Business/Economy
Government holding up India growth story - Hindustan Times
US credit rating agency Moody's on Wednesday hit the Indian government hard for not doing enough on the reforms front. It said, "The single biggest factor weighing on the (economic) outlook is the Indian government." The comment followed another rating firm, Standard and Poor's (S&P), lowering India's credit outlook to negative, raising questions over the economy that had taken a hit by borrowings, rising imports and political compulsions stalling key reforms.

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Verbatim

The UPA 2 government was conceived in corruption – and never really recovered from that taint. Right from the day the election results came in, the back-channel negotiations began for the reappointment of A Raja as Telecom Minister to advance the interests of certain telecom majors (in return for illegal gratification). It was an enterprise which set the stage for India’s biggest corruption scandal and virtually set the political tone for the rest of the four years. As subsequent exposes have established, Manmohan Singh and other key Ministers knew full well that mischief was afoot, but pointedly looked the other way. That was the beginning of the slide, and the UPA government in general – and Manmohan Singh in particular – was mortally wounded from that episode. But rather than press ahead with remedial action, the government slid further into the cesspool of corruption.
Venky Vembu
 

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