Prof. Ajit Singh fondly remembers his teacher, now PM Dr Manmohan Singh

Chandigarh, October 13, 2013(Srishti Choudhary)  : "Dr Manmohan Singh was one of the most well-trained professors of Economics of our time, who had set high standards for the teachers to come," recalls an ex-student, the world-renowned Economist, Professor Ajit Singh, who holds the prestigious Dr Manmohan Singh Chair, instituted after the name of his teacher at Panjab University.
On his third visit to the university since being appointed to the Chair, Professor Singh congratulated the university for its recent feat of being among the top 250 universities of the world. "It is indeed a big achievement, and more importantly because other developing countries are closely monitoring the progress of India. So when a university from India is ranked among the top 250 of the world, it acts as a morale booster to all the other countries," he said.

Professor Singh graduated with a BA (Mathematics and Economics) from the university in 1958, when our present Prime Minister Dr Manmohan Singh was his teacher. Despite battling with Parkinson's disease since 1982, Professor Singh has been actively doing his duties as a professor at Cambridge University. In 2010, he was awarded Glory of India award for 'individual excellence, excellent performance and outstanding contribution for the progress of the nation and worldwide'.
When asked about what keeps him motivated, Professor Singh, said, "If I do not give a lecture today, I will not be able to give it ever. It is all about discipline, and if you are determined not to compromise on that, then nothing in the world is difficult."
Talking about the standard of education in India, the professor highlights that there is lack of institutionalisation in India. "India is the home of traditional knowledge, but we do not have universities which can use that knowledge. We need to develop that talent, and importance must equally be given to humanities," he said.
He also called upon students of Economics not to accept any famous theories until they make sure its truly applicable. "Economics is a strange subject, where every person has some theory to give. So, students must be cautious," he said.
At present, Professor Singh is working on his research on the financial markets and economic development in China and India, and their implications for the US and world economy.
While the International Monetary Fund (IMF) has projected that emerging economies including India may not be able to sustain their growth rates under present circumstances, renowned economist, Prof Ajit Singh — Professor Emeritus of economics at Cambridge University and a student of Prime Minister Manmohan Singh — expressed optimism that the Indian economy will eventually grow at 9 per cent, as it did in 2010-11.
He also termed the rupee's free fall as a short-term phenomenon and rejected notions of an economic crisis in India. "It is a short term phenomenon, not a crisis. But, it could become a crisis, if the confidence on the Indian business is lost," Professor Singh said.
Highlighting that poverty in India has declined from 40 per cent twenty years ago, to 20 per cent at present, he added: "India's economy grew by 9 per cent in 2010-11, which was remarkable in itself, and the present growth rate of 4 per cent is not as bad, as it seems. We still have a system that works. But, we need to be careful about the risk from foreign changes, citing the recent economic slowdown in USA."
On his recent research on the economic development in China and India, and their implications for the US and world economy, Professor Singh emphasized that it is imperative for India and China to compete and co-operate with each other, if they want leading economists to take notice of them while making major decisions on the world economy.
"Both countries need to realise that if the US takes a decision, it will do so without considering its impact on other countries. But, in future, every economic decision will have to based on the analysis of its consequences on these two countries as well," Professor Singh added.
Elaborating on the issue, he said that in 1850, the total share of production of India and China was around 50 per cent, which reduced by 7 per cent in 1950, and at present it is only around 20 per cent. "In another 50 years, both these countries will reach that mark again," he added
Professor Singh has been an economic advisor to various United Nations (UN) developmental agencies, including the International Labour Organization, United Nations Conference on Trade and Development, the World Bank and the International Finance Corporation. In 2012, he was appointed to the highly prestigious Chair at Panjab University (PU), named after the current Prime Minister, Dr Manmohan Singh. In 2010, he was awarded Glory of India award for 'individual excellence, excellent performance and outstanding contribution for the progress of the nation and worldwide'.