Making ominous outlook of slowdown Indian economy more formidable and providing gloomy backdrop of ensuing budget, GDP has spiraled down to 6.1 percent during the third quarter (October-December) of current fiscal as against 8.3 percent expansion witnessed in the same quarter a year ago. The sagging investor confidence owing to high interest rates and rising input costs coupled with dismal demand for goods are billed to be potent factors which have driven the economy in slow lane. The steady decline in the growth has put the policy makers of the Central government in poor shade and the people of the country have lost faith in them as well, who have been making tall claims of putting the economy in win-win situation. Analysing the current situation, it would be a wild-goose-chase to make rosy picture of Q4 result. Alongwith slow economy, the widening fiscal deficit and the government’s hemming and hawing on implementation of scuttling subsidy will definitely fuel the fire. The social welfare schemes like MNREGA and NRHM, which drain out huge money from the government’s coffer, are more known for graft and malpractices than providing succor to the needy. The Centre is not keen on evolving the system which could check the misuse of funds allocated for public welfare, rather it pushes for more such schemes.

It now seems obvious that the methods adopted by the UPA-II for economic development have boomeranged. Any government could succeed in pedaling the policies enticing people when the economy is in good pace. The mandarins and ministers must know that there is an urgent need to take concrete steps to remove economic bottlenecks and checkmate the growth rate. It cannot be ignored that international economic scenario has played a major role in decelerating the growth, but only holding global factors accountable for economic sluggishness is no less than shying away from reality.  The fact of the matter is the government is dillydallying in taking strategic decisions that cause gloomy ambience for investors. As budget is coming, all eyes on Pranab’s Pandora Box. Paring or praising for the Finance Minister? Only time will say!