It is not necessary to tell that the train of economic development is derailed and the manufacturing sector is crying, the consumer is missing from the Malls. The new opportunities for employment are not being created and those who are already in service are also facing the recession.
We should admit that the country is passing through the economic crisis, when the Prime Minister himself says that the situation is almost the same as it was in 1991. It is happening when the economic conditions are not better in whole of the world.
Even the American economy is moving at a slow pace and the European economy is alive due to printing of currency notes by the central banks.
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In such circumstances, only two ways can be adopted by closing the eyes and ears, we should leave everything at the mercy of God or take some strong or big decisions, which may bring back the train on the tracks.
The UPA government sees the things in this perspective. The situation was so worst that the economy could go in ICU for which the strong and effective medicine has to be given.
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Prime Minister had said that the government companies could go into loss of Rs. 2 lakh crore on account of sale of diesel, petrol, LPG and kerosene, at the cheaper rates and efforts have been made to reduce by increasing the small prices of these products.
Still the economy is in ICU and it needs strong medicine. But the questions is, how this situation has arises ? What are the reasons behind it ? Why the decisions of increase in prices have been taken when the condition was so serious? Was it not feasible to reduce the loss of Rs. 1.40 lakh thousand crores of oil companies during the last year? Was it not necessary to take the decision of FDI if it was necessary to introduce multi brand retails? It could be possible that the economy may not have into ICU, had the decisions been taken at the right time and also there would have been no requirement of any strong decisions now with the result the whole of the country is upset over this issue.
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It would have been more appropriate, if the decisions could have been taken in installments and the people of the country have not see this type of situation.
In my opinion, we should forget all this. It is not advisable to curse the history to destroy our present rather we should learn from the past history. The truth is that the economy of India needs strong medicine which has its effect instead of depending upon the doctor.
Mamata Banerjee is right to say that with the increase in prices, the common man will be badly affected.
It will definitely have an effect but it is an issue to be given a second thought. There are instances that with the foreign investment, the farmers have been benefited and even the small traders are also benefited. At the same time, with the introduction FDI, the quality of product will improve and it will be compel the growers to produce the good quality of products.
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You may call it political intelligence or a long term vision, but Mulayam has decided to flow with the waves in the sea and those who move with the waves are adverterous. But it is not necessary that all the time you will be called intelligent persons. In the presence circumstances, it is not good to go in for mid-term polls and with outs of Mamata Banerjee, the political stability is seen and big decisions are being taken and are welcomed in the market.
Now the need of the hour is that UPA government should take right decisions at the right time. In case, it is a regular feature, then there will be no need of strong medicine or multiple doses and the nation will not face any economic crisis.
By Harish K. Monga