'Squid Game: Season 2,' 'Your Friend, Nate Bargatze' among must-watch shows to stream on Netflix this weekendIndia’s former Prime Minister Dr Manmohan Singh remains a remarkable figure in the nation's history. Despite enduring relentless criticism from the Left, he will be celebrated by history as the visionary economist who steered India away from economic collapse in 1991 and paved its path to global prominence. New Delhi: There is an irony in the way history treats its architects. The unassuming figures, often ridiculed or ignored in their time, are the ones who quietly lay the foundations of transformative change. Dr Manmohan Singh, India’s former Prime Minister, stands as a towering example. While his critics from the Left took relentless potshots at him, history will undoubtedly recognise him as the economic architect who saved India from the brink of economic collapse in 1991 and charted its course toward global prominence. The disdain Dr Singh faced from the Left is no secret. Their deep suspicion of liberal economic policies made him an easy target. For them, Dr Singh epitomised everything they opposed — a reformist who embraced market liberalisation, advocated for reduced state intervention, and empowered the private sector. But their antagonism went beyond economic reforms. Their fierce opposition to the India-US nuclear deal during Dr Singh’s tenure as Prime Minister revealed the depths of their ideological rigidity and unwillingness to adapt to a changing world order. The crisis that defined a leader The early 1990s marked one of the darkest periods in India’s economic history. With foreign reserves depleting to perilous levels and the nation teetering on the edge of bankruptcy, India’s economy was in free fall. The Nehruvian socialist model of centralised planning and heavy state control, which the Left continued to champion, had led to stagnation and inefficiency. India needed a lifeline, and that lifeline came in the form of reforms spearheaded by Dr Singh, then Finance Minister under Prime Minister PV Narasimha Rao. Dr Singh’s economic reforms — summarised as liberalisation, privatisation, and globalisation — were a bold departure from decades of economic orthodoxy. The Indian economy was opened to foreign investments, import restrictions were eased, and monopolistic state control over critical sectors was dismantled. The Left branded these measures as “a betrayal of India’s socialist ideals,” ignoring the harsh reality that without these reforms, India would have descended deeper into poverty and economic irrelevance. Their failure to propose credible alternatives exposed the hollowness of their rhetoric. India-US nuclear deal The Left’s contradictions were further highlighted during Dr Singh’s second term as Prime Minister. Their vehement opposition to the India-US nuclear deal was not just short-sighted but also detrimental to India’s long-term strategic interests. The deal, which ended India’s decades-long nuclear isolation, was a diplomatic masterstroke. It ensured India access to critical nuclear technology and fuel, boosting energy security and strengthening its global standing. But the Left saw it as an “infringement on India’s sovereignty”, framing it as a “capitulation to US interests”. Their obstructionist stance brought the government to the brink of collapse in 2008, with the Left withdrawing support in protest. Yet, Dr Singh’s resolve remained unshaken. He famously stated, “I would rather risk my government than my country’s future.” This bold stance not only secured the deal but also demonstrated his commitment to India’s strategic autonomy. A legacy of humility and vision Under Dr Manmohan Singh’s leadership, India’s economy witnessed unprecedented growth, even weathering the global financial crisis of 2008 with resilience. Landmark initiatives such as the National Rural Employment Guarantee Act (NREGA) and the Right to Information Act showcased his commitment to inclusive development. The Left may continue to criticise Dr Singh, but history has already rendered its verdict. Whether it was his transformative economic reforms or his determined pursuit of the nuclear deal, Dr Singh’s actions were guided by a vision for a stronger, self-reliant India. Today, as we reflect on his contributions, it is clear that India owes Dr Manmohan Singh a debt of gratitude. His legacy is a testament to the power of pragmatic leadership and the courage to make tough, unpopular decisions for the greater good. (Saswat Panigrahi is a senior multimedia journalist.) Click for more latest India news . Also get top headlines and latest news from India and around the world at News9. Saswat Panigrahi is a Senior multi-media journalist drawing on two-decade of experience, of which he has served 12 years working in leadership role and devising content strategy. His experience ranges from reporting and analysing on politics and public policy to heading news room, from building the digital arm of a business news channel to spearheading a regional news channel. Latest NewsMONTREAL — Laurentian Bank of Canada reported fourth-quarter profits that were up from a year ago, while it reported a loss for 2024 as a whole. The Montreal-based bank said Friday its quarterly profits amounted to $40.7 million, up from $30.6 million a year ago. For the fiscal year, it reported a loss of $5.5 million, compared with a net income of $181 million the year before, as it took charges related to its turnaround efforts. Impairment charges for the year totalled $228.4 million, including a $155.9 million writedown on the value of its personal and commercial banking segment, and $72.5 million in restructuring charges. In the fourth quarter, the bank reported $7.8 million in severance charges and a $5.7 million writedown in the value of its software and licences, plus impairments on its office space and leases. The efforts are part of a turnaround that chief executive Éric Provost said in a statement was going well. "Six months after presenting our strategic plan, I am pleased with the progress we’ve made." Profits in the fourth quarter amounted to 88 cents per diluted share for the quarter ended Oct. 31, up from a profit of 67 cents per diluted share in the same quarter last year. Revenue for the quarter totalled $250.8 million, up from $247.4 million a year earlier. The bank's provision for credit losses for the quarter amounted to $10.4 million compared with $16.7 million a year ago. On an adjusted basis, Laurentian says it earned 89 cents per diluted share in its latest quarter, down from an adjusted profit of $1 per diluted share in the same quarter last year. The average analyst estimate had been for an adjusted profit of 87 cents per share, according to data provided by LSEG Data & Analytics. Scotiabank analyst Meny Grauman said the bank's low provisions for credit loss were impressive, especially given its commercial-heavy loan book as businesses face pressure. "It should highlight for investors the underlying quality of this bank’s commercial franchise at least from an underwriting perspective," he said in a note. Laurentian shares were up nine per cent in early trading Friday on the Toronto Stock Exchange while they were up around 4.6 per cent by late afternoon. This report by The Canadian Press was first published Dec. 6, 2024. Companies in this story: (TSX:LB) The Canadian Press
The year 2024 is coming to an end. Before we start celebrating the countdown to 2025, I just want to put on record a list of things which have disappeared or are likely to become extinct. These should be self-explanatory for most Singaporeans. Here’s the list of things which are part of our disappearing heritage: 1. Fruit seller 2. Kaka stall 3. Toto booth 4. F & B staff who can speak dialect 5. Younger Singaporeans who know who Ong Pang Boon is 6. Friendly and homely shopping centres like Queensway shopping centre, Tay Buan Guan, Peace Centre, the old Funan centre, Katong shopping centre. 7. Kiam chye tee huang 8. Lok kai yoke 9. Midnight Teochew porridge 10. Rediffusion 11. Boomers, pioneers 12. Extensive accessible seafront for ordinary non-club Singaporeans to lepak 13. Cheap holiday chalets 14. Bumboats 15. Stray dogs 16. Trishaws 17. Large nightclubs or discos 18. Dialect-speaking comedians 19. Erudite MPs or political leaders 20. Larger-than-life show personalities like Anita Sarawak 21. Eurasians 22. Cheap Johor Bahru goods and services 23. Great rousing Fullerton rally speeches 24. Physical passports 25. Singaporeans who do not wear spectacles or contact lenses 26. Trishaws 27. Writers, journalists 28. Bus fare tickets 29. Book stores 30. Turf club 31. Hotel lobby piano lounges 32. Malaysia Cup matches With that, I wish all a Happy New Year. Tan Bah Bah is a former senior leader writer with The Straits Times. He was also managing editor of a magazine publishing company Featured image by Depositphotos (for illustration purposes only)New 2025 laws hit hot topics from AI in movies to rapid-fire guns