Back in 2008, recession was heavy on everyone’s mind probably in every part of the world. India boasted about its growth. Countries admitted India to be an emerging super power in economics. The India Story had begun to develop earlier in 2006 with the Nuke deal with US. But it got a good shape in 2008. With elections on head Manmohan ji and Sonia ji were quite delighted and eventually the India story bore fruit for Congress as UPA came back into power at the center.
As we head to another economic slowdown in this Olympics year of 2012 (what a coincidence 2008 was also an Olympics year.), many statisticians and economists have gone negative on the India Story. The growth rate has constantly declined for the past 8 quarters or in a simple way for the last two years. The last quarter growth rate coming down below 6% was a sign of weakness in the policy of the central Government.
The fall of the Rupee against dollar marred the weakening share market and eventually Sensex and Nifty dipped to the lowest in two years. RBI could just give mild healing to the ailing wounds of Indian Economy. Morgan Stanley , one of the largets finance firms, reduced their expectations of high growth rate. Others were to follow soon.
Has the India Story found an End? Or is there a silver lining ? Weak Government at the centre is forced to bow down to regional parties like Trinamool Congress. It can only happen in India that a party which is formed out of the All India Congress Committee is dominating the majority party in alliance , which is none other than AICC itself. Mamata who was once close to Rajiv Gandhi, formed the Trinamool Congress, secluding herself from the congress. But as destiny would have it (or Indian politics would have it) she has joined hands with congress again.
Well Well Indian Politics always drives my mind away from the topic. Being negative on India story , big headed people like Bill Gates is still positive on India Story. He believes India has immense talent and some policy makeover will improve things. Many more people like Mukesh Ambani are investing in India, having faith in the governance.
But the big question is still unanswered! India story – just a setback or The End!?