Humble yet resolute, Dr Manmohan Singh once remarked, “I honestly believe that history will be kinder to me.”
As the nation mourns his death at the age of 92, his words resonate deeply. Among his many legacies, the National Stock Exchange (NSE) stands as a towering testament to his visionary leadership, transforming India’s financial markets and empowering millions of investors.
In the early 1990s, the apolitical Dr Singh, tapped by then-Prime Minister PV Narasimha Rao as Finance Minister, navigated the country through a severe economic crisis. Alongside broader liberalisation efforts, he envisioned a modern, transparent stock exchange to rival the dominance of the broker-driven Bombay Stock Exchange (BSE).
In May 1992, Dr Singh participated in a landmark meeting at the Finance Ministry, where a transformative vision for India’s financial markets was unveiled. Spearheaded by Ravi Narain under the mentorship of RH Patil of IDBI, the blueprint for the National Stock Exchange (NSE) took shape.
Drawing inspiration from Sweden’s for-profit exchange model, the proposal envisioned a nationwide, order-driven system that would prioritise transparency, accessibility, and efficiency.
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At its core was a vision for a fully tech-driven exchange, eliminating cumbersome manual processes to revolutionise how India traded. With Singh’s decisive approval and the backing of then-SEBI chairman GV Ramakrishna, the foundation for the NSE was firmly laid, setting the stage for a modernised and robust financial ecosystem.
“Setting up of @nseindia was a part of the reforms undertaken by Dr Manmohan Singh as the Finance Minister as the first public digital infrastructure of India,” said NSE CEO Ashish Chauhan while paying tribute on X.
Our humble tribute to Dr Manmohan Singh. In early 1990s, as the finance minister, he initiated major reforms. Setting up of @nseindia was a part of the reforms undertaken by Dr Manmohan Singh as the finance minister as the first public digital infrastructure of India. A small… pic.twitter.com/tLpSk0iLfy
— Ashish Chauhan (@ashishchauhan) December 27, 2024
Singh’s support for the project reflected his understanding of the need for a modernised financial ecosystem to complement India’s liberalised economy.
Launching in 1994, the NSE revolutionised capital markets, bringing in a new era of efficiency and trust. Today, it is the largest stock exchange in the country, standing as a hallmark of Singh’s transformative vision.
Singh’s reforms extended beyond the NSE. Faced with a balance-of-payments crisis in 1991, he took bold steps, including pledging India’s gold reserves to secure an IMF loan. His policies of liberalisation, globalisation, and privatisation laid the foundation for decades of growth, earning him the title of the architect of India’s economic transformation.
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As India bids farewell to this towering statesman, the NSE remains an enduring symbol of his ability to think ahead and act decisively for the nation’s future. His humility, intellect, and vision have forever shaped the fabric of India’s progress.
