Tharman Shanmugaratnam, Indian-origin economist, sworn in as Singapore president

Tharman Shanmugaratnam, the Indian-origin Singapore-born economist, was sworn in as the ninth president of the Asian city-state on Thursday (September 14). The 66-year-old will serve a six-year term. He has succeeded President Halimah Yacob, Singapore's first female president. Her term ended on September 13.

Tharman has served Singapore all his life in public service. He found overwhelming support from the city-state's predominantly Chinese society in presidential election.

Tharman served as a senior minister between 2019 and 2023. He was co-ordinating minister for social policies between 2015 and 2023. He was also chairman of the Monetary Authority of Singapore between 2011 and 2023. Between May 2011 and May 2019, Tharman Shanmugaratnam served as deputy prime minister of Singapore.

Before this, Singapore has had two Indian-origin presidents.

The recently concluded elections in Singapore were largely seen to be indicative of support for the ruling party. The polls were closely watched after rare spate of scandals in Singapore politics. However, Tharman won more than two-thirds of the votes against two rivals. He won 70.4 per cent of the vote.

‘Vote of confidence in Singapore’

"I believe that it's a vote of confidence in Singapore. It's a vote of optimism for a future in which we can progress together and support each other as Singaporeans," the former finance minister said in a speech before the results were announced earlier this month.

"I'm humbled by this vote. It is not just a vote for me, it is a vote for Singapore's future." 

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His main rival was Ng Kok Song, who is a former chief investment officer of Singapore's sovereign wealth fund GTC. The fund manages Singapore's foreign reserves.

Ng Kok Song conceded defeat after winning only 15.7 per cent of the vote.

There are stringent requirements for the position of Singapore president. The post formally oversees city's financial reserves and also holds power to veto some measures and approve anti-graft probes.

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The presidency is non-partisan post under Singapore's constitution. However, political lines were drawn ahead of the election to replace Halimah Yacob. She ran unopposed for her six-year term in 2017.

During the elections this time, Shanmugaratnam was widely seen as a favourite to win the post of president. He had resigned as a member of the ruling People's Action Party (PAP) and also as a senior minister in the cabinet. This was necessitated as all presidential candidates in Singapore must be independent.

Singapore's government is run by the prime minister. Currently, Lee Hsien Loong of the PAP is the prime minister. The party has ruled Singapore continuously since 1959.

(With inputs from agencies)

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