It’s been 10 days since the passing of one of the key architects of India’s economic revival, Dr. Manmohan Singh. Reading Deepak Krishnadas's post made me pause and reflect on how his visionary policies touched lives and shaped industries — including one of my former employers, Manappuram Comptech and Consultants Ltd, a subsidiary of Manappuram Finance Limited one of India's biggest gold loan NBFCs.
Back in the day, Manappuram Finance was a modest, single-branch operation founded in 1949 by Mr. V.C. Padmanabhan. Known locally as a "village brand," it built trust and goodwill in the Thrissur coastal areas. Yet, until the 1990s, it remained small-scale, similar to what locals humorously referred to as another "Blade Company."
Then came the 1991 economic liberalization, initiated by Dr. Manmohan Singh as Finance Minister under Prime Minister P.V. Narasimha Rao's leadership. This pivotal moment changed the trajectory of countless businesses in India, including gold loan companies like Manappuram Finance and Muthoot Finance.
Prior to liberalization, gold loans were a niche market. Gold, though beloved in Kerala, was often smuggled due to high import duties — a backdrop you’d see in many old Malayalam films featuring iconic villains played by Jos Prakash, Balan K Nair, et al. But by the late '90s, liberalized policies and formalization of the gold loan market transformed the landscape.
In 1998, when the RBI granted licenses to Manappuram Finance (and later to Muthoot Finance in 2001), these companies took off. From a mere 10 branches to over 1,000, the growth was staggering. Today, Manappuram Finance stands as a listed company with a net worth of ₹125 billion, over 5,000 branches, a presence in 28 states, and 50,000+ employees.
As the HR head at Manappuram Comptech and Consultants Ltd, I often shared this inspiring story during induction sessions for new employees. Dr. Manmohan Singh, with his foresight and dedication, always featured as one of the heroes in that narrative. His reforms didn’t just open markets; they unlocked opportunities, ambitions, and livelihoods for millions.
Deepak Krishnadas, Anish Aravind , Sajan Janardanan , CA. Sanil Chacko, Indu Pillai, Yabeejan K — I’d love to hear your own experiences of how liberalization shaped industries or touched lives. To everyone reading this, do you have stories about how India’s economic reforms impacted you or your community?
Liberalization DrManmohanSingh EconomicReforms IndiaRising
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