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| Feb 28, 2000 | ||
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 The
economy and good news do not often sit well together. But this month the
tidings are unusual. After a long time there is no unease about the
forthcoming budget. Businessmen are unflustered, investors aren't
fretting. Yes, they expect subsidies will be cut and government downsized
and no, they are not anticipating any tax breaks or give-aways like pay
hikes. Fortunately, most people now regard the process of reforms as a
continuous one. Even if the budget is a promised "hard" one, the
element of surprise has passed. Finance Minister Yashwant Sinha's options
are limited and well-known.
Much of this lack of expected jitters can be traced to the fact that confidence in the economy is up. The stability of the Government, itself unusual these days, is a contributory factor. So is the reality that businessmen are nodding in approval at the steps the Government has taken, whether it be raising the price of diesel or passing bold legislation like the Insurance Regulatory Authority Bill. Yet, as our cover story reveals, this good work requires a greater momentum, and for that the Government must be bold, even audacious. To compile a wish list of what is required, Associate Editor V. Shankar Aiyar and Principal Correspondent Robin Abreu spoke to a wide section of industrialists, stock-market analysts and fund managers. Their ideas make it clear that it is time for a second generation of reforms to be kickstarted, driven by strategy rather than crisis. But our cover story goes further, attempting to understand the remarkable bullishness in the stock market. And finally, we look at the rise of Sinha, a sort of zero to hero tale. As Senior Assistant Editor Rohit Saran, who charted Sinha's metamorphosis, says, "Once he was a compromise finance minister. Today he's emerged as an unchallenged reformer, unafraid to take non-populist decisions." More power to his elbow.
(Aroon Purie) |
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