Manmohan Singh has now no hope in hell to steer the ship of a rudderless Congress Party for the third time so he has decided to regain lost glory by taking centrestage at the troubled Ministry of Finance which was held very cautiously by Pranab Mukherjee and whose report card as Finance Minister is being described as awful when compared to his predecessor P Chidambaram.
It’ll be interesting to keep a tab on Manmohan’s next few moves. The need of the hour is to encourage spending and follow the Keynesian Model of economics which emphasizes on the need for shedding silly austerity measures and promote an environment of spending which in turn spurs the economy towards the higher growth trajectory. Disinvestment and resource allocation can be major revenue sources capable of going back into the economic bloodline as stimulus packages provided that the Government doesn’t commit a major goof which exposes it to yet another controversy or scam. Only a nuclear-deal like moment can now ensure a graceful exit for Singh who lost the opportunity of a picture perfect finish by being kicked up from 7 Race Course to Raisina Hills. In his long public life this is the second time when Manmohan Singh is in a desperate need to deliver in order to heal the staggering Indian economy running on a ventilator with Neo-Liberal Reforms 2.0.