Ramesh Damani, a market veteran, reflected on India's true "tryst with destiny" starting with Dr. Manmohan Singh's 1991 budget, despite India gaining independence in 1947. Speaking to NDTV Profit, Damani emphasized that Singh, as the Finance Minister in the PV Narasimha Rao government, played a pivotal role in India's economic transformation.

Damani credited Singh with giving India economic independence on July 24, 1991, when he presented a historic budget that initiated significant economic reforms. These reforms opened India’s economy to the world and steered it away from a looming financial crisis. Singh’s efforts, according to Damani, included dismantling the industrial license regime and allowing India to take its place as a growing global economy.

The market veteran also highlighted Singh's legacy, noting his establishment of the Securities Exchange Board of India (SEBI) and his role in disinvesting public sector undertakings (PSUs), which helped strengthen the Indian capital market. Other reforms, such as changes in taxation, capital gains, and industrial policies, continue to shape India's economic landscape.

Damani praised Singh’s contributions, stating that the liberalization budget of 1991 changed India’s course, leading to economic growth and the rise of the middle class. He concluded by asserting that India owes a significant debt of gratitude to Manmohan Singh for his path-breaking decisions, which continue to resonate in the nation’s economy today.