Cry, the Beloved Economy

Manmohan Singh who was unable to stem the corruption has stained the image of him as the father of India’s economic reforms. Finally he has got the chance to redeem himself as Pranab Mukherjee who dismayed the foreign investors whith his last budget in February, is preparing for the presidential election. So Singh is working towards the softening of Mukherjee’s most controversial tax policies.

Though people have some hopes from Singh if he succeeds in the expansion of his coalition government. Then Mamta Banerjee would no longer hold the balance of power to block the economic changes. One of the Congress leader said, “Across the party, there is now a realization that if you need to return to the high economic growth rates that were there from 2004 to 2008, we have to go for the second-generation reforms. We have to rescue the economy from the ravages of Pranab Mukherjee”(as quoted by The Washington Post).

In the tenure of Mukherjee the entire government was under-performing. Mukherjee failed the Goods and Service Tax (GST)  and the hopes of quick transition to GST died in 2010. The angry finance ministers of states dropped out of the ministry after Mukherjee said that he couldn’t listen to them, after a meeting. In a way, Mukherjee took over the office at the difficult times  because of the global economy crisis. There has been other reasons like the global crude prices suddenly shooting up.