The deferring of much-awaited meeting of the Empowered Group of Ministers (EGoM) on fixing 2G spectrum prices at the last moment once again proves that the government is still very indecisive in its approach. If the EGoM headed by Pranab Mukherjee does not reach to a conclusion, problems for the government could mount further. It is to be noted that the Supreme Court has set August 31 as the last date for auctioning the spectrum. There are several examples that highlight government’s slackness and the recent one is weakening rupee of against dollar. It is disappointing and a cause of worry that rupee breached the 57 mark and the Finance Minister only expressed awareness about the declining value of rupee. Though, the Finance Minister later said that the government and the Reserve Bank will sit together and find a solution to the problem but similar promises have also been made in the past which proved futile. Why isn’t the government bothered to check the falling value of rupee? Now it has become amply clear that mere efforts taken by the Reserve Bank is not going to water down the economic turmoil. The depreciation of rupee is having a ripple effect on various other things as well. Amidst such a situation how can the people sitting at the helm of affairs debunk the reports of rating agencies regarding Indian economy?

It cannot be mere coincidence that one after the other rating agencies have been highlighting the faltering Indian economy. Not only the rating agencies but economic analysts also have expressed serious concerns over the economy, while the government seem to be least concerned and often resort to lame excuses. In fact, the government has begun accusing rating agencies of deliberately denting India’s image. The recent developments indicate that the government is helpless in doing anything to resurrect the economy. It is only shying away from taking bold decisions that could prove to be a boon for the tattering economy.