END OF THE year and beginning of the new brings little cheer. How can it? Next time travelling in a train you would be gripped by the fear which of the more than 15,000 ageing railway bridges would collapse; out in the market, the 5.5 per cent inflationary pressure on the purse will hold you back from a splurge; in the bank, the money you need to buy a house, a car or a gadget, would be lent by the CRR-hit banker at hiked interest rate and you would feel the recurring pinch in the installments; out in the city, you won’t know when and where terrorists would trigger RDX to loudly put out their message; in the college, you won’t know whether your ward will secure an entry with the quota regime limiting the admission possibilities.
These are only few of the ways in which the New Year’s celebrations can get fizzed out and rob the smile that comes with the glut of the feel-good news like the US overturning its law to facilitate civil nuclear cooperation; the economy delivering 8-plus growth rate; the good news from Tokyo on Japan’s willingness to assist India in setting up an industrial corridor from Mumbai to Delhi; and Iran agreeing to sell at a renegotiated price gas that would reach India via the Pak pipeline, holding an equally great potential to change the country’s energy scenario as the US nuke deal.
Years cannot cut off a trend. There are as many good things happening in India as bad. The trends of the past year played out into current year and this year’s courses will meander through the coming. The positives and the odds even out, leaving us in less celebratory and more sagacious mood.
Take politics. Barring few bright politicians like Manmohan Singh, P Chidmabaram and Arun Jaitley, we do not have the kind of leadership that India Inc needs to consolidate the gains accruing from the upward swing in the economic growth rate. Many of them are popular among the people, but do not have the acumen to drive India through the complexities of the times. Lalu Yadav might have got the kudos for the turnaround in the railways, but it was completely missed that more than the leader at the apex, it was the competency of the railway mangers which ensured this. Leave railway without a minister, yet it will perform. Prime minister may have given him the political pat, but he also observed that “many Indian politicians are living in the past.” That’s the reality of political clods who know little outside the realm of people and vote-getting mechanisms. Nothing is going to change and we would continue to see them legislate and govern for years, and not only next. Does that cheer you?
There were not many good news from the sporting arena, barring the exceptional few like Jaspal Rana, who was declared the Asian Games’ sportsperson at Doha. Cricketers, who generally provided relief to the Indians from the humdrum, were a big disappointment in South Africa. Their pathetic performance foreshadowed one of the bright spots Indians had discovered on the lighter side of their life. Doesn’t look like the team can pick itself up from the ashes any soon and sooth the frayed tempers of the fans, including parliamentarians. At the end of the Asian Games, we know how much India has fallen on the hockey front. Looking ahead, you find only some silver linings on the otherwise dark Indian sports cloud.
On the economy front, the confidence generated by the record growth registered in the second half of the year remained tinged with apprehensions as the inflation threatened to touch 5.5 per cent. In the closing months of the year, industrial production growth slowed to 6.2 per cent (in October), falling down from 10.3 per cent growth recorded in April. With agriculture growth, too, not showing signs of picking up, there was a growing concern among economy watchers over signs of overheating. Overall, despite the record growth and an optimistic outlook, there were worrying factors that need interventions to keep the errant indexes in check.
