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India's economy in reverse mode: US daily
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India's economy in reverse mode: US daily

Sep 9 2013, 8:10am CDT | by IANS

New York, Sep 9 (IANS) India's economy is heading into a deep slump, a leading US daily says, calling Indian Prime Minister Manmohan Singh "an ineffectual leader without much authority".

New York, Sep 9 — India's economy is heading into a deep slump, a leading US daily says, calling Indian Prime Minister Manmohan Singh "an ineffectual leader without much authority". "India's once...

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46 weeks ago

India's economy in reverse mode: US daily

Sep 9 2013, 8:10am CDT | by IANS

New York, Sep 9 (IANS) India's economy is heading into a deep slump, a leading US daily says, calling Indian Prime Minister Manmohan Singh "an ineffectual leader without much authority".

New York, Sep 9 — India's economy is heading into a deep slump, a leading US daily says, calling Indian Prime Minister Manmohan Singh "an ineffectual leader without much authority".

"India's once booming economy is sliding into a deep slump. The country grew just 4.4 percent this summer, a far cry from the 7.7 percent average for the past decade," The New York Times said in an editorial Sunday.

The report went on to say that unlike other growing economies which are facing the economic downturn, most of India's problems have domestic causes, which need to be effectively tackled by the country's government.

"Like Indonesia, Brazil and other developing countries, India has been hurt as investors have moved money to the US to take advantage of the prospect of higher interest rates. But most of India's biggest problems - like its high inflation, which was nearly 5.8 percent in July and has been rising partly because of the falling rupee - have domestic causes.

"Until the coalition government led by Prime Minister Manmohan Singh reforms the country's economy, India will fall far short of its potential," it said.

The editorial also slammed the country's UPA coalition government for its involvement in various corruption scandals and for its mismanagement in dealing with large infrastructure projects.

"In the nine years that the coalition government has been in power, several ministers have resigned in corruption scandals; large infrastructure projects have been delayed by mismanagement; the government's budget deficit has ballooned, thanks to wasteful spending like subsidies for diesel fuel; and politics have thwarted reforms in labour and education," the daily said.

It further blamed the Congress party for showing little concern for India's ailing economy.

"Manmohan Singh has been an ineffectual leader without much authority. The real power is held by his political patron, Sonia Gandhi, who leads the Indian National Congress party, which has expressed little concern for the country's ailing economy," The New York Times said.

IANS

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11

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By Mohit Hajarnis:When looking at India from the outside, it seems like a natural growth story: a potential market of 1.2 billion people, a growing middle class, and cheaper labor costs than China. However, India's GDP growth has shrunk to 5.0% in 2013 from 6.2% in 2012 and 9.3% in 2011. The slowing growth is reflective of the cumbersome regulatory environment that India has created: the country has earned the in ...
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Katju controversy a 'futile' issue

Jul 27 2014 1:59pm CDT | Source: Business Standard

Former PM Manmohan Singh on Sunday refused to be drawn into the Katju controversy, terming it as a "futile" issue. "It is a futile issue. Soli Sorabjee also spoke on it. I don't need to comment" he s ...
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1 week ago

Corrupt judge charge: Manmohan Singh should clarify, says Venkaiah

Jul 23 2014 1:29am CDT | Source: Business Standard

Parliamentary Affairs Minister M. Venkaiah Naidu on Wednesday said that former Prime Minister Manmohan Singh should clarify whether he acted under pressure or not on the allegations of "improper compromises" made by ...
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1 week ago

Manmohan Singh needs to answer judiciary corruption issue raised by Katju: BJP

Jul 22 2014 2:35am CDT | Source: Business Standard

Bharatiya Janata Party (BJP) leader and spokesperson Mukhtar Abbas Naqvi on Tuesday said former Prime Minister Manmohan Singh needed to issue a clarification on the issue of corruption in the judiciary raised by former Su ...
Source: Business Standard   Full article at: Business Standard
 

 
Update
7

1 week ago

Corrupt judge charge: BJP seeks answer from former PM

Jul 22 2014 1:43am CDT | Source: Business Standard

BJP today asked former Prime Minister Manmohan Singh and the Congress to answer allegations of "improper compromises" by three ex-CJIs during UPA rule, saying the matter was "unfortunate". "Former Prime Minister Manmohan Singh and Cong ...
Source: Business Standard   Full article at: Business Standard
 

 
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1 week ago

CBI called in TKA Nair for clarifications

Jul 21 2014 10:12am CDT | Source: Business Standard

Central bureau of investigation it is learnt called TK A Nair, advisor to former Prime Minister Manmohan Singh for questioning in connection with the coal block allocation scam twice ...
Source: Business Standard   Full article at: Business Standard
 

 
Update
4

1 week ago

CPI asks former PM, Congress to explain charges levelled by Katju

Jul 21 2014 1:50am CDT | Source: Business Standard

CPI today asked former Prime Minister Manmohan Singh and Congress to explain the charges levelled by Press Council Chairman Markandey Katju about corruption in the judiciary. Reacting to Katju's allegations, senior party leade ...
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2 weeks ago

Gogoi urges Centre to frame policy on refugees

Jul 16 2014 8:48am CDT | Source: Business Standard

He had already submitted a memorandum to former Prime Minister Manmohan Singh on Ap ...
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2 weeks ago

Manmohan Singh continues to enjoy immunity: DoJ tells US court

Jul 11 2014 1:59am CDT | Source: Business Standard

Former Indian prime minister Manmohan Singh continues to enjoy immunity in an alleged human rights violation case filed against him in a US court even though he is no longer the head of the State, the US Department of Justice ...
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7 weeks ago

Advani, Joshi in front row of House, for now

Jun 5 2014 12:50pm CDT | Source: Business Standard

Narendra Modi, who took oath first, will now occupy the seat where Manmohan Singh once used to ...
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