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Saturday, Oct 16, 2021
Outlook.com

In Cloud Cuckoo Land

Political mismanagement in an economy that's structurally weak: Moody's swings is all you get

In Cloud Cuckoo Land
In Cloud Cuckoo Land
outlookindia.com
-0001-11-30T00:00:00+05:53

I must admit to a feeling of quiet satisfaction in correctly predicting a "do nothing" budget. Not a dif-ficult task for a political economist, but still.... Hopefully, some people will realise that it pays to start listening to young minds and not tired old men.

The consequences of my being correct are dire, again in a political economy sense. Get used to the idea that the ministry of finance has run out of intelligence, analysis, and initiative. The finance minister himself admitted as much. In Bombay, he said that he "was surprised" at Moody's downgrading and the market reaction. So, our finance ministry now cannot anticipate even the most predictable events. Despite the presence of a chief economic advisor, various other professional underlings, a technocrat finance secretary and of course, the IAS—our modern, technically competent 21st century civil service (dream away)—the FM is "surprised". Clearly these worthies have not grasped the first principle of political economy—that political credibility involves not...

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