New Delhi, February 26 Former German Chancellor Angela Merkel praised the economic reforms initiated by former Prime Minister late Manmohan Singh, stating that they helped India achieve a 30-year period of economic growth.
She also emphasized that India has tremendous potential for economic development.
Delivering the inaugural Dr. Manmohan Singh Memorial Lecture here, Merkel stated that as the world's most populous country, India has experienced more than a 5% growth rate in recent years.
She also commended the free trade agreement (FTA) recently signed between India and the European Union, recalling her own contributions to it.
Merkel noted that the European Union is the second-largest global economic power, and that India has a younger population, which gives it a demographic advantage.
Merkel also expressed her satisfaction at the long negotiations that led to the announcement of an FTA between the EU and India.
"I am happy with the free trade agreement with the European Union, because I played a part in it," she said.
"India indeed has great potential and a bright future," she added, highlighting the demographic advantage it possesses.
Merkel also mentioned that the relations between India and Germany could be further extended, as both share cultural ties.
However, she refrained from discussing the political aspects, stating, "I don't really want to interfere in what is happening between the two countries at the political level.”
Merkel stated that when Manmohan Singh took office in 2004, the per capita gross domestic product in India was USD 624, but when he left office in 2014, it was USD 1,553, an increase of 2.5 times.
"I believe these figures speak for themselves," she said.
"I was impressed by the sheer size of the country, which has a 5,000-year history and 22 official languages recognized by the Constitution," Merkel added.
Noting that the unity of a country grows from its diversity, she said "tolerance and respect are essential prerequisites for peaceful development.”
Merkel recalled that as Finance Minister from 1991 to 1996, after India faced a severe financial crisis, Manmohan Singh led "courageous reforms" when India was a strictly regulated economy.
She said that Singh liberalized foreign exchange, dismantled bureaucratic red tape, and opened the Indian market to foreign investors.
"This allowed him to stabilize the finances. These reforms made it possible for India to achieve almost 30 years of economic growth," she noted.
The former German Chancellor also recalled her disappointment with India's reluctance to accept binding CO2 emission targets after the Kyoto Protocol, with Manmohan Singh stating, "The Indian Parliament would never accept binding CO2 reductions.”
"I was not very happy about that," she said.
Merkel also recalled Singh's inspiring life, from his humble beginnings to leading the country.
