When the Iron Lady Margaret Thatcher praised Rajiv Gandhi,Manmohan Singh for liberalisation

Outspoken Thatcher had termed protection by the West as selfish.

Margaret Thatcher had once hailed former Prime Minister Rajiv Gandhi8217;s vision for India8217;s economic liberalisation,which was 8220;boldly initiated8221; by the then Finance Minister Manmohan Singh.

Former Prime Minister P V Narasimha Rao and Singh had 8220;tackled an enormous problem8221;,like old bureaucratic system of industrial licensing,as they initiated the liberalisation process,said Thatcher,the Iron Lady as she was known.

8220;Rajiv foreshadowed the policy of economic liberalisation which was boldly initiated under Prime Minister PV Narasimha Rao and Finance Minister Singh,8221; she had said while delivering the 8216;Rajiv Gandhi Golden Jubilee Memorial Lecture8217; in Bangalore in 1995.

8220;These reforms are already leading to the transformation and regeneration of India8217;s economy. And the further and faster they go the greater the gains will be. For many years excessive controls,planning,state ownership,intervention,and taxation held this country back. Now its vast potential is beginning to be realised.8221;

Outspoken Thatcher had also termed protection by the West as 8220;selfish8221;.

8220;Prolonged protection by the less developed countries is folly. And in both cases,though it may get instant plaudits from vested interests,it is self-defeating.8221;

Since 1991,the policies of Prime Minister Rao and Finance Minister Singh present prime minister have 8220;courageously8221; set about transforming India8217;s economy by sweeping away many of the obstacles to economic advance.

Story continues below this ad

8220;They have tackled an enormous problem. The old bureaucratic system of industrial licensing has largely been dismantled. Customs duties have been reduced. Foreign exchange controls have been relaxed. Financial services are being opened up. The taxes on foreign companies have been cut.8221;

8220;Unlike many other Asian countries,India has a secure democracy,a tradition of good administration,a rule of law and a relatively wide distribution of private property. These things help ensure the stability and confidence that businesses need to flourish. Foreign investors want to be able to count upon them,8221; she said.

Thatcher,Britain8217;s only woman prime minister,died today following a stroke at the age of 87.

She was also fond of 8220;spiritual India8221; and 8220;sense of responsibility8221; among Indians.

Story continues below this ad

8220;There is a spiritual India composed of powerful religious faiths which means that in addition to one8217;s natural desire to achieve a better standard of living for one8217;s own family,your people also have a sense of responsibility to others and a duty to future generations. What makes a man,a family,a community,a nation,is the values by which they live,for values not only inspire policies,they inspire people.8221;