Jatti kelage biddaroo meese mannu aaga-lilla, is an old Kannada saying. Meaning: the wrestler’s moustache was unsoiled even after he was floored.
The Indian left may be going through its worst phase ever. Its ruling government in West Bengal has been unable to retain the Tata Nano that landed in its lap. Despite its avowed secular credentials, it bowed to the fundamentalists and sent out Taslima Nasreen. In Delhi, the inflexible dogma of Prakash Karat saw the Left severing its support to the government over the Indo-US nuclear issue. And so on.
None of those realities seem to have prevented the communists from making one of the more brazen and bizarre claims in recent times. Namely, that it was their opposition that prevented the Manmohan Singh-Chidambaram combine from going the whole hog on banking and insurance reforms, full convertibility of the rupee, and deployment of pension funds in the stock markets. And this, they say, “insulated” India from the full impact of the global financial crisis.
Has India been saved, or has the salaried, unionised Indian middle class, the bourgeoisie, been saved? Are the communists talking through their hat, or is there a grain of truth to their claim? If communist policies have saved India, why hasn’t it saved China, whose stock markets are doing worse than in India? And if shutting the doors is a good idea to save ourselves from global shocks, should we close our economy?
churumuri 
Basically the Left said “No” for everything. They did not predict this crisis either. They definately cannot claim good foesight. It is just a co-incidence.
LikeLike
The author has just written plain bullshit without even knowing what these reforms are and how they are connected to current crisis.
Its the tough Indian policies which prevented Indian banks from selling out their hard earned money to CDO’s of American banks.If not their would have been atleast 2-3 banks declaring bankruptcy in india right now.
Why would pensioners money should be used in Stocks? who gives the banks the right to play such dangerous games with pensioners money?
LikeLike
Infact the PF money should be replaced with gold to avoid depreciation of hard earned money.
My fathers 10% of salary 25 years back will be a peanuts NOW due to depriciation of money.Instead Government should deposit equivalent amount of Gold in their accounts so that thier PF money is not deprciated.
LikeLike
If the reforms had gone through we would have been in a better shape to take advantage of the current situation and weather it a lot better, atleast the FIIs would not have run away in such a large scale. Given the conservative investment nature of us Indians and the socialistic nature of our constitution the bank failures wouldnt have happened here atleast not in a large scale. Now because of the lack of reforms we have to wait another 2-3 years atleast for the growth to pick up.
Its not like our PSU banks are in any better shape coz of this so called insulation. Instead of someone else looting them the gov’t itself is doing it in the name of Loan waivers, subsidies etc. The only way the lack of reforms has helped is that it has maintained the opaqueness :)
The left policy is pretty simple.. keep everyone poor.. duddu idre taane kalkoLadu.
LikeLike
The trio Manmohan- Montek-Chidambaram are beating their chests that our fundamentals are strong and there is no need to worry on economy. But what is more worrying is that they wanted to blindly follow the capitalist economy till a day before the meltdown started. I was no fan of the left before the meltdown now I can see a few merits of the left too. Just guess what would have happened to the people savings if the Provident Fund was completely invested in the equities, now I guess only a fraction is invested and that loss is bearable.
For a change “left is right”.
The holy trio are just putting in to practice what they are learn t in the universities of capitalist UK and US. May be need more of our own home grown economists.
LikeLike
Credit should go to the left for opposing the convertibility of Indian Rupee,The effect would haven disastrous at a time like this. Dollar would have been the desired currency in commerce
LikeLike
The left is a piece of bullshit. Anything good that we see now is a pure coincidence, and absolutely no credit to the leftist fools.
LikeLike
The answer is not whether LEFT is RIGHT.
The answer is that we need LEFT,RIGHT and CENTER. INDIA is a mosaic of this deep rooted division, but united by fragmented vision.
We can see that States like Gujarat,Tamilnadu,Andhra Pradesh,Maharashtra and Karnataka have embraced capitalism. We have seen that the GDP of these states have significantly improved on account of Industries. At the same time the maxium number of suicides during the stock market crash has been witnessed in Gujarat.
Kerala,Bengal and Tripura have embraced Left philosophies. It is not that they dont have any form of economy thriving. Kerala has pitchforked in Tourism and Bengal in Agriculture. The movements their have created a different set of Industry to fend it growth.
However during the past few years Industrial growth has been better than Agro growth. A day will come when India will have to import Agricultural produce given the state our population is not sustainable and so is the growth momentum.
The Rest of the Country is debunked as Socialist states.
This has created an imbalance in within the States and state wide comparison.
We are seeing violence erupting in different parts of the country on account of various socio economic issues.
Even in the various blogs we are not united but contradicting our own statements as time progresses.
LikeLike
It is no surprise that this claim comes after witnessing global collapse of financial markets. I wonder if the left would have claimed the same had the markets boomed.
It maybe true that the Left prevented Chidambaram from coming out many financial schemes, but that maybe because the Left were not bribed enough. I am pretty sure that had Manomohan Singh filled the pockets of CPM leaders, they would have been singing paeans for the Indo-US nuclear deal.
Indian politics eventually boils down to how much the politicians are bribed.
LikeLike
There is no doubt that the CPI saved Indian economy. Knowingly or unknowingly they resisted some changes. The CPI were against India going the USA way. USA has a rich Economy but it is not Healthy. Our economy may not be rich but we are Healthy. Hope the UPA government realizes these facts and stops leaning towards USA. Probably there is some hidden gratis from the USA to the Congress party!
HEALTH IS WEALTH! WEALTH IS NOT HEALTH!
LikeLike
After playing brinksmanship for over four years, by interfering and stalling every important decision of the Government, the Left cannot claim any credit for saving anyone, including itself. There is no certainty that left’s policies and interferences have indeed saved India and its economy. That is the tall claim of the leftists.
The only regret about the gradual demise of the left parties is that the labour movement in India has almost died down. Gone are the days of militant labour unionism. Even reasonable demands are no longer met by the industrial managements. Furthermore, today, labour movement has gone into the hands of extortionists, who no longer care for the welfare of the industrial workers. The initiative is now back to the exploitative managements. Garment industries are the best example of these exploitative practices. The leftists, instead of trying to save the country and its economy should concentrate in this area, which is crying for attention.
LikeLike
Mamata Bannerjee saved WB from disaster by hounding away an “Evil imperialist Capitalist” from holy land of WB.
LikeLike
You mean by leaving the coalition govt.?
LikeLike
Whether left likes it or not, Indian economy is already tied to the world economy through several interactions like oil pricing and supplies, IT and BT export, jewellery import and export, export of human skills to several parts of the world specially the middle east and the US, etc. In fact through their outmoded policies, the left added to the impact of world financial melt down on India. The US sub prime crisis will not have any impact on Indian economy unlike that of the economies in some of the OECD countries whose banking sector had purchased those securatized bonds.
But for the left interference, India’s economy today would have been in even better shape and would have faced the world financial melt down from a far stronger position. We missed the chance to improve our energy sector because of lower product pricing imposed by the leftist for example. This will have far reaching impact in the future.
LikeLike
protecting long term financial assets of india in terms of gold is the only way ahead. paper money has never lasted long. also, only keeping the money is of no use, such money should be put into good use before it depreciates for infrastructure projects and research in science and technology. which will give back returns many a times more than the investment.
LikeLike
http://renjithmn.wordpress.com/2008/10/25/global-economic-downturn-and-indian-reality/
LikeLike
The left saved India by getting themselves kicked out of the central Government.
LikeLike
hmmmm. i have always had a problem in understanding how the currency exchange system works!
When i left for germany, the 1US dollar was 38 rupees or around that value. and today it is around 49 rupees!
if my understanding of the “global economic crisis” is correct then the major economic hit has been in the US; Also our finanace minister claims that India is will not be affected as badly as US, our economy will slow down et al!
If this is the case why/how is it that the US dollar has gotten way stronger where as other world currencies are dropping, i m comparing the indian rupee against other currency.So if US is hit badly, why is it our currency which is suffering more than theirs?
Would anyone be kind enough to explain this to me?
LikeLike
realy left had done great job. They have realy sacrified. from very begining of new economical policy since 1991 they are talking ill effects of globalisation ,privatisation,librlisation, so called experts says india is growing economy, yes it is job less growth, 80% people are not able to earn more than 20 rs a day. some are saying they are not bribed enough can he point out any single leader who is tained. while u have un ending list of people fom right side.our trio leader manmohan chidambaram aluwalia are expert of economy then why people r killing them self, maket tumbling down thik twise , study hard, think from commen opeoples view . u will find that LEFT HAS SAVED INDIA AND WILL DO FOR INDIA.
LikeLike
Prakash Karat for PM. http://www.rameshsrivats.net/2008/12/100-word-election-speeches-part-2.html
LikeLike