Saviour or Sonia's poodle, asks UK paper about PM Manmohan Singh

July 17, 2012
manmohsonia

New Delhi, July 17: Hailed abroad not too long ago as statesman and economic guru, Prime Minister Manmohan Singh is at the receiving end of increasing harsh comment with British daily, The Independent, critiquing his tenure under a disparaging headline "Manmohan Singh - India's saviour or Sonia's poodle?"

The report, although less widely circulated than several others in the UK, is the latest foreign publication to question Singh's legacy and his capacity to regain control of a coalition reeling under corruption scams, an unresponsive bureaucracy, bullying allies and a freeze in reforms.

More damningly, The Independent refers to an unequal sharing of power between Singh and Sonia, saying "Observers say one of Singh's problems is that he has no genuine political power. Rather, he owes his position to Sonia Gandhi...This has meant he has sometimes been unable to even control his cabinet and his failure to more quickly address actions of coalition minister, accused of defrauding the country up to $40 billion in a telecom licence scam, led him to being accused of further weakness."

The report says Singh's reforming zeal has evaporated and slowed the country's growth while political opponents are attacking him for overseeing an administration mired in corruption and sloth. Reference points include the 5.3% growth shock of the first quarter and downgrades by rating agencies among other indicators of a slowing economy.

Reacting to the report in the British daily, Congress spokesperson Manish Tewari said, "It is unfortunate that some people misuse editorial licence. While criticism is to be taken in one's stride; what needs to be kept in mind is that criticism should not cross boundaries of decency and start bordering on the offensive and I do hope that people who are entrusted with the responsibility of handing of editorial content would definitely keep this submission in mind."

However, BJP spokesperson Ravi Shankar Prasad saw the report as a validation of his party's criticism of the PM. "The non-performance of the Manmohan Singh government has been known for long. Now well-known journals on whose certificates the PM and Congress used to bank on are saying the same thing. The important question remains on how Sonia Gandhi can escape responsibility as she is the source of the PM's political authority."

Like in a cover story in Time magazine recently, The Independent report suggests that time is fast running out for Singh if he wants to retrieve his legacy as the reformer who released India from the shackles of the socialist dogma with a path-breaking Budget in 1991 after the P V Narasimha Rao government took office.

Taken together, the spate of adverse reports in international publications represent a souring of mood on the man, who was not so long ago hailed as the author of India's success story and savant of global economy.

The Time cover with its sharp headline "Underachiever" had noted that the PM needs to emerge from his personal and political gloom if he is to retrieve the stalling India story. The report quoted political analysts to say Singh might yet pull off a recovery, but needed to shed his government's reluctance to move forward on reforms.

Prior to the Time cover, The Economist had referred to the PM as a "lame duck" in a report on his meeting with Pakistani president Asif Zardari. In another report, it noted that "Singh may not be remembered as the man who reformed India's economy, but the man who only got the job half done." The tone of other publications like the Financial Times has also become more questioning, wondering if Singh can actually quell disquiet over India's economic growth.


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News Network
May 21,2020

New Delhi, May 21: Prime Minister Narendra Modi on Thursday paid tributes to Rajiv Gandhi on his death anniversary.

Former prime minister Gandhi was assassinated on this day in 1991 in Tamil Nadu's Sriperumbudur by a suicide bomber during an election campaign.
 
"On his death anniversary, tributes to former PM Shri Rajiv Gandhi," Modi tweeted.

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News Network
May 11,2020

May 11: Congress leader Rahul Gandhi on Monday said many states were amending labour laws, but the fight against the novel coronavirus pandemic cannot be an excuse to exploit workers, suppress their voice and crush their human rights.

Gandhi said there cannot be any compromise on the basic principles by allowing unsafe workplaces.

"Many states are amending labour laws. We are together fighting against corona, but this cannot be an excuse to crush human rights, allow unsafe workplaces, exploit workers and suppress their voice," he said.

"There cannot be any compromise on these basic principles," he added.

Congress leader Jairam Ramesh also said it would be dangerous and disastrous to loosen labour, land and environment laws in the name of economic revival and stimulus.

"In the name of economic revival and stimulus, it will be dangerous and disastrous to loosen labour, land and environmental laws and regulations as the Modi govt is planning.

"The first steps have already been taken. This is a quack remedy like demonetisation," Ramesh tweeted.

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News Network
March 6,2020

New Delhi, Mar 6: As panicky depositors rushed to withdraw money from Yes Bank whose control was seized by the RBI in a dramatic late-night move, Finance Minister Nirmala Sitharaman on Friday assured depositors that their money is safe and said the central bank was working for an early resolution of the crisis.

The Reserve Bank of India (RBI) on Thursday evening capped withdrawals at Rs 50,000 for the next one month and imposed strict limits on operations at the country's fourth-largest private lender that faced "regular outflow of liquidity" after an effort to raise new capital failed.

"I am in continuous interaction with the RBI. The RBI is fully seized of the matter and has assured they will give a quick resolution," Sitharaman said here.

She said no depositor will lose his or her money and insisted that the immediate priority is to ensure Yes Bank customers are able to withdraw money within the stipulated cap.

"I want to assure every depositor that their money shall be safe. Their monies are safe," she said. "I am constantly in contact with the RBI and the steps that are taken are taken in the interest of depositors, banks and economy. We are fully seized of the development."

She was talking to reporters after meeting State Bank of India (SBI) Chairman Rajnish Kumar. On Thursday, the SBI board gave its "in-principle" approval to exploring investment opportunities in Yes Bank.

"So I repeat, the depositors can be assured that their money is safe," she said.

Soon after the RBI takeover, depositors thronged Yes Bank ATMs to withdraw money and police had to be deployed in some places to control the crowds.

Yes Bank has 1,000 branches across the country.

Refusing to elaborate on her meeting with the SBI chairman, the minister said that "was on a completely different matter".

"RBI governor has given me assurance that there will be an appropriate resolution soon. No depositor will lose (money)," she said. "Reserve Bank has taken cognizance of the problem."

The central bank, she said, has gone through the "process over and over again to find out an amicable solution".

"And that has been over the last couple of months. So it is not as if they have come in suddenly now. We have been monitoring the situation," she said adding the RBI has appointed an administrator who previously was with the SBI.

"Both the RBI and the government are looking at this with all the details before them, not just today. I have personally monitored the situation over the last couple of months with the RBI. Therefore we have taken a course which will be in everybody's interest," she added.

Yes Bank had been seeking new capital since last year to bolster its ratios and quell questions about its stability due to its exposure to the non-banking finance industry entangled in a prolonged crunch in the local credit market.

The SBI chairman said the resolution to the Yes Bank crisis will come "very shortly".

"This is not a sectoral problem. It is a bank-specific problem," he said. "The RBI will take all steps to ensure financial stability."

On SBI picking up a stake in Yes Bank, he said the lender already has an in-principle approval for doing so.

"If SBI has to pick up a stake in Yes Bank, we have an in-principle approval for that," he said.

Commenting on the crisis at Yes Bank, Alka Anbarasu, Vice President – Senior Credit Officer, Financial Institutions, Moody's Investors Service, said: "RBI's moratorium on Yes Bank is credit negative as it affects timely repayment of bank depositors and creditors."

"While Moody's expects Indian authorities will take steps to prevent the weakness in the bank's viability from significantly impacting its depositors and senior creditors, the lack of a coordinated and timely action highlights continued uncertainty around bank resolutions in India," she said.

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