Rupee for now seems to have stabilized after the precipitous fall. The fears that it may not fall further haven't eased. The GDP figures paint a depressing story.
Prime Minister Manmohan Singh -- irrespective of his eminence as an economist and a crafty politician who has survived many a storm in the portals of power -- ironically is the weakest link in the economic chain.
He gave a statement in Parliament. But it came too late and didn't offer any solutions. He merely said get ready for hard days. But he should have announced some measures that would have infused confidence in people. I don't think a few steps now will be able repair the economy damaged over many years.
The biggest problem now is the seeming lack of control authority in Delhi. Foreign investors have pulled out money precisely because of the evaporation of confidence in our country.
Dissolving Parliament and calling for elections will bring to an early end the policy drift. But Congress will not do it but will hang on for as long as possible and try their best to salvage the situation.
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