For India to gain speed, it is imperative that NaMo succeeds at any cost

I had last written on the crisis faced by the people of Greece, and how we too faced similiar situation in early 1990s when we had to pawn our gold and later we overhauled our entire economic system.

Although I remain optimistic for various factors giving rise to our expectations of better growth in the coming years but there are reasons that give rise to the fears of the repetition of 1990s like situation.

Let us recall that even after the complete overhaul of the economy under the dictates of the international lenders, the initial hoopla generated in first half of 1990s had evaporated by 1998, and the Atal Govt had to initiate mammoth programme of building up roads and bridges to bolster the economy. As foreseen by the great visionary Atal ji, this had a cascading effect an the economy and growth and development had come back on track by the early years of the new millennium. 

However, due to the lack of similiar vision and foresight by the then rulers, this positive trend of growth did not sustain for long, and a couple of years later, in mid 2000s, the downfall started, and then, the global meltdown of 2008 had its damaging impact on our economy as well. Later, the successive major actions being quashed by the courts leading to crisis of faith and there were hardly any fresh investments worth the name, and our economy is yet to come out of the spiral of decline.

Like I have said about Greece, one decision of its pompous politicians, though well intentioned, has crippled the economy and the people of Greece are today facing a hopeless situation, with no solution in sight, God can only tell as for how long they will continue to face the misery, may be for decades.

Let us remember that the crisis of 1990s came due to our negligible exports and the burgeoning debt. Presently too we are again seeing a strongly declining export performance and it continues unabated. And we must remember that out total debt has grown many times more than what it was in 1990s.

Hence, if we want our economy to embark on the path of assured growth, it is imperative that NaMo succeeds at any cost, and for this even if he has to take any harsh decisions, we must support him.