By M. D. Nalapat
Although Prime Minister Manmohan Singh has a personal commitment towards a peaceful resolution of outstanding issues with Pakistan, he is no Indira Gandhi and hence may not be able to fulfil his vision. The first - and thus far only - woman PM of India had a substantial political base, one that she demonstrated in both 1969 as well as 1978. Both those times, she split the Congress Party, and while in 1969,more than 40% of the party remained with her rivals rather than cross over to her side, in 1978 about 80% of the party cadre joined her in preference to those she was opposed to. Since that time, the Congress Party has been synonymous with the Nehru family, and neither its cadres nor its leaders would even dream of looking beyond The Family for the top leadership were Manmohan Singh to ever split the party in the way that Indira Gandhi did, it is doubtful if even 1% of the cadre would come over to his side. The rest would remain loyal to the Nehru family, now represented by Sonia Gandhi, who has established her control over the Congress Party and the Union Government efficiently and smoothly. Of course, Prime Minister Singh is himself loyal to the Congress President, and hence the question of his walking away does not arise. The problem that he faces is that this lack of a political base makes it difficult for him to implement the policies that he favours.
From 2004 onwards, economic reform has slowed to a crawl, and can even be said to have been reversed by the many new restrictions that have been introduced by dirigiste ministers eager to strengthen their (lucrative) roster of discretionary powers. Had economic reform of the type favoured by Manmohan Singh been pursued by the United Progressive Alliance (UPA), the country’s rate of growth would have been closer to 15% than the 9% presently achieved. Much of the demand in the economy has come because of money held abroad by Indian nationals, that is returning to the country because of the fear that foreign financial institutions may collapse. These funds are helping to keep the stock market from collapsing, and are ensuring a steady rise in property prices India is one of the few countries where regulators were unable to distinguish between short-term and long-term funds. The same treatment is given to both investments in the stock and money market (that can be withdrawn any time) and money invested in plant and machinery, that is tied to the enterprise.
Although Prime Minister Manmohan Singh has a personal commitment towards a peaceful resolution of outstanding issues with Pakistan, he is no Indira Gandhi and hence may not be able to fulfil his vision. The first - and thus far only - woman PM of India had a substantial political base, one that she demonstrated in both 1969 as well as 1978. Both those times, she split the Congress Party, and while in 1969,more than 40% of the party remained with her rivals rather than cross over to her side, in 1978 about 80% of the party cadre joined her in preference to those she was opposed to. Since that time, the Congress Party has been synonymous with the Nehru family, and neither its cadres nor its leaders would even dream of looking beyond The Family for the top leadership were Manmohan Singh to ever split the party in the way that Indira Gandhi did, it is doubtful if even 1% of the cadre would come over to his side. The rest would remain loyal to the Nehru family, now represented by Sonia Gandhi, who has established her control over the Congress Party and the Union Government efficiently and smoothly. Of course, Prime Minister Singh is himself loyal to the Congress President, and hence the question of his walking away does not arise. The problem that he faces is that this lack of a political base makes it difficult for him to implement the policies that he favours.
From 2004 onwards, economic reform has slowed to a crawl, and can even be said to have been reversed by the many new restrictions that have been introduced by dirigiste ministers eager to strengthen their (lucrative) roster of discretionary powers. Had economic reform of the type favoured by Manmohan Singh been pursued by the United Progressive Alliance (UPA), the country’s rate of growth would have been closer to 15% than the 9% presently achieved. Much of the demand in the economy has come because of money held abroad by Indian nationals, that is returning to the country because of the fear that foreign financial institutions may collapse. These funds are helping to keep the stock market from collapsing, and are ensuring a steady rise in property prices India is one of the few countries where regulators were unable to distinguish between short-term and long-term funds. The same treatment is given to both investments in the stock and money market (that can be withdrawn any time) and money invested in plant and machinery, that is tied to the enterprise.