When Manmohan Singh offered
to Resign from his Post (As Finance Minister)
#memoriesfromdiaries | A sneak peek ❤️
This day, 31 years ago, from my daily diary ❤️
1st January 1994
Four key news items feature in my diary entry for this particular day.
The first one is on the surprise decision of Dr. Manmohan Singh to quit as the Nation’s Finance Minister.
The Finance Minister of the Nation Dr. Manmohan Singh (who passed away in December 2024), offered to resign from his post on this particular day.
An upright person with great moral integrity, he had offered to resign from his prestigious post as Finance Minister of the Nation, when a parliamentary investigation report was critical of his ministry for failing to anticipate and check the securities scandal.
However, the then Prime Minister Dr. Rao refused to accept Dr. Singh’s resignation, as he had proved to be a valuable asset for the Finance Portfolio, at that point of time.
Interestingly, Dr. Singh had held a lot of key portfolios during the 1970s and 1980s, with the Government of India, (prior to his appointment as Finance Minister) such as Chief Economic Advisor (1972–1976), governor of the Reserve Bank (1982–1985) and head of the Planning Commission (1985–1987).
[On an aside: Dr. Manmohan Singh is the pioneer behind the Liberalisation of India’s economy way back in the 1990s and 2000s, which resulted in the country recording a phenomenal economic growth.]
The second news article that assumes significance for this particular day is –
Russia’s agreement to supply four rocket boosters to India.
This was done, as a ‘penance’ for canceling a promised transfer of missile technology and training to India, under a 1991 contract, (at U.S. insistence!!!).
The 1991 ISRO deal, valued at around $400 million provoked verbal fire from the United States which subsequently even threatened to invoked trade sanctions against ISRO and the Russian space agency.
But why Russia’s Rocket Boosters for India?
Well, three decades ago, in the 1990s, India was dependent on Russian rocket boosters primarily because it was still heavily reliant on Russia for space launch capabilities.
Since there were restrictions imposed by the Missile Technology Control Regime (MTCR) that prevented India from accessing crucial cryogenic engine technology needed for its own advanced rockets, India was forced to purchase pre-built stages from Russia, at that point of time.
Fast-forward to today, and it is so heartwarming to see how India has prided herself on the space front.
Thought of reproducing an article in today’s Times of India, Chennai Edition, where ISRO Chairman S Somanath gives a press briefing on India’s space achievements in 2024 and informs them about upcoming launches.
 |
| Today's Times of India |
He remarks -
ISRO was born in 1969 when the US was busy sending humans to the Moon. But now the situation has changed as ISRO is launching US satellites as he refers to the upcoming commercial launch of a satellite for an American customer, which will be used for mobile communication.
That’s tremendous advancement in leaps and bounds for India on the space front!
The third news article that assumes importance for this particular day is -
The Lion of Rajasthan Bhairon Singh Shekhawat proves majority in the State Assembly.
After his government was dismissed in 1992 and President's rule imposed in the State of Rajasthan, in the subsequent elections, in December 1993, Shekhawat led the BJP to power, winning 96 seats.
He later became the the 11th vice president of India from 2002 to 2007.
As Vice President, he was famous for having climbed the Eiffel Tower at the age of 83. He later contested for the post of President of India, but lost to Pratibha Patil.
The fourth and final news from the State of Tamil Nadu, is the passing of the Bill on 69% Reservation.
Called the Tamil Nadu Backward Classes, Scheduled Castes and Scheduled Tribes (Reservation of Seats in Educational Institution and of appointments or posts in the Services under the State) Bill, 1993, the then Chief Minister J Jayalalithaa also made sure that the Tamil Nadu government’s Act should be brought under the Ninth Schedule of the Constitution, which ensured that it cannot be challenged in any court.
The President's assent came soon, and this confirmed the 69% reservation for Tamil Nadu.
PS: You may also want to
read an article in The Hindu on The Woman behind the Quota, HERE
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