Happy times

There is no better proof of the rising global confidence in India8217;s economic success story than the Sensex breaching...

There is no better proof of the rising global confidence in India8217;s economic success story than the Sensex breaching the 20,000 mark. In fact, market observers are already anticipating the 40,000 mark for Sensex and at least one observer has predicted that we may actually see it reaching the 100,000 level in our lifetime.

It is entirely justifiable to credit this astounding rise to India8217;s emergence as the hottest investment destination worldwide. However, we must also acknowledge the role played by a succession of sensible economic policies, beginning with the economic reforms initiated by Manmohan Singh in 1991, in making India the most talked about country in global business circles. Quite aptly, this historic rise comes at a time when the original team that brought economic reforms to India is at the helm of affairs.

The positive signs are difficult to miss even outside the stock exchanges. Jobs are aplenty today and nobody talks about unemployment anymore. We are now concerned about manpower shortage in a few high-growth industries like IT and retail.

For a brief while, inflation was a cause for concern, but suitable measures ensured that it has been brought down to normalcy. Infrastructure used to be a neglected area, but now the government is going all out to fund new infrastructure projects by inviting investment from domestic and global private investors.

The question is: how can we amplify this phase of growth further? Despite the reform measures initiated years ago, investors are still caught up in the 8216;red tape8217; of bureaucracy in India. With regard to the bureaucratic and legal hurdles for 8216;starting a business8217;, India is ranked 111th in the cost of Doing Business Index prepared by the World Bank. It is high time we reformed our bureaucracy on professional lines.

Two unholy

Two mantras that Deve Gowda believes in are 8216;family8217; and 8216;power8217;. For the BJP, it is 8216;vote-bank8217; and 8216;power8217;. As both converge on the mantra of power, all democratic norms are thrown to dustbin. The JDS-BJP combine in Karnataka is the manifestation of this unholy alliance. The reasons for this unholy nexus are worth analysing. One, Deve Gowda is prudent enough to understand that the narrow margin his party secured in the local body elections cannot be replicated in the event of an assembly election. Two, the divisions within the JDS are so wide that Gowda finds it difficult to retain the legislators without power. Three, time and again, the JDS has proved to be an unreliable ally. This can also cost him dear as Gowda eyes a second run in national politics.

For Kumaraswamy, who wants to come out of the shadow of his father, the major consideration is the corruption and other criminal charges leveled against him even by his own party men and legislators.

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Therefore, as these unseemly games are quite obvious, the governor should not invite the new JDS-BJP combine to form the government. In my view, a fresh election would be ideal to uphold democratic principles and the aspirations of the people.

The writer is a Congress MP in Rajya Sabha