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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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51 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

Source: IANS

 
Update
11

1 week ago

UPA pressured me to drop names from CWG, coal reports: Vinod Rai

Aug 24 2014 8:04am CDT | Source: Business Standard

In fresh embarrassment to Congress, especially former Prime Minister Manmohan Singh, ex-CAG Vinod Rai has claimed he was pressurised by the UPA regime to drop certain names from audit reports in Coalgate and Commonwealth Games s ...
Source: Business Standard   Full article at: Business Standard
 

 
Update
10

1 week ago

UPA pressured me to drop names from CWG, coal reports: Rai

Aug 24 2014 1:55am CDT | Source: Business Standard

In fresh embarrassment to the erstwhile UPA regime, particularly to former Prime Minister Manmohan Singh, former CAG Vinod Rai has claimed that coalition functionaries had deputed politicians to get him leave out na ...
Source: Business Standard   Full article at: Business Standard
 

 
Update
9

1 week ago

Manmohan wanted to contact Pakistani militants: Yasin Malik

Aug 23 2014 5:05am CDT | Source: Business Standard

JKLF leader Yasin Malik has said then Indian prime minister Manmohan Singh wanted him to contact militants in Pakista ...
Source: Business Standard   Full article at: Business Standard
 

 
Update
8

1 week ago

Father and friends

Aug 20 2014 10:55am CDT | Source: Business Standard

Thanks to the huge explosion of uninformed opinion, no other prime minister has had to bear so much hate and, worse, ridicule as Manmohan Singh. How did his family react to this tsunami of abuse, jokes and eve ...
Source: Business Standard   Full article at: Business Standard
 

 
Update
7

1 week ago

Manmohan Singh immune as PM, not as FM: US court

Aug 20 2014 12:00am CDT | Source: Business Standard

US District Judge ruled that Manmohan Singh was entitled to "residual immunity" even after he ceased to be the prime ...
Source: Business Standard   Full article at: Business Standard
 

 
Update
5

2 weeks ago

Same difference

Aug 18 2014 10:39am CDT | Source: Business Standard

Of the two prominent blue-turbaned invitees at the President's At Home one was former prime minister Manmohan Singh, who sat in a VIP enclosure out of bounds for the media, and the other was Montek Singh Ahluwalia, former Deput ...
Source: Business Standard   Full article at: Business Standard
 

 
Update
4

2 weeks ago

Manmohan Singh joined pre-medical course, backed out: Daughter

Aug 17 2014 1:55am CDT | Source: Business Standard

Manmohan Singh had joined a pre-medical course as his father wanted him to become a doctor but pulled out after a couple of months, losing interest in the subject, according to a book on the former prime minister by his ...
Source: Business Standard   Full article at: Business Standard
 

 
Update
3

3 weeks ago

Ex-CJI Balakrishnan pushed for elevation of corrupt judge: Katju

Aug 11 2014 1:27pm CDT | Source: HeadlinesToday.in

In his blog, PCI chairperson Justice Markandey Katju had charged three former Chief Justices of India including YK Sabharwal and KG Balakrishnan of succumbing to the pressure from the then government headed ...
Source: HeadlinesToday.in   Full article at: HeadlinesToday.in
 

 
Update
2

4 weeks ago

No files from PMO went to Sonia, says Manmohan

Jul 31 2014 6:55am CDT | Source: Business Standard

Former prime minister Manmohan Singh Thursday denied that any files were sent from the Prime Minister's Office to Congress president Sonia Gandhi's office as claimed by former party leader Natwar Singh ...
Source: Business Standard   Full article at: Business Standard
 

 
Update
1

5 weeks ago

HDFC Bank Could Make You A Slumdog Millionaire

Jul 29 2014 7:45am CDT | Source: SeekingAlpha

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 infamous moniker of the "license raj, ...
Source: SeekingAlpha   Full article at: SeekingAlpha
 

 

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