Tuesday, February 15, 2011

Manmahon says 'I am not a lameduck PM, will not quit'

Prime Minister Manmohan Singh on Wednesday said India needs to develop a corporate debt market to meet the projected investment of $1 trillion required to sustain the country’s economic growth rate in the 12th Five-Year Plan (2012-2017).

Some commentators say there could be a repeat of 1989, when Congress lost a general election due to the Bofors scandal over gun contracts involving close associates of then Prime Minister Rajiv Gandhi who were accused of taking bribes.

IMO: At least Singh knows economics or should do, and has no very obvious corrruption himself. Let's keep our fingers crossed, as it were, and hope there are not too many mistakes like Clinton and McCain (unintentionally ?) made, never mind Reagan and his Alzheimers who seems to have been made a complete sucker by the banks. The bad break is certainly less bad than the USA has faced, and Singh has had the courage to stand up to facts at last, and not deny or ignore them. It may well be best if the smart-alecs at the banks are given serious punishment when necessary, as Singh implies, but hopefully not at the expense of outsiders who are often quite poor and even uneducated. But Singh should certainly not walk into the same derivatives mess that eventually culminated with Bear Stearns etc etc.

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