Why the economy will revive only after UPA leaves

No matter how hard Palaniappan Chidambaram tries, the UPA will not be able to revive the India story before the next election. Two days ago, the government announced a slew of “reforms” – easing of FDI norms for multi-brand retail, 100 percent FDI in telecom, a new railway tariff authority, etc – but all it got by way of reward from the markets was a sharp kick in the butt. The markets continued to head south, and the rupee breached Rs 61 to the dollar once again. Both could head further down.

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