word Renowned Economist

Word Renowned Economist cum Politician

Mr. Manmohan singh is word famous economist turned poltician. Mr.Singh born on 26^th Sept, 1932 in Gah, west Punjab (now in Chakwal district Pakistan). He got master degree in economics from Punjab University Chandigarh in 1954. He acquired undergraduate degree from Cambridge University in 1957. Mr Singh married Gursharan Kaur in 1958. After marriage, He moved to Oxford University for Ph.D and completed the study in 1962.

After completing Ph.D, Mr. Singh joined International Monetary fund. During the 1970’s, he worked for Ministry of foreign Trade and finance ministry of India. He also taught at the university of Delhi and Jawaharlal Nehru University. He worked as a Governor of the Reserve bank of India from 1982 to 1985. He was deputy chairman of the Planning Commission of India from 1985 to 1987.

In 1991, India was facing an economic crisis. Mr. P.V. Narsima Rao selected Mr. Singh to be finance minister of India. It was a challenging job at that time. Mr. Singh and Rao took very bold decision; they opened up the Indian economy, changed the socialist economy to capitalist economy. They initiated economic reforms including dismantling of license raj, removed obstacles for foreign direct investment and start the process of privation of public sector companies. These economic reforms are credited with high level of economic growth. The annual economic growth rise to 8.25% from 3%.

Mr. Singh became the first Sikh prime minister of India on 22^nd May 2004.Being a Prime Minister of India, he worked towards stronger ties with United States. He started negotiation over Indo-US civilian Nuclear Agreement. It will give India energy security and nuclear fuel for nuclear energy. Mr. Singh also visited Japan in 2006 and strong relation developed with Asian countries, European Union countries like UK, France and Germany. Relation with Iran, have continued and negotiation, over the Iran-Pakistan-India gas pipe line have taken place, its construction will start in 2009. Now the parliamentary elections are going to be held in this year; I wish for his victory.

HSBC BANK

Canada important bank, HSBC recorded decline 16.6 % decline in operating income during the third quarter of 2008. The major reason of dimnishing income due to decrease in return on equity from 85 countries. The figures shows that equtiy decline to 18.4% from 21.3 %.

Its total assets were $66.9 billion at Sept. 30, up from $63.6 billion a year earlier. But funds under management declined to $24.6 billion from $27.1 billion.

Banks' top management is worried about this loss. They are planning to find out the way to set off this loss in the 4th quarter.

Posted by

Parvinder Dhandwar