This is an interesting article from BusinessWeek Online. I swear, I read this article today, after my previous post on the state of the Indian Economy.
The article focuses more on how the government mismanaged the economy when things were good and, basically, had (and continue to have) their heads in the sand as things started falling apart early this year. Another thing to note, is that the economic “dream team” of Oxford-educated Prime Minister Manmohan Singh and Harvard-educated Finance Minister P. Chidambaram have been bogged down playing politics with the various parties (including their own Congress Party) and the diverse group of politicians in India, many of whom, probably couldn’t spell “economy”.
Just six months ago, India was looking good. Annual growth was 9%, corporate profits were surging 20%, the stock market had risen 50% in 2007, consumer demand was huge, local companies were making ambitious international acquisitions, and foreign investment was growing. Nothing, it seemed, could stop the forward march of this Asian nation.
Read More of this story at BusinessWeek Online