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THE exit of Pranab Mukherjee, the indication of some reforms as also some announcements by the Prime Minister, who temporarily held charge of the finance portfolio, brought cheers to the market. The market’s response clearly indicates how significant government’s inaction and policy paralysis were issues for the market and more so for foreign institutional investors. (FIIs).

 

When just speeeches and addresses can do so much, one can only imagine what will happen when the Government actually walks the talk. Again, just as the market was starting to look good, with most analysts expecting a sharp rally post the Presidential elections, new concerns cropped up.

If earlier, it was Mamata’s Trinamool Congress that was playing the spoilsport, today it is Sharad Pawar’s Nationalist Congress Party, once considered to be a stable ally of the Government, that has started playing truant. This is making the United Progressive Alliance look far more fragile, especially from the point of view of pushing reforms....Readmore