2011 – A year of SCAMS, the year in which Anna Hazare became an idol, the year in which UPA bitted the dust, the year of policy paralysis, high inflation and low industrial outputs which left the whole economy in the doldrums.
India Inc entered the year 2012 with never ending woes, gloom and distress
2012 – The year got a head-start with the supreme court cancelling out 122 pan india telecom licence that was given away in a controversial way, putting the whole India Inc in a quagmire.
Political thinkers, economic intellectuals were pinning their hopes on Budget 2012. As it was coming after the (U.P) elections. Reason was that, a win for congress would have sent out a positive wave across party cadre, which would have helped in getting a bold budget. Plus, it was the election in which Gandhi scion himself put his entire weight on.
But, every thing went awry. Rahul fell at the charm and grace of Akilesh Yadav. And the Budget 2012 had absolutely NOTHING for the industry to cheer about and worst GAAR was tabled and Vodafone was asked to pay tax retrospectively. This put the entire industry and investors to loose faith on India and India’s growth story was in danger. Meanwhile, Dinesh Trivedi was asked to step down as Railway Minister and the rail fare price rise was reversed. Policy paralysis continued.
PM Manmohan Sigh came under severe criticism for his failure to lead from the front. And even Time magazine carried a cover page citing MMS as an Underachiever.
RBI decreasing Repo rate and finance ministry postponing implementation of GAAR gave some breathing space for India Inc.Then on June 15th, Pranabha got nominated as a candidate for president post. The political think tank of congress came together and out maneuvered the dangerous Mamata and ensured the safe passage of Pranadbha into Raisina Hills. This win was almost manna from heaven as it came after series of scams and embarrassments for the congress.
As soon as Pranabji vacated the North Block, MMS swung into action. He moved swiftly on GAAR and also gave specific instruction unto the then financial secretary to REVIVE THE ANIMAL SPIRITS WITHIN THE ECONOMY. This few words from the silent man, resurrected the hope on India.
But then hell broke loose in the form of Coal Scam. This time it was at MMS himself. And BJP didnt loose any time to attack MMS and demand his resignation. Almost the whole of the monsoon session was washed out. The hope of animal spirits revival was at the dock again. Something was needed to be DONE to ensure hope remained intact.
It was under such condition, on Sept 14 the cabinet under MMS cleared the following
1. FDI in multi brand retail.
2. FDI in aviation.
3. FDI in Insurance and Pension.
4. Increse in price of Diesel.
This sent out a clear message that the government was serious about reviving the animal spirits. This even made @namo to tweet that MMS became a Singham on a single day.
Lo and Behold, it was one more time MMS showed spine and spunk and stood his ground on FDI in retail, leaving tantalising Mamtha to walk out of the alliance.
This lead to the creation of this equation.
UPA 1 : Left : Nuclear Deal = UPA II : TMC : FDI in Retail.
The congress came together on FDI in retail and political think tank in the congress ensured it pass through the vote in both houses of the parliment.
And then even the Banking Bill and the Companies bill passed through the parliment. This was the ultimate best. Since it showed, that we got past the policy paralysis.
Yes!! animal spirits got revived certainly and even we withstood the mayan calendar dooms day.
But we had to close 2012 with a sad note on the Delhi gang rape incident. It sends out shiver into our bones on the audacity of the crime and the safety of our girls. It was even more sad to know that the girl passed away despite her brave fight. She was a fighter indeed.
As the year 2012 comes to an end and as the new year is beginning, here I am –
WISHING YOU ALL A PROSPEROUS, HAPPY AND A SAFE NEW YEAR