New Delhi, Feb 26 – Former German Chancellor Angela Merkel praised the economic reforms initiated by late Indian Prime Minister Manmohan Singh, saying they set India on a 30 year path of sustained economic growth. Delivering the inaugural Dr Manmohan Singh Memorial Lecture, Merkel highlighted India’s tremendous potential for development, fueled by its young population and demographic advantage.
Merkel also lauded the recently concluded India-European Union free trade agreement (FTA), noting her own contributions to the negotiations. “The free trade agreement with the European Union makes me happy, because I had a part to play in it,” she said.
Recalling Singh’s tenure as finance minister during the early 1990s, Merkel emphasized the “courageous reforms” that liberalized foreign exchange, reduced bureaucratic hurdles, and opened India’s markets to foreign investors, stabilizing the country’s finances. She noted that when Singh became Prime Minister in 2004, India’s GDP per capita was USD 624, which grew to USD 1,553 by 2014—a 2.5-fold increase.
“India does have great potential and a great future,” Merkel said, highlighting the importance of diversity, tolerance, and respect in ensuring peaceful development in a country with over 5,000 years of history and 22 officially recognized languages.
She also briefly touched upon environmental concerns, recalling her disappointment over India not accepting binding CO2 emission targets under the Kyoto Protocol, which Singh explained would not pass the Indian Parliament.
Merkel concluded by praising Singh’s inspiring journey from humble beginnings to becoming a transformative leader who guided India through economic liberalization and decades of growth.