Dr.Manmohan Singh's patron saint, the US, has come to his aide inadvertently.
MMS and his government has been reeling under the accusations of numerous scams, lack of governance, inaction, mismanagement of the economy, spiralling inflation and the real prospect of a drastic drop in GDP growth. They were struggling to explain to the country the reasons behind this (to be fair to them, they have no clue as to this themselves) and with parliament session on, would have been in deep trouble answering an aggressive opposition.
But with USA economy in shambles, Eurozone crumbling, US credit rating reduced to AA+ leading to fear of double dip depression worldwide, MMS can heave a sigh of relief.
For a while now he has run out of excuses as to what is going wrong with th economy. He has blamed terrorism, rural people eating more because they are earning more under NREGS (which is a joke as more and more people are dropping below the poverty line and malnutrition figures are on the rise), supply side constraints (whatever that means!! Well it means that we are not producing enough to meet our demand. And what do we do to increase supply - not only nothing, but we further take steps to reduce supply by increasing the interest rates!!!!) and so on.
Now he is safe. With US ruled by a bigger Asshole than our PM (What a wimp Obama has turned out to be. He rode to power promising change. But US citizens never that it would be a change for the worse. Under Obama, US has lost its Military No.1 position, Moral No.1 position and now Economic No.1 position), and US economy likely to be in doldrums for a couple of years at least, MMS is safe. He can blame the US led global recession for all his economic ills.
Some people are born lucky - like our PM. He has become a PM for 7 years when he has not won even a municipal election in his life, he is being hailed as father of reforms when actually the only thing he did was to follow the orders of Narasimha Rao (MMS actually baulked at implementing reforms in his draft first budget which was thrown at his face by Narasimha Rao who then read the riot act to him to prepare a budget which changed the Indian economic scenario), and he is hailed as one of the best Prime Ministers of India(sic) when to all effect, he has been the worst.
P.S: Though everyone seems to be worried about the Stock Market crashing (which doesnt mean much anyway for most of the people other than a handful), the real worry is the rise in our Revenue Deficit from about 1% + in 2008 to 3.4% currently, and the Fiscal Deficit from 1.5% + in 2008 to 4% + now.
P.S: Though everyone seems to be worried about the Stock Market crashing (which doesnt mean much anyway for most of the people other than a handful), the real worry is the rise in our Revenue Deficit from about 1% + in 2008 to 3.4% currently, and the Fiscal Deficit from 1.5% + in 2008 to 4% + now.
