Speaking at a function here, he said the course laid by Dr Singh in 1991 as the Finance Minister ushered in a 'golden path' and helped India achieve spectacular economic growth.
''Late Prime Minister P V Narasimha Rao also deserves equal credit as he took so much of criticism from the opposition and many other quarters by taking up path-breaking economic reforms in 1991,'' he said.
Mr Chidambaram said economic reforms taken up by Dr Singh had resulted in the country reaping the dividend for 17 long years.
That was the only way left for him to make India a strong and progressive economy,'' he said.
''Today, there is no force in the world that does not respect India. In the last two years, I have been with my own eyes that our country is not just respected but also feared.
'' We have seen Indian business take over world businesses. If Mr Ratan Tata could buy brands like Jauguar and Land Rover, what is beyond our capacity,?'' he asked.
He, however, expressed displeasure that the country was not given its due in international fora like the IMF, World Bank or the United Nations.
''I told them at a meeting in Singapore recently that we will fight for it. If they don't give us a bigger say, we will take it.
Today, India and China are invited to G-7 and G-8 meetings by developed countries as no force in the world can ignore these two countries,'' he said.
''India's stature is rising in the world mainly because of its growing economy. '' he added.
''This is because of the economic reforms first adopted by Dr Singh. There is only one path that a can take us forward. We have open society, open polity and hence we should also endorse open economy. Open economy can make us very strong,'' he added.
UNI RS GM GS BDP VC2007