Opinion BACK TO 1991?
The CPMs Peoples Democracy focuses on the economy,which it says is back to square one.
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The CPMs Peoples Democracy focuses on the economy,which it says is back to square one. It talks about Prime Minister Manmohan Singhs assertion that there was no possibility of India witnessing a repeat of the 1991 balance of payments crisis. In July 1991,there was a two-stage devaluation of the rupee by over 20 per cent. This came in the background of a rupee depreciation of 13 per cent in 1988,10 per cent in 1989 and 8 per cent in 1990. Is this any different from the free fall of the rupee that we are witnessing today? the editorial asks. It notes that Singh,while justifying the reform process in his budget speech of 1991-92,had spoken about the precarious financial position of the government then.
A current account deficit of 2.5 per cent of the GDP in 1990-91 was unacceptable then. Today,the CAD is 4.8 per cent of our GDP. He then said,the debt service burden is estimated at about 21 per cent of the current account receipts. According to the 2013-14 budget papers,the comparable figure is 35.09 per cent. The foreign exchange reserves at that point of time were estimated to be sufficient to cover imports for a period of six weeks.
Today it is slightly better when our reserves can fund imports for around six months,but the lowest among BRIC countries where others have reserves sufficient for nearly two years. Another concern in 1991 was runaway inflation. He then said the major worrisome feature of the inflation in 1990-91 was that it was concentrated in essential commodities. Is there any difference today? asks the editorial. It argues that the current strategy of concentrating on increasing investment,primarily by foreign capital,cannot turbo-start the economy and calls for increasing public investments to build infrastructure.
DOUBLE STANDARDS
The editorial in the CPI(ML)s ML Update talks about the gangrape of a young photojournalist in Mumbai and the street protests in its aftermath. It claims the existence of double standards in the treatment of rape,depending on the power and clout of the accused. In the case of the Delhi and Mumbai rapes,the accused,based on identification by the survivor,were arrested and charged with rape. But godman Asaram,charged by a minor girl with sexual assault in the custody of his ashram in Jodhpur,is yet to be arrested,10 days after the complaint…
The media coverage of the Mumbai rape is apparently displays a lack of sensitivity and responsibility. For one thing,the media largely ignores rapes happening in rural India,rapes accompanying caste atrocities and communal violence; or those committed by security forces. The media focuses almost exclusively on some gangrapes,also downplays and even questions the veracity of the daily misogyny and violence faced by women in their normal lives…
REAL DEBATE
An editorial in the CPIs New Age looks at the frequent disruptions in Parliament over Telangana or the missing coal files. It accuses the PM of shying away from addressing Parliament. While criticising the UPA over the coal files,the editorial also argues that the BJPs record on corruption was no better. Both the Congress and BJP are totally drenched in the mire of corruption… If [the Congress was forced to remove eight union ministers and a chief minister on corruption charges,BJP too had to remove at least four chief ministers and half a dozen ministers due to corruption during the past four years, it argues. Coming to the disruption of Parliament,it states if sensational debates on corruption keep the people mesmerised,they will prefer it rather than a real debate on concrete socio-economic issues.
Compiled by Manoj C.G.
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