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When I became finance minister in 1991, I discovered that the wealth tax rates income - there was taxation on wealth. It was so atrocious and so high that actually nobody could accumulate money in an honest way. I removed that tax, and the result was that Indian companies for the first time acquired an incentive to grow big, to grow rich.

Manmohan Singh

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Manmohan Singh
Age: 92
Born: 1932
Born: September 26
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More quotes by Manmohan Singh

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Outsourcing, information technology revolution, the access to India's human resources, India's pool of scientists. It will help American companies to become leaner, meaner, more efficient, and they become more competitive, both in the United States and in dealing with the rest of the world.
Manmohan Singh
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Yes, I think India's economy always has been a mixed economy, and by Western standards we are much more of a market economy than a public sector-driven economy.
Manmohan Singh
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The emergence of India as a major global power is an idea whose time has come.
Manmohan Singh
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With the revolution in information technology, with the revolution in transport technologies, I think just geography has lost its all significance.
Manmohan Singh
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India happens to be a rich country inhabited by very poor people.
Manmohan Singh
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The Chinese economy is growing at the rate of 9 percent the Indian economy growing at the rate of 8 percent - enormous I think opportunities for two-way flow of trade, technology and investment.
Manmohan Singh
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Let me say that I think the economic history of the last 150 years clearly shows that if you want to industrialize a country in a short period, let us say 20 years, and you don't have a well-developed private sector, entrepreneurial class, then central planning is important.
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In a country where employment opportunities are not growing fast enough, the fear of change tends to be very acute.
Manmohan Singh
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No power on earth can stop an idea whose time has come.
Manmohan Singh
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I am convinced the entrepreneurial spirit of the Indian people, if allowed to express itself freely in the marketplace, India will be all right.
Manmohan Singh
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Protectionism is a very real danger. It is understandable that in times of a severe downturn protectionist pressures mount but the lessons of history are clear. If we give in to protectionist pressures, we will only send the world into a downward spiral.
Manmohan Singh
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I think whatever I've done, I hope I've earned a footnote in India's long and tortuous history.
Manmohan Singh
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Capitalism historically has been a very dynamic force, and behind that force is technical progress, innovation, new ideas, new products, new technologies, and new methods of managing teams.
Manmohan Singh
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Democracies don't go to war.
Manmohan Singh
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China is very important. The future growth of China, China's influence is bound to rise.
Manmohan Singh
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My top most priority is to deal with India's massive social and economic problems, so that chronic poverty, ignorance and disease can be conquered in a reasonably short period of time.
Manmohan Singh
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No nation, no society, no community can hold its head high and claim to be part of the civilized world if it condones the practice of discriminating against one half of humanity represented by women.
Manmohan Singh
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The Indian economy grew at 5.5 percent, but if you look at the last 30 years - for example, 1960 to 1985 - the progress made by East Asian countries was phenomenal. In a single generation they had been able to transform the character of their economy. They were able to get rid of chronic poverty.
Manmohan Singh
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[Urbanization] is the inevitable outcome of the processes of growth and the processes of modernization.
Manmohan Singh
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If you don't have a functioning financial system the world economy won't be revived. All the major economies have their responsibility to assist at a pace which is required to clean up the balance sheet of the banking system and to ensure that credit flows are resumed.
Manmohan Singh