Straight from the Specialists
(The views expressed in this column are the author’s own and do not represent those of Thomson Reuters)
The last session of parliament was a washout. The present one looks to be no different going by its chaotic start.
The government had announced a number of policy reforms in the intervening period between the two sessions. To resume reforms and pull the sagging economy up, the government had opened domestic retail business to foreign multi-brand supermarkets and also expressed its commitment to foreign investment in airlines, insurance and pension funds.
That was good economics and would bring the economy back to high speed growth so necessary to generate employment and increase incomes. But good economics is not always good politics. Mamata Banerjee-led TMC walked out of the UPA and even sought to introduce a no-confidence motion against the government, although it failed due to lack of support from other parties.