Time To Take Action
5/31/2012 9:01 PM Thursday
After many months, the government has finally mustered the courage to announce a hike in the prices of petrol. This was an issue that was pending for quite some time. But this is only one of the many steps that the government has to take to bring back the confidence that has been battered over the last 12-18 months. Currently, nothing seems to be going right for the economy, be it inflation, fiscal deficit, the slowing foreign investments or even for that matter, the fall in the value of the rupee or a declining market cap.
Keeping in mind the deteriorating economic condition of the country, our cover story for this issue is a special one. Our Editor-in-Chief has written an open letter to the Prime Minister, Shri Manmohan Singhji, with a special request and suggestions to take some quick action before it is too late for the country to come out of the looming economic crisis. Today, the government has lost its credibility, whether with the aam aadmi, the corporate world or with investors. The trust deficit amongst the various stakeholders is on the rise, where we have coalition partners not trusting the government despite being a part of it. The relationship between the states and the Centre is not as healthy as it used to be, which is visible in issues like the NCTC. The relationship of the Centre with the Army is an area of debate and concern. The frustration levels of the aam aadmi are on the rise, as they are not able to make ends meet.
Our open letter to the Prime Minister is a well thought out one and a must-read for all. Our Prime Minister must put the country’s interests before those of his party or the government. He must not hesitate in taking on the coalition partners for decisions that are good for the country, rather than looking at the situation from a ‘vote bank politics’ point of view. The Prime Minister should not look at short-term gains for the party that will hit the long-term economic health of the country. Today, many of the prominent industrialists have started comparing India’s economic conditions to those that prevailed during the economic crisis in 1991. If quick measures are not taken, we could go the same way as Greece has gone in the recent past. The need of the hour is to bite the bullet and take some hard decisions. The open letter is indeed a must-read, and I am sure that this letter would force each and every citizen of India to think about the country’s weakening economic condition.
I end this edit with sincere thanks to all of you who have been avid readers of Dalal Street Investment Journal over the past so many years. This is because I am moving on from your favourite magazine to greener pastures. Hope you enjoy reading the magazine and benefit from it always, as you do now.
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