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Politics : Foreign Affairs Discussion Group

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To: Bruce L who wrote (154443)	12/20/2004 1:56:06 PM
From: arun gera	Read Replies (1) of 281500

>In the early 1990s, India had little or no growth. It began to grow rapidly only after 1995 when the BJP party came to power.> India has had steady growth from 1980 to date. I recall reading an article that the 1980s had fast enough growth (will have to dig up the numbers). What happened in 1990 is that India ran out of foreign exchange reserves. It was the Congress Party under Narasimha Rao that decided to free the markets. Manmohan Singh was the finance minister who carried out the reforms. The consensus in Indian politicians (congress as well as BJP) is: Let the economy but take a percentage of everything. > The BJP party, espouses free-market principles,but BJP, unfortunately, is also the "Hindu-first" party. That creates sectarian problems which I'll discuss below. In 2004, the national elections were won by the Congress party - headed by the Italian-born Sonia Gandhi - which traditionally has been the party of Fabian socialism. Initially, the Indian stock market fell precipitiously, and only recovered when Sonia declined the PM job, and a pragmatist was appointed.> -Arun

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