Sir: This is with reference to reports that India could lose its BRIC status due to the declining GDP rates and a lack of political will to push investment-oriented reform.
This is a grim warning and the government of India should heed it. For the last 18 months, political ethics have been eroding in India.
The Congress party is mired in corruption, scandals and land-grab frauds. The Indian media have tainted the party leadership. Prime Minister Manmohan Singh was revered for his integrity and professionalism. Today, he has lost all credibility to govern due to the scandals surrounding his cabinet colleagues.
The power behind the throne, Mrs Sonia Gandhi, is plagued by ill health and is not aware of the harsh realities that confront an average Indian citizen in the streets, viz., inflation, corruption, a crumbling infrastructure. The leading opposition party, the BJP should have seized the moment to galvanise the masses and enforce some positive changes. However, the BJP is also mired in controversies and a leadership struggle. Instead of infighting, the BJP should get organised to provide direction to the country. It seems to have a one-point programme — incapacitate all government reforms. Hence, the Lok Pal Bill to curb corruption got stalled, as also the progressive retail FDI Bill, which would have stimulated investment and employment.
The loss of BRIC status will dampen the investment climate in India. FDI will be reduced, which will impact employment generation and exacerbate social tensions. The poor and even middle classes are frustrated with corruption and declining living standards. It will be a serious mistake to underestimate their anger. Leadership in India is no longer the art of public service; unfortunately, it has become an occupation to mint riches.
RAJENDRA K ANEJA
Dubai
UAE