In the second quarter of current financial year the slow pace of economic growth at 6.9 percent is an alarming bell and nothing else, because this is the least growth witnessed in the past nine quarters. Such performance of economy is surprising as at the time of world depression, India had successfully faced the crisis and proved its capability of resilience. For downbeat demonstration of the economy, the government may give umpteen reasons, but its failures cannot be negated. If the slowdown of economy is an indication of recession, then to a great extent the Central government should also be held responsible. If the planners of the government, as usual, blame international conditions for the same and wash their hands off their responsibility it cannot be accepted, because it is crystal clear that their indolence and lack of vision have further aggravated the situation. It is appalling on part of the planners that they failed to realize the need of the hour and when reminded of it time and again the lack of timely decisions resulted in mounting up the problems. To confront the inflationary pressure, the way government became a mute spectator and allowed the Reserve Bank of India to hike interest rates repeatedly, the bad impacts were destined to cast their shadows. The rest was done by indecisiveness on certain important policy decisions. Although several industrialists one after another tried to express themselves on decision making and even wrote letters to the Prime Minister, the government invested its energy in proving them wrong.

This is really worrisome that all this happened when eminent economists Finance Minister Pranab Mukherjee and Prime Minister Manmohan Singh are at helm of the affair. It is difficult to believe the claim of Finance Minister that 6.9 percent growth rate is not alarming. If this is the reality why the government has reduced the estimated rate of growth at 7.3 percent? One cannot deny the fact that recessionary trend in the US economy and the Eurozone crisis have also affected Indian economy, but had we shown some alacrity the recessionary scenario could have been averted. The problem is that the government is yet to wake up from its slumber. At present, it is difficult to say that when the pending decisions to give pace to the economy would be taken? It was expected that in the current session of the Parliament, several decisions to improve economy would get nod of the House, but it seems uncertain in the given situation. It appears that in the dilemmatic situation, the government is not in a position to prioritise the things. The planners of the Congress-led government must understand that they would not get anything by criticizing others and hiding their weaknesses, because now the government’s Chief Economic Advisor himself is saying that delay in the decision making has slowed down the economic growth.