How Sensex performed under former PM Manmohan Singh

New Delhi: Former Prime Minister Manmohan Singh died on Thursday, December 26, 2024, at the ripe age of 92 years. Singh was an economist who wore many hats in the world of economics and finance, from professor to economic advisor to secretary in the finance ministry, RBI governor and deputy chairman of the Planning Commission. However, his most significant role was as India’s finance minister when he liberalised the Indian economy, turning a moment of distress for the Indian economy into an opportunity to change the destiny of Indians.

Singh’s tenure as Prime Minister was also among the most rewarding for stock market investors, with the benchmark Sensex rising 5X during his 10 years in office, according to an ET analysis.

How Sensex performed during PM Singh’s tenure

During Manmohan Singh’s tenure as prime minister, the benchmark BSE Sensex jumped 398 per cent to 24,693 in 2014 from 4,961
in 2004. The Sensex gave positive returns in 8 out of 10 years during Manmohan Singh’s leadership. Here is the year-wise breakdown of Sensex returns under Manmohan Singh’s prime ministership:

IT is notable here that 2008 was a difficult year for the global economy owing to the cascading effect of the US sub prime lending crisis on economies across the world. However, India managed to mitigate the disaster with government intervention.

Key contributions made by Dr Manmohan Singh

Dr Singh made multiple contributions to India’s public and financial life, from introducing a rights-based approach to education and food. The Mahatma Gandhi National Rural Employment Guarantee Scheme was an important milestone in ensuring rural jobs in lean seasons or non-agricultural seasons.

The biometric identification system Aadhaar was rolled out under Dr Singh’s prime ministership. He also oversaw the passage of a key bill to pave the way for India US civil nuclear deal, cementing US-India relations and paving the way for non-fossil fuel-based energy production in India.