indian economy can't afford to have upa-ii catnap till the 2014 elections

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Indian economy has

resilience to overcome

problems: President

Indian economy to grow at

6.1% 2013-14: World Bank

Stone-age politics holds

back 21st century Indian

economy

BluFin's March numbers

indicate Indian economy

growing faster than la...

Its official: Indian economy

slows to a 10-year low of 5%

in 2012-13

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READ MORE Manmohan Singh | Indian Government | GST | economy | UPA-II

Next year's general elections have already grabbed an inordinate

amount of the government's attention and also fomented a political

gridlock on policy. What the latest central statistics office data

underline is that such stasis is untenable. Headlines about growth in

the financial year to March slowing to the slowest rate in a decade

are disturbing enough. But subsequent details are even more dismal.

From key input sectors like mining and power to bellwether

touchstones like consumer spending, the outlook is melancholy. All

this is on top of industrial growth hitting a 20-year low.

This is absolutely no time, therefore, for the Indian government to hit

stall speed. Unfortunately it`s tending in that direction. PM

Manmohan Singh said in Japan last week that much-awaited GST

legislation would only get rolled out after elections are out of the way.

GST is attractive to investors because by levelling out tax rates across

states it promises to enable more effective investment decisions.

Granted, there are reasonable limitations to what structural

makeovers the UPA can deliver in a year and with a mindlessly

obstructionist opposition. Still, with the legacy of two terms riding on the balance, there is no

excuse for not taking all possible executive action to reinvigorate commerce, manufacturing and

job growth.

The measures that can turn around dejected sentiments are not Solomon's secrets. For

example, rating agencies have made it clear that India's continuing troubles with its publicfinances are one key to their threat to downgrade the country. The least the government could

do is not worsen this situation by introducing more deficit-worsening schemes like the food

security legislation. It could expedite the $52 billion worth of projects awaiting clearances and

push harder on GST. There's no excuse for not trying.

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Indian economy can't afford to have UPA-IIcatnap till the 2014 elections

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indian economy can't afford to have upa-ii catnap till the 2014 elections

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