Economic Crisis – A Result of Policy Crisis

When I was in school, one of our teachers used to tell us “Expectations bring frustration”. Back then I thought , this is so untrue. As a kid you expect so much and most of them get fulfilled by your parents. But this dictum applies so congruently for Dr. Manmohan Singh. He is pioneer of liberalisation and globalisation. Man who was at the centre of everything good happening in Indian economy in 1990s, has disappointed us. A lot was expected from him. Manmohan Singh – who was at the heart of economic reforms in India in 1990s , is current Prime Minister, it was expected that Indian economy would get stronger under his leadership. But, it resulted in a complete policy crisis and overridden trust.

Indian economic downfall is not as much a result of global economic crisis as it is of our own political weakness, retardness and lack of vision. When recession hit the world In 2008 India was least affected, not because we were too strong but because the world had trust on us, multinationals had a faith that India is going to grow. The belief that MMS would steer India into an economic certainty also had an impact then, but in vain.

With an ever weakening govt. Which chooses not to function on whims of its allies and a regressive top-level think-tank which thinks only out of its retardness(the retrospective FDI tax thing is an example) is to blame.

Power corrupts ! Is one ultimate truth that Indian politicians have proved time and again. But, power bankrupts one’s mental ability is being exemplified by none other than the most educated PM in Indian history – Dr. Manmohan Singh.

India – in case it has to develop – needs huge cash . For this , to happen we need foreign investments in India, as our govt. can not afford such huge investments on its own (owing to its Swiss bank compulsions :p) . Foreign investments , not just as portfolio investment but also FDIs would help. We need to get our hands dirty manufacturing things, enough of providing services to American companies. Economic development can not take place until and unless manufacturing sector along with infrastructure development takes the driving seat. 

Wake India Now!!

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