Sir — This refers to Prime Minister Manmohan Singh’s address to the corporate community and his rather apologetic and defensive statement that the economy is merely facing a temporary downturn and one can expect an eight per cent growth.
Mr Singh has been saying this for the last nine years, without the sluggish economy showing any spark or positive movement. No wonder the stock market plunged after his speech, despite his ‘high sounding words’. The credibility deficit is there for all to see.
If Mr Singh means business, he must push through reforms even at the cost of losing power. One must be pragmatic to say that it’s easier to announce an eight per cent Dearness Allowance increase than lift a five per cent economy on the eight per cent growth path.