The negative industrial growth.......

The country’s industrial growth for the month of October 2008 has dipped alarmingly to -0.4%. The figure for the month of November 2008 is also expected to be as dismal as that of October. Much has been said about the global economic crisis and its repercussion in India. But the Prime Minister and the former Finance Minister Mr.P.Chidambaram have always been in self-denial mode. They kept saying that the Indian economy is somehow immune to the global trends to a large extend.

The RBI also was focusing almost entirely on containing the inflation. Lot of liquidity has been flushed out of the system. Now, the inflation figures have started coming down, but the prices of food and vegetables continue to be on the higher side.

While taking part in the parliamentary debate in the wake of the Mumbai terror attack, Mr.P.Chidambaram made a candid admission that our government system is such that at crisis times instead of making decisions, we often gets caught up in indecision. The statement may well apply to the government’s handling of the economic crisis as well.