Following the death of Manmohan Singh at the age of 92 on Thursday, one can’t help but wonder whether India will ever have another technocratic prime minister like him. Given the populist turn the country and large parts of the world have taken in recent years, this appears unlikely for the foreseeable future.
The Bharatiya Janata Party-led government in New Delhi and the main opposition party, the Indian National Congress, of which Dr Singh was a long-time member and leader, appear to have embraced overlapping versions of economic populism that will probably have worried the late prime minister even in retirement.
The federal government, under Prime Minister Narendra Modi, has undoubtedly maintained fiscal discipline over the past decade. It has instituted some meaningful reforms, like institutionalising a nationwide Goods and Services Tax. But it has baulked at other big-ticket items by walking back much-needed land reforms and later repealing three potentially far-reaching farm laws.
In a surprise move, the government ruled out joining the Regional Comprehensive Economic Partnership, a free-trade agreement that, among others, includes China and the 10 countries that make up the Association of South-East Asian Nations. It was a clear indication that New Delhi was going in the protectionist direction.
But what is more troubling is the enthusiasm shared by almost every Indian political party, particularly in individual states, to deliver a range of direct benefits to the citizens, from farm-loan waivers to cooking gas to free bus travel for women. Some of this welfarism is targeted and even necessary, given that about 129 million Indians continue to live in extreme poverty, but there are genuine concerns that many state governments are spending beyond their means simply to stay in power.
This isn’t unique to India. Many other countries, too, have poured resources into large welfare programmes since the onset of the Covid-19 pandemic. But a period of austerity that followed the 2007-2008 global financial crisis appears to have been replaced by an era of exploding public debt, expected to exceed $100 trillion at the end of the current year, according to the International Monetary Fund.
Dr Singh would no doubt have been expected to loosen the government purse strings in times of emergency. In fact, he sought government interventions, as long as they were paid for. As prime minister, from 2004 to 2014, he even put in place the makings of a modern welfare state, enacting schemes such as the Mahatma Gandhi National Rural Employment Guarantee Act and the Right to Education Act.
As the political scientist Ashutosh Varshney wrote in The Indian Express recently: "Manmohan Singh’s welfarism viewed the underprivileged as rights-bearing citizens, not simply as recipients of largesse."
And yet he was cut from a different philosophical cloth, given his focus on market reforms and fierce conviction that people needed to be given economic freedom. The Economist’s description of Dr Singh as “India’s economic freedom fighter” can hardly be disputed.
In 1991, Dr Singh memorably quoted Victor Hugo, telling his fellow MPs that “no power on Earth can stop an idea whose time has come”. This “idea” was that it was time for India to shed its socialist past and embrace a capitalist future by moving in the direction of liberalisation, globalisation and privatisation.
Over the next five years as finance minister, he worked with the country’s seemingly ossified bureaucracy to ensure that the government could embark on some of the large-scale economic reforms that he envisioned. These included the abolition of most trade licences, inviting foreign investment in the stock market and reconfiguring the banking sector.
Singh’s struggle to deliver prosperity for all is the classic conundrum that today’s moderate politicians around the world also have to contend with
The fruits of his government’s efforts, and those of subsequent administrations, transformed India from a country that faced an acute balance of payments crisis in the late 1980s to becoming the world’s fifth-largest economy. These reforms pulled the country out of its four per cent growth rate to achieve closer to 10 per cent economic expansion on a consistent basis over the following years.
The momentum generated by this “idea” of creating economic freedom proved unstoppable, even decades later; the Oxford Poverty and Human Development Initiative states that more than 270 million people were lifted out of poverty between 2005-06 and 2015-16, a 10-year period during most of which Dr Singh served as prime minister.
However, no historical figure is perfect and Dr Singh has had his critics.
Many on the left have pointed to India’s continuing poverty and a rise in income inequality that his policies engendered over three decades. Many on the economic right have claimed he didn’t do enough, such as pushing through agricultural reforms that today’s government has burnt its fingers in trying to implement.
Dr Singh’s struggle to please all, and more importantly to deliver prosperity for all, is the classic conundrum that today’s moderate, technocratic politicians around the world also have to contend with. As parties become more ideologically extreme, and the spirit of consensus is depleted in a fast-changing world, it could be a while before a post-Cold War historical figure like Dr Singh emerges again, let alone thrives.
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Director: Jon Favreau
Starring: Donald Glover, Seth Rogen, John Oliver
Rating: 2 out of 5 stars
TOUCH RULES
Touch is derived from rugby league. Teams consist of up to 14 players with a maximum of six on the field at any time.
Teams can make as many substitutions as they want during the 40 minute matches.
Similar to rugby league, the attacking team has six attempts - or touches - before possession changes over.
A touch is any contact between the player with the ball and a defender, and must be with minimum force.
After a touch the player performs a “roll-ball” - similar to the play-the-ball in league - stepping over or rolling the ball between the feet.
At the roll-ball, the defenders have to retreat a minimum of five metres.
A touchdown is scored when an attacking player places the ball on or over the score-line.
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Rating: 3.5/5
The five pillars of Islam
The five pillars of Islam
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Rating: 4/5
Directed by: Joseph Kosinski
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The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
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What is blockchain?
Blockchain is a form of distributed ledger technology, a digital system in which data is recorded across multiple places at the same time. Unlike traditional databases, DLTs have no central administrator or centralised data storage. They are transparent because the data is visible and, because they are automatically replicated and impossible to be tampered with, they are secure.
The main difference between blockchain and other forms of DLT is the way data is stored as ‘blocks’ – new transactions are added to the existing ‘chain’ of past transactions, hence the name ‘blockchain’. It is impossible to delete or modify information on the chain due to the replication of blocks across various locations.
Blockchain is mostly associated with cryptocurrency Bitcoin. Due to the inability to tamper with transactions, advocates say this makes the currency more secure and safer than traditional systems. It is maintained by a network of people referred to as ‘miners’, who receive rewards for solving complex mathematical equations that enable transactions to go through.
However, one of the major problems that has come to light has been the presence of illicit material buried in the Bitcoin blockchain, linking it to the dark web.
Other blockchain platforms can offer things like smart contracts, which are automatically implemented when specific conditions from all interested parties are reached, cutting the time involved and the risk of mistakes. Another use could be storing medical records, as patients can be confident their information cannot be changed. The technology can also be used in supply chains, voting and has the potential to used for storing property records.
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
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Financial considerations before buying a property
Buyers should try to pay as much in cash as possible for a property, limiting the mortgage value to as little as they can afford. This means they not only pay less in interest but their monthly costs are also reduced. Ideally, the monthly mortgage payment should not exceed 20 per cent of the purchaser’s total household income, says Carol Glynn, founder of Conscious Finance Coaching.
“If it’s a rental property, plan for the property to have periods when it does not have a tenant. Ensure you have enough cash set aside to pay the mortgage and other costs during these periods, ideally at least six months,” she says.
Also, shop around for the best mortgage interest rate. Understand the terms and conditions, especially what happens after any introductory periods, Ms Glynn adds.
Using a good mortgage broker is worth the investment to obtain the best rate available for a buyer’s needs and circumstances. A good mortgage broker will help the buyer understand the terms and conditions of the mortgage and make the purchasing process efficient and easier.
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
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Last 10 NBA champions
2017: Golden State bt Cleveland 4-1
2016: Cleveland bt Golden State 4-3
2015: Golden State bt Cleveland 4-2
2014: San Antonio bt Miami 4-1
2013: Miami bt San Antonio 4-3
2012: Miami bt Oklahoma City 4-1
2011: Dallas bt Miami 4-2
2010: Los Angeles Lakers bt Boston 4-3
2009: Los Angeles Lakers bt Orlando 4-1
2008: Boston bt Los Angeles Lakers 4-2
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MEYDAN CARD
6.30pm Al Maktoum Challenge Round-1 Group One (PA) US$65,000 (Dirt) 1,600m
7.05pm Handicap (TB) $175,000 (Turf) 1,200m
7.40pm UAE 2000 Guineas Trial Conditions (TB) $100,000 (D) 1,600m
8.15pm Singspiel Stakes Group Two (TB) $250,000 (T) 1,800m
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10.35pm Handicap (TB) $135,000 (T) 1,600m
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Name: Thndr
Started: October 2020
Founders: Ahmad Hammouda and Seif Amr
Based: Cairo, Egypt
Sector: FinTech
Initial investment: pre-seed of $800,000
Funding stage: series A; $20 million
Investors: Tiger Global, Beco Capital, Prosus Ventures, Y Combinator, Global Ventures, Abdul Latif Jameel, Endure Capital, 4DX Ventures, Plus VC, Rabacap and MSA Capital
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The specs: 2017 Porsche 718 Cayman
Price, base / as tested Dh222,500 / Dh296,870
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