When Inflation (i.e WPI) has reached its height in 2008, Our Honourable FM Chidambaram came out with a statement that Inflation was a global problem
(yes it indeed was, and was a result of following the policies of US Federal Reserve),
and the Indian Govt could do nothing for it
(well it could have stopped the inflation demon in India, had it not participated in the global or-y which saw the Indices quadrapple 3.5 times 2000 and 2004 highs, which saw Housing Prices in India quadrupple 4 times 2004 Prices, The Govt could have stopped inflation, had it not just questioned the rise in Crude from 80 to 140 which was out of our control, but acted when prices of many stocks in India, some of which even didnt report a profit but rather a Loss, Zoomed 10 times from Oct 2007 to Dec 2007, The Govt Could have stopped the boom had it kept stricter regulations, Had Chidambaram who suggested that there should be a price band of 70 to 120 Dollars for Crude when Crude after breaking 140 threatened to move past 200 Dollars, took steps to put a band for Stock prices in India, Had Chidmabaram kept a check on Land Prices, and questioned there rise, Had Chidmabaram questioned why Housing prices are rising from 1.3k to 5K per sq foot, had Chidambaram put a floor on prices as 1.3 k to 2K for 5 yrs, until next Election)
When the Growth too started dipping Our Honourable FM said that this too was a global problem and no solution from the Indian end, and further went on to add that we are still better as while US is in Reccesion we are still growing at 6 - 7%, can this comparsion be accepted, when we know that US is a developed Country and we are still developing.
Can we blame India's problems on global Crisis when we have an economist as an Indian PM, well accepted the steps we took led us into disaster, but then economist PM shud not have taken the steps.