Friday, February 12, 2010

Why Pranab should read Singh's 1991 speech -

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    • R Jagannathan
    R Jagannathan
    • Manmohan said: “We have been at the edge of a precipice since December, 1990, and more so since April, 1991… Due to the combination of unfavourable internal and external factors, the inflationary pressures on the price level have increased very substantially since mid-1990. The people of India have to face double-digit inflation which hurts most the poorer sections of our society.” This time around, Pranab can take these sentences verbatim and change the dates. We have seen double-digit inflation last year, and will probably see it again this year.
    • Talking about public sector investments, Manmohan said: “The public sector has not been managed in a manner so as to generate large investible surpluses.” Pranab can take this line, but he will not blame the UPA’s bankrupt policies for it.Air India is sick. The oil companies are living on doles of government bonds. Telecom is booming, but public sector BSNL and MTNL are in decline. And this is not an exhaustive list.

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