Manmohan Singh Will Always Be Known For Visionary Leadership: Keki Mistry

Former Prime Minister Manmohan Singh, who passed away a day ago, was a towering figure of leadership and integrity, according to Keki Mistry, non-executive director of HDFC Bank Ltd.

"We should all draw inspiration from Dr Manmohan Singh's remarkable life and strive to build a nation, which reflects his vision, which is one of progress, passion and opportunity," Mistry told NDTV Profit on Friday. "He will always be known for his perseverance, humility and his visionary leadership."

Mistry described Singh as the architect of the economic revolution in India. "The 1992 budget, which opened the Indian economy to foreign investment, will always be known for the decades to come as the green budget of India."

When Singh became the prime minister, despite being a coalition government, he pushed through a number of reforms. That includes initiatives like the Mahatma Gandhi National Rural Employment Guarantee Act and the Right To Information Act that empowered millions of people. "Despite all these towering achievements, he always remained humble all his life," Mistry said.

India's relationship with foreign countries in the 1980s were not great and that really opened up during the Singh's regime, according to Mistry. "The nuclear treaty, the relationship with the US improved, there are a lot of things (done), quietly and humbly without too much publicity around it."

He said Singh's contribution to India's progress would "guide us for generations".

Mistry reflected on Singh's remarkable foresight and courage during his tenure as the finance minister. "The powerhouse that India is today, a significant voice in the global economy, began in 1992 with the opening of the economy."

He highlighted the impact of liberalisation, noting that before the reforms, there was no foreign equity ownership in India. "At HDFC, all shares were held by domestic investors. After the economy opened up, foreign investors began injecting capital into India, and HDFC was a major beneficiary."

Mistry also acknowledged the transformative impact of the banking sector's liberalisation in 1994. "HDFC evolved into a financial conglomerate, all thanks to the reforms initiated by the 1992 budget."

Mistry reminisced about meeting Singh at his old HDFC office before the 1992 budget. His company Chairperson HD Parekh knew Singh very well, and he got a chance to meet him at his office when Singh came to meet some industrialists and have a meeting with them.

"Singh wanted to hear from industrialists about what needed to be done for the economy. The meeting, held at our boardroom with industrialists, journalists and other attendees, lasted about an hour and a half," Mistry shared.

"He heard our suggestions, he responded thoughtfully, and shared counterarguments. I feel it was an extremely fruitful meeting," Mistry said.