A B&E analysis of the various failings of the UPA and the truth behind their tall claims
I know, I agree with you. Dalal Street gyrations are perhaps not the best way to measure the gap between promise and performance of any government; leave alone the UPA regime that still swears by the so called aam aadmi. Yet, how Dalal Street has behaved since May 17, 2004 till now is evocative, poignant, metaphorical and pithy when it comes to singing an ode to the UPA. The markets first crashed when Manmohan Singh became Prime Minister and subsequently rose to dizzying heights and crossed 21,000 points by January, 2008. The Sensex crashed again – many months before the global financial crisis and languishes below 10,000, despite many smart rallies in recent weeks. Sure, you could say that a jump from 4505 points on May 17, 2004 to about 9,000 points on April 1, 2009 shows commendable growth. But how do you explain the peaks of 21,000 plus and the subsequent depths of despair?
That has been the story of the UPA government led by Prime Minister Manmohan Singh and politically navigated by Chairperson Sonia Gandhi. It had the resources (thanks to unprecedented growth in tax revenues and investment inflows), the mandate and the people (naïve analysts still talk nostalgically about the troika of Manmohan Singh, P. Chidambaram and Montek Singh Ahluwalia) to transform India’s landscape. The tragedy is the manner in which all this was transformed into a pantomime of an age old proverb, which says that the road to hell is paved with good intentions. Many subsequent stories in this special package will provide numbers and incisive analysis to show how the UPA government and the CMP actually meant Confused, Misleading and Profligate when it comes to tackling poverty, unemployment, the agrarian crisis, terror, inflation, health, education and deficits. Let me confine myself to the big picture and lament the really BIG failures of the UPA regime.
I know, I agree with you. Dalal Street gyrations are perhaps not the best way to measure the gap between promise and performance of any government; leave alone the UPA regime that still swears by the so called aam aadmi. Yet, how Dalal Street has behaved since May 17, 2004 till now is evocative, poignant, metaphorical and pithy when it comes to singing an ode to the UPA. The markets first crashed when Manmohan Singh became Prime Minister and subsequently rose to dizzying heights and crossed 21,000 points by January, 2008. The Sensex crashed again – many months before the global financial crisis and languishes below 10,000, despite many smart rallies in recent weeks. Sure, you could say that a jump from 4505 points on May 17, 2004 to about 9,000 points on April 1, 2009 shows commendable growth. But how do you explain the peaks of 21,000 plus and the subsequent depths of despair?
That has been the story of the UPA government led by Prime Minister Manmohan Singh and politically navigated by Chairperson Sonia Gandhi. It had the resources (thanks to unprecedented growth in tax revenues and investment inflows), the mandate and the people (naïve analysts still talk nostalgically about the troika of Manmohan Singh, P. Chidambaram and Montek Singh Ahluwalia) to transform India’s landscape. The tragedy is the manner in which all this was transformed into a pantomime of an age old proverb, which says that the road to hell is paved with good intentions. Many subsequent stories in this special package will provide numbers and incisive analysis to show how the UPA government and the CMP actually meant Confused, Misleading and Profligate when it comes to tackling poverty, unemployment, the agrarian crisis, terror, inflation, health, education and deficits. Let me confine myself to the big picture and lament the really BIG failures of the UPA regime.
The biggest failure of Manmohan Singh has been either his inability or unwillingness to stop the gross misuse of institutions and processes that are critical for the success of a democracy. I know public-and media-memory is terribly short nowadays. But can you forget the disdainful and cavalier manner in which the government used pliable governors to make a mockery of voters’ mandates in Bihar, Jharkhand and Goa?
Source : IIPM Editorial, 2012.
An Initiative of IIPM, Malay Chaudhuri
and Arindam Chaudhuri (Renowned Management Guru and Economist).
and Arindam Chaudhuri (Renowned Management Guru and Economist).
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