World at cusp of ushering India era as we gain developed status: NK Singh

The world is at the cusp of ushering in an India era as the country's growth trajectory moves towards a developed nation status by 2047, leading economist and policymaker NK Singh has said.

In his address on being conferred a prestigious Honorary Fellowship at the London School of Economics and Political Science (LSE) on Wednesday evening, the President of the Institute of Economic Growth said he was humbled to be joining the ranks of fellow Indians such as Nobel laureate Professor Amartya Sen and former president KR Narayanan.

The renowned university said the honour was in recognition of Singh's long-standing and committed relationship with the LSE and his efforts to facilitate its unique relationship with India as Co-chair of LSE's India Advisory Board.

 

It is a humbling moment for me considering the stature of many of my predecessors. The LSE has been a centre of academic excellence since its inception in 1895. Its connection with India has been an intensive, inquisitive and integral relationship, said Singh.

In his acceptance speech, the 83-year-old economist traced the country's glorious history and its quest as a high-growth economy in time for its 100th anniversary of independence.

This is the third term of Prime Minister (Narendra) Modi, he and all members of the council of ministers are deeply committed to a developed India by 2047 for the next two decades, India needs to sustain this kind of growth trajectory. The Indian growth story also demonstrates that democracy and development are not inimical to each other, he said.

From time immemorial, India has been a mine of precious ideas; ushering in the India age is predicated in this deep belief, in our quest, in our anxiety, in our earnestness, in our restlessness to achieve what is ordained for us, he concluded.

Singh, as the Co-Convenor of the High-Level Expert Group for the reforms of Multilateral Development Banks (MDBs) formed by the G20, has called for a better, bolder and bigger approach by the MDBs that also tackle pressing concerns of the climate crisis.

Lord Nicholas Stern, co-director of the LSE's India Observatory, gave the oration at Singh's Fellowship ceremony and highlighted his many achievements including as a member of the Rajya Sabha (2008 to 2014) and in the core group of leaders involved in India's economic reforms of 1991. Singh is also credited with major structural and macroeconomic reforms thereafter as Secretary to former prime minister Atal Bihari Vajpayee.

LSE Vice-Chancellor Larry Kramer said: This is the first Honorary Fellowship I have the privilege to award in my term as LSE President, and I am particularly thrilled to confer it upon our lifelong partner, NK Singh.

NK's life and career have exemplified LSE's mission to apply the social sciences in service of humanity, and the entire School is delighted to honour his decades of friendship in this way.

The ceremony held at the Royal College of Surgeons in London also included remarks from Alex Ellis, former British High Commissioner to India, along with messages read out from senior Indian ministers.

NK Singh's profound expertise in fiscal policy, coupled with his unwavering commitment to fiscal prudence, transparency, and cooperative federalism, epitomises his enduring legacy, read Finance Minister Nirmala Sitharaman's message.

In the diplomatic domain, he is well-known for his efforts at forging a closer relationship between India and Japan and was deeply involved in India's G20 Presidency, serving as the Co-Convenor of the Independent Expert Group for the Reforms of Multilateral Development Banks, noted Minister of External Affairs S Jaishankar.