Economic slump: Ratan Tata too questions Manmohan's leadership

New Delhi, Aug 29: After facing flak in the field of politics, the UPA government led by economist-politician Dr Manmohan Singh has come under criticism from the iconic figure in the country's industrial sector, Ratan Tata, for its failure to arrest the slide of the rupee. He has said the country is losing faith of the world but its own government has failed to understand the implications.

The prime minister and his colleagues in the second UPA government have failed to revive any hope in the commoners' mind as the rupee continues to tumble and inches close to Rs 70 per dollar. Businessmen are afraid for this continuous fall is not only adversely impacting the subsidy economy but also because of the much talked-about Food Security Bill, which will demand more money for its sustenance.

Ratan Tata too questions UPA leadership

Tata has remarked that the government has failed because of a lack of leadership. The opposing economic ideologies of the party chief and the head of the government have taken a toll on the country. Tata's observation reasserts the mess that Singh and his government have found themselves in and the disaster that the country is heading to under their leadership. In fact, people like Narayana Murthy, Aditya Birla and Kiran Majumdar Shahw too have expressed similar concerns over the economic slowdown.

Speaking to a channel, Tata, however, avoided any comparison between Manmohan and Gujarat Chief Minister Narendra Modi and praised Modi for his development work in Gujarat and Manmohan for managing the economic crisis of 1991. But he said that the situation is much different in 2013 and Manmohan, as the leader of a fractured coalition, has failed to act effectively.

In India, economics is being sacrificed at the altar of politics. It is a routine exercise every year but this time, the sacrifice is enormous. Union Finance Minister P Chidambaram had approved Rs 90,000 crore for food security programmes in the current fiscal but economists have said that only procurement of the foodgrain for the scheme will alone cost over Rs 1,24,000 core.

The matter doesn't end there even. The government will have to put an entire infrastructure to run this mega scheme across the country and the state coffers will take a severe blow while meeting the expenditure. The finance minister has been assuring that the excess expenditure won't be unmanageable but it has failed to convince others.

Maltreating the economy with an eye on election win is a disaster recipe but the Indian politicians are adept in that game. Why do we need to engage our economy with the political ups and downs and end up endangering the nation as a whole?

It is beyond comprehension that a top leader of the country and the government led by her party are busy concentrating on a massive populist measure at a time when the currency is in doldrums. Instead of helping the economy to grow as a continuous process, political opponents prefer to break its momentum in a bid to make themselves historically immortal.

Ratan Tata has pointed out the problem and that is of leadership of the current government. In 10 years time, the UPA government has neither succeeded in improving the infrastructure, the manufacturing industry and the business ambience and cut down on subsidy and has taken up a mega populist project at the fag end of its tenure.

If India begins to reduce everything to votes and elections, no wonder the costs will be high for its people and the society.

OneIndia News

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