00:00Former Prime Minister Dr. Manmohan Singh is no more with us.
00:08On December 26, he took his last breath in Delhi.
00:11Manmohan Singh has done a lot to strengthen the economic health of the country.
00:16As a Finance Minister in 1991, who can forget his budget that saved the country's economy from drowning?
00:22Dr. Singh has played an important role in the revolutionary changes in the stock market.
00:27If we talk about the National Stock Exchange, then this foundation was also laid during his tenure.
00:33That is, NSE is the gift of Dr. Manmohan Singh.
00:36How? What happened to that whole matter? Let's find out in this video.
00:40In May 1992, Finance Minister Manmohan Singh approved the National Stock Exchange proposal.
00:46This modernized India's financial markets.
00:50And in a way, the dominance of the Bombay Stock Exchange was challenged.
00:54The NSE, inspired by the Swedish model, adopted an order-driven system to enhance transparency and efficiency.
01:01This completely changed the country's stock market.
01:05Now how was this blueprint ready?
01:07So in 1992, it was the month of May.
01:10An important presentation was going on in the conference room of the Finance Ministry on the ground floor of the North Block.
01:18As Finance Minister, Manmohan Singh was listening to everything very seriously.
01:23Ravi Narayan was a member of the Indian Industrial Development Bank, i.e. IDBI.
01:27Ravi Narayan's mentor was R. H. Patil.
01:30And the then President of the IDBI Bank, S. S. Nadkarni, was a part of this presentation.
01:36All of them had presented a blueprint in front of Dr. Singh to make the National Stock Exchange.
01:42Inspired by the Swedish model, they imagined a system that was quite different from the heavy broker-driven model on the Indian stock market.
01:52Ravi Narayan told the Finance Minister that he would adopt an order-driven vision to increase NSE transparency and ensure uniform order books for the entire country.
02:02Being an architect of economic reforms in 1991, Manmohan Singh did not take long to understand how significant this NSE concept would be for the country.
02:12He immediately approved this proposal.
02:16That is, he approved this proposal.
02:20After meeting Manmohan Singh at Harijundi, G. V. Ramakrishnan, the then President of the SEBI Bank,
02:27together with other members, prepared a platform to shape the NSE.
02:32Today, according to the NSE volume, it is established as India's largest stock exchange.
02:38This is proof of Manmohan Singh's vision and firm resolve.
02:43So this was the whole story of NSE, in which Manmohan Singh played a very important role.
02:49He was the Finance Minister at that time.
02:51He himself approved this proposal.
02:54Dr. Manmohan Singh is not among us, but whatever work he did in his career,
02:59whether he was the Governor of RBI, whether he was the Finance Minister or he was the Prime Minister,
03:04he will always continue to help the country.
03:08Dr. Manmohan Singh, on behalf of the entire team of Good Returns, has been honored.
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