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Why Time Magazine calls Manmohan Singh an 'underachiever'?
Time magazine has called Prime Minister Manmohan Singh an underachiever - the reasons are the sluggish growth rate, huge fiscal debit and a falling rupee. The magazine wonders why has the man who put Indian economy on growth path failed to drive country to success.
HAS MANMOHAN Singh grown senile or his hands are tied by coalition politics, as he had maintained last year. Whatever it is, the man who liberalized and reformed the Indian economy has been called ‘an underachiever’ by Time magazine.
As reported by NDTV, Mr Singh appears ‘unwilling to stick his neck out’ on reforms that will put country back on growth plan, according to the respected magazine. The most interesting is the cover page that features Mr Singh’s portrait in the background and the title ‘The Underachiever – India needs a reboot’ of the Asia edition of the magazine that will be out this week.
Writing about the challenges of a slowdown in economic growth, huge fiscal deficit and a falling rupee, the report ‘Is Prime Minister Manmohan Singh up to the job?' adds that India's Congress party-led UPA coalition "has found itself fending off corruption scandals and accused of showing a lack of economic direction."
Arguing the fears expressed by India Inc that investors are being shooed away by these scandals, the magazine writes, "Investors at home and abroad are beginning to get cold feet. Voters too are losing confidence, as rising inflation and a litany of scandals chip away at the government's credibility."
Crediting him for the liberalization process, Mr Singh started in early Nineties; the magazine maintains that he has lost control over his ministers, something that Mr Singh has already hinted at – the ‘coalition compulsion’.
Adding that India can’t afford slowdown in economic growth, the magazine writes: “Laws that could help create growth and jobs are stuck in Parliament, sparking concerns that politicians have lost the plot in their focus on shorter-term, populist measures that will win votes."
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