When the UPA Government was elected in May 2004, its Finance Minister P Chidambaram praised the preceding NDA Government for its strong economic and financial footing, which he inherited.

Generally Congressmen consider the BJP an enemy and not a political adversary. Chidambaram's comments were telling because economic indices of the country were well recognised by the general public. But will this Government's FM hand over an economy, similar to what it inherited, to its successors? Prices of commodities are at a boiling point. It is difficult for wage earners to make both ends meet. The common man has been hit by 50 to 100 per cent prices rise of all essential goods.

As compared to the six-year period of the NDA regime, price rise was never an issue either inside or outside the Parliament.

Before the NDA regime, LPG distribution bore corruption of high order. Within two years of its rule, gas agencies offering LPG connections at doorsteps. More than 30 million gas connections were given within two years. At present, there is scarcity of gas connections and cylinders.

Added to that is the Rs 50 price hike. During the NDA rule, millions of tons of wheat, rice and sugar were exported. After Congress-led UPA came to power, the same commodities are being imported at exorbitant rates.

During the NDA regime, the economy was buoyant and housing development boomed in metros, cities and towns throughout India. After four years of UPA rule, the real estate market has almost crashed due to high interest rates and steep cost of cement and steel. It has also resulted in loss of employment affecting millions of people.

The momentum at which infrastructure was created, showed the hallmark of the NDA Government. The fast track work on golden quadrangle, East-West and North-South corridors have been reduced to a snail's pace. Adverse balance of payment on import-export had disappeared by the end of NDA rule. This has re-appeared.

While the manufacturing sector was doing extraordinarily well, it started declining within two years of the UPA regime. In the last year of NDA rule, the economic growth rate was 8.6 per cent. Now, after 4 years, economists state that the growth rate may come down to 7.9 per cent even though Government officials and ministers are hoping for a 9 per cent rate.

Indian economy has potential of 12 per cent growth per annum, but this dream still remains. The Stock exchange was looking upward unhesitatingly. Now, the continuous bearish mood of the market indicates loss of faith, confidence and credibility in the Government.

The phenomenon of farmers suicides in large numbers demonstrates how callous UPA Government is towards their fate.

As a propaganda, the FM announced Rs 70,000 crores loan waivers to a section of farmers without any serious thinking and planning. Just because Sonia Gandhi wanted, it was announced.

Economists warned against its consequences, for considerable amount of money was likely to be siphoned off. Even Rahul Gandhi repeated his father saying that for every one Rupee sent by the centre, the primary beneficiary received only 16 paise.

The RBI has increased CRR and the Repo rate making it even more difficult for entrepreneurs to raise loans from banks. It is not only affecting the industry but even employment. This has happened despite the fact that Manmohan Singh, Chidambaram and Montek Singh Ahluwalia, are considered expert economists.

When inflation started rising every week, their statements like - steps are being taken, situation will be brought under control within weeks, Government does not have a magic wand - were undiscerning. The frustrated public prayed that they should not take further steps, as they would not be able to face another price rise.

This UPA Government was destined to perform poorly. Nothing concrete has been achieved with the support of the Left. They never succeeded in Russia, Eastern Europe or rest of the world.

They made Bengal one of the poorest states despite 32 years of uninterrupted rule. In fact, India has never had a Government where comrades have not applied brakes and the PM had no guts to accelerate. With 61 Lok Sabha MPs, the Left Front thought of expanding geographically but failed. They wanted to invigorate the labour movement but failed. In addition to that, Nandigram and Singur bloodbaths made them unpopular. The infighting in the Kerala CPM and the Bengal Left Front pulled them down.

In such a situation, Chidambaram will not be able to give a sound flourishing economy to his successor.

Courtesy: www.dailypioneer.com, June 29, 2008