The move by rating agency Standard & poor’s (S&P) to lower India’s outlook from stable to negative gives impetus to the fact that economic reforms have come to a screeching halt. Though the finance Minister may have termed it as a wake up call but there is little hope of any reforms in sight. The decisiveness of the UPA government has remained in question for a very long time but the government often makes lame excuses in its defence. Now we have realized that the government is not going to do anything to bring about economic reforms. Had the Centre been capable enough, then economic reforms would have been made long time back without the government facing any trouble that it is confronted with today. The projection of India as a volatile place for investments by S&P indicates that the glorious days of economic progress is over. The government is to be blamed for all this mess as it has shown short sightedness in solving the problems confronting economic reforms.

The government neither learnt anything from the massive corruption carried out by its leaders nor did it learn anything from the Anna Hazare movement. Often the Centre spoke of stern action against people found guilty of corruption but in reality did little to curb it. The UPA has been crippled by its coalition partners who often threaten to pull out from the government for one reason or the other. It has also failed miserably to garner support of the opposition parties. The UPA has lacked coordination with its coalition partners at all fronts. The failure of the Prime Minister is in some way also going to impact Sonia Gandhi’s image. Rahul Gandhi who is touted as the future leader of the Congress is also to a certain extent responsible for the party’s failure. Rahul who is striving hard to resurrect the party’s image fails to realize that Congress led UPA government at the Centre has to function smoothly in order to enhance the party’s image. If the people sitting at the helm of affairs fail to take any concrete action regarding economic reforms then the reputation of the government is certainly going to be dented further.