Amidst the fear of economy sliding into stagflation coupled with bearish market sentiment triggered by dismal rating by two International rating agencies -- Fitch and Standard and Poor’s --, the silver lining is the positive affirmation of Finance Minister and UPA’s Presidential candidate Pranab Mukherjee that the Reserve Bank of India (RBI) is going to inject a dose of market booster to prop up rickety financial establishment of the country. Undoubtedly, Pranab’s strike on positive note gives a much-needed relief to aam adami who feels more burning from skyrocketing prices than scorching rising mercury in the height of summer, but it also reflects the government’s hemming and hawing on economic reform as the ruling dispensation has once again put responsibility on the RBI to ease the situation instead of taking bold measures to give momentum to the sluggish economy. Even faltering in taking initiatives on its agenda and the way meetings for taking bold decision on economic front being desferred, show that the government has lost its will power. It is obvious, after Pranab Mukherjee relinquishes from the post of Finance Minister, he would not be able to make any comment on the financial situation of the country nor on the functioning of its party (Congress). As a president he is expected to distance away from parochial politics, but it is true there would be a volley of questions over the way he handled the economic situation of the country. However, it is palpable that he is a competent statesman and there are few people like him who has amassed vast political experiences, but as a Finance Minister he has registered many failures. So, it is not unjust if he is in the Opposition’s cross hair for the current economic mess.  

It is surprising that recently when the BJP took umbrage at the functioning of Pranab Mukherhee as a Finance Minister, the JD (U) spokesperson joined the side of the minister. In the changed political equation owing to the Presidential election, the JD (U) might have thrown its weight behind the UPA’s presidential candidate, but this will not change the ground reality. Now it is pertinent who will take baton from Pranab Mukherjee, but it is sure there will be many challenges for stabilizing economic situation as eurozone crisis is still sending its ripples around the globe. According to grapevine, the Prime Minister can take charge of Finance Ministry, who has towering stature as an economist and is expected to take bold decisions on economic front. Probably, the RBI may take some effective measures which could enhance foreign investments, but it could not dispel black cloud over the Indian economy. The Centre needs to gear up for chalking out bold plans to break the inertia of economy.