Whiplash

Oblivious, impervious or simply delusionary. Wonder which tack is
right for the self congratulatory mode that one found UPA’s
constituents in on Tuesday night. Secure and comfortable in their nest
that they have the math in their favour, they continued to delude
themselves by heaping lavish praises on themselves. From UPA
chairperson to the PM to Pawan Bansal, the attitude was one of
complete disdain. By bringing Mulayam Singh Yadav and Laloo Prasad
Yadav on board the dias, they were sending out a terse message to the
opposition, perhaps even cocking a snook. It was virtually like
putting out a neon sign in our faces – catch me if you can, we are in
power and we will remain in power till May 2014. This attitude was in
your face on Tuesday night and I reckon that this Government and its
principal, the Congress sleep soundly at night knowing fully well that
no one can rock the boat.

So, everyone be damned, the people can go take a hike. Dang, the
mountains are a good place to go to at this juncture given the sultry
heat in the capital, but one needs to have a pocketful of cash, and
not a hole in your pocket to actualize that dream. Prices in the real
economy are rising constantly, the spike in Consumer Price Index
(urban) 11.10 per cent for April is something that has all of us under
the cosh. A mismanaged economy which has practically gone into free
fall, a rupee which is being hammered out of share – ab tak chappan –
as I sit down and write this and a general policy freeze which now has
investors acutely worried. Throw in retrograde and regressive measures
like GAAR (general anti avoidance rules) and retrospective taxation
and you have a Molotov cocktail. Lob that at the middle class with
petro product price hike and you have a combustible experience.

Meanwhile RBI Governor D Subba Rao and his board are holding a board
meeting in the cool climes of Mussorie, hopefully concerned about the
mayhem in the forex markets. There appears to be a run on the rupee.
Exaggeration, oh, I think not, foreign investors don’t like policy
uncertainty or paralysis. I bet my bottom dollar that they are
teaching the Govt a lesson by pulling out capital. Bah, we have done
very well, we can do better though, we don’t care – so say those who
guide our day to day destiny. Sorry, the squeeze is such that I may
have to cancel my summer holiday plans. While Sonia, Manmohan, Bansal
& Co enjoy their celebratory dinner.