2014, a period marked by extraordinary growth in the Indian stock market. The BSE Sensex, India’s benchmark index, surged by an impressive 398%, climbing from 4,961 points in 2004 to 24,693 points in 2014, nearly quintuplicating its value. Positive returns were recorded in 8 out of his 10 years in office, underscoring his impactful economic leadership.
The Sensex saw its most remarkable growth in 2009, surging by 81% as the economy rebounded from the global financial crisis. Other notable years included 2006 and 2007, with gains of 47% each, and solid performances in 2004 (33%), 2005 (42%), 2010 (17%), 2012 (26%), and 2013 (9%). However, the global financial crisis of 2008 caused the index to plummet by 52%, marking its worst performance during his tenure. Another challenging year was 2011, with a 27% decline due to global uncertainties and domestic pressures.
Beyond stock market performance, Dr. Singh's contributions to India's growth were far-reaching. As Finance Minister in 1991, he spearheaded India’s landmark economic liberalization, transitioning the country from a closed economy to a market-driven one. His reforms opened the doors to foreign investments and modernized the financial sector. Earlier in his career, he served as a member of the Planning Commission and as the Governor of the Reserve Bank of India (1982–1985), where he played a pivotal role in shaping monetary policy.
Between 1998 and 2004, Dr. Singh served as the Leader of Opposition in the Rajya Sabha, advocating for economic policies that balanced growth and equity. As Prime Minister for two consecutive terms, he became India’s fourth longest-serving Prime Minister, after Jawaharlal Nehru, Indira Gandhi, and Narendra Modi. His tenure remains a defining era in India's economic history, blending visionary policymaking with market dynamism.
