India story begins to unravel

Prime Minister Manmohan Singh is absolutely right when he tells Opposition leaders that if they don’t get together to pass critical legislation, India will also meet the same fate that various other countries are witnessing—it sounds alarmist, but growth in areas such as investment has ground to a near halt, forex reserves that looked comfortable yesterday, look a bit fragile in the face of a collapsing rupee … This has spooked the markets further—they fell 2.3% on Wednesday, and by 6.4% over the last seven days.

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