tag:blogger.com,1999:blog-33693245.post2387962522257158862..comments2024-03-04T23:40:58.133+05:30Comments on The Big Picture: At the mercy of the rating agenciesThe Big Picturehttp://www.blogger.com/profile/06018983225756352176noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-33693245.post-4014753784840670282013-03-01T23:58:16.129+05:302013-03-01T23:58:16.129+05:30So, now all Indians have is prayer! Bravo.
I happ...So, now all Indians have is prayer! Bravo.<br /><br />I happen to agree that the obsession with the deficit is absurd. In fact, if we had invested in energy infrastructure and planning for our burgeoning energy needs, we would not have to resort to prayer. We also would not have to be beholden to the rating agencies. In fact, if we had taken care of those things then the inflation rate would be less intractable, financial assets would be doing well and people wouldnt be incentivized to hoard gold. Of course, if we did all those things then we wouldnt be India. <br /><br />The impetus for lasting change in India has always come from crisis--BOP crisis in 1980 and 1991 and food crisis in the 1960s. Unfortunately with near 300 billion in reserves we will not have an immediate BOP crisis. So, i dont see a way out of this impasse anytime soon. Anonymousnoreply@blogger.com