Not by halves

THE present economic situation in the country, Finance Minister YB Chavan told the Lok Sabha on Saturday, was “difficult and very serious”. He could not shut his eyes to the harsh realities, but was unwilling to join those who sang the song of a “deep economic crisis”. To the man in the street, the distinction between a serious economic situation and a deep crisis would seem pointless. The situation is bad enough and permits of no quibbling. To allow it to become worse would be dangerous and indulgence in the nuances of danger would be a greater folly. Chavan could also save himself the trouble of stressing “principles” against “tactical adjustments and concessions because of new developments”. He claims that the Government has stuck to its principles even in regard to the wheat trade, though the policy reversal is there for all to see. Evidently, admission of error is regarded as unworthy of a great party like the Congress. Chavan has admitted that there is inflation, but he says it is a global phenomenon and no country except the socialist bloc is free from it. Piloo Mody has pointed out that it is only 4 per cent in India. The inflation mounts despite the Government’s measures and millions of people are learning to live with it. But Chavan now says inflation “is not something which has come to stay permanently”. Curbing this phenomenon is certainly possible, given a determined drive shorn of diversionary tactics. But it just cannot be ordered back, King Canute style. Total elimination is, however, next to impossible, As Chavan has himself conceded, there is the impact of world phenomena and of a multiplicity of factors on the Indian economy.

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