Sunday, July 13, 2008

pioneer edit: Deceitful deed: PM has betrayed the nation's trust

jul 10th, 2008

enquiring minds want to know the identity of the american 'mole' that jaswant singh talked about.

but then, manmohan singh, being an obedient man by inclination, wouldn't have pulled this off by himself. the direction had to come from sonia nehru (or, to be precise, vincent george and the vatican).

---------- Forwarded message ----------
From: Kanchan


Leading editorial comment/ The Pioneer/ July 11, 2008
Deceitful deed
PM has betrayed the nation's trust
The sense of outrage following the UPA Government's deceitful action of circulating the text of the safeguards agreement among the members of the Board of Governors of the International Atomic Energy Agency without seeking and securing a trust vote in Parliament is not limited to the Opposition alone. The entire nation is stunned that the regime of the day should have resorted to such trickery to push through the contentious India-US civilian nuclear cooperation agreement. If the Prime Minister has behaved in a sly manner that does not do justice to the high office he holds, the Government is equally guilty of misleading the people and thus betraying the nation's trust. What is particularly appalling is that although the text was initialled by Indian officials many days — if not weeks — ago, the Prime Minister and his aides purposefully kept the country in the dark. That the text should have been circulated among the IAEA's Governors shortly after the Prime Minister's meeting with US President George W Bush on the sidelines of the G8 summit in Japan adds a sinister twist to the entire episode: It would be perfectly in order to ask whether this Government's decisions and actions are prompted by instructions from elsewhere. Let us not forget that after the Left withdrew its support to the UPA Government, External Affairs Minister Pranab Mukherjee had categorically declared that the Government would approach the IAEA only after seeking a trust vote. To remove any doubts about the Government's intentions, he insisted that this assurance was being given after consulting the Prime Minister who was then abroad. The Prime Minister made a similar commitment by promising to follow parliamentary norms and mocking at the Leader of the Opposition LK Advani for demanding that Parliament be immediately summoned for the Government to prove its majority. "I do not need Mr Advani's advice," the Prime Minister had snidely added. At the end of the day, he stands exposed as someone whose sense of ethics is extremely elastic. Such a man is not deserving of the nation's trust; he has surreptitiously forced on the people a nuclear deal that compromises India's strategic interests and belittles its sovereignty.
Through word and deed the Prime Minister has demonstrated that he is not only desperate to operationalise the nuclear deal before he demits office but also to do bring it in through the backdoor. The Opposition is right in asking: What is the Government trying to hide? And, is there a conspiracy afoot? The Prime Minister is welcome to offer explanations or retreat into high dudgeon, pretending hurt and offence at such suggestions which neither flatter him nor pander to his exaggerated sense of probity. But he will fail to convince the people. He has thrown propriety to the winds and shown that he is no 'accidental' politician but a cynical manipulator who can go to any extent to have his way — not on issues of crucial importance to the nation at this point of time but an agreement that increasingly looks like a private treaty with interests that remain grey and opaque. India cannot, must not, accept its long-term and strategic interests to be compromised by a feckless though craftily cunning Prime Minister who heads a Government which has lost its majority and who will be reduced to no more than a footnote of history after the next general election.

4 comments:

Unknown said...

Rajeev,



S&P has just downgraded India's credit rating to 'speculative'!!


S&P says it may lower India's rating to speculative grade

By Polya Lesova
Last update: 11:26 a.m. EDT July 11, 2008
NEW YORK (MarketWatch) -- Standard & Poor's said Friday that it may cut India's credit ratings to speculative grade, adding that soaring inflation and rising deficits pose challenges for the economy. While India's credit profile has worsened in the past twelve months, the upside and downside risks to its BBB- rating are currently balanced, said Standard & Poor's credit analyst Takahira Ogawa in a statement. "This assumes, however, that the reasons for credit deterioration are temporary," Ogawa said. "If we conclude that they are longer lasting, India's credit ratings could be lowered again to speculative grade." In Mumbai, the benchmark Sensex stock index fell 3.3% on Friday. It is down 33.6% this year.

Anonymous said...

S&P may reduce it to junk.
======================

July 11 (Bloomberg) -- India's industrial production grew
at the slowest pace in more than six years and Standard & Poor's
said it may cut the nation's credit rating to junk if the
economy deteriorates further.
Stocks fell after the government released figures showing
industrial output gained 3.8 percent in May from a year earlier,
almost half the median forecast in a Bloomberg survey. Bonds
dropped after S&P said its BBB- ranking on India's long-term
local currency debt may be lowered to ``speculative grade.''
``A rating downgrade would be a blow to India,'' said Ramya
Suryanarayanan, an economist at DBS Bank Ltd. in Singapore.
``Heading in that direction isn't good as investors are already
panicking about inflation, growth and fiscal prospects.''
Foreign investors, who bought a record $17.2 billion of
Indian stocks last year, are now fleeing Asia's third-largest
economy amid the fastest inflation in 13 years and the weakest
economic growth since 2004. Wholesale prices jumped 11.89
percent in the last week of June, threatening to further
undermine support for Prime Minister Manmohan Singh's government
as it heads toward elections due by May 2009.
The benchmark Sensitive index dropped 0.3 percent to
13891.33, on the Bombay Stock Exchange at 11:50 a.m. in Mumbai.
Overseas investors have sold a net $6.56 billion of Indian
stocks and the rupee has slid 8.3 percent since January.
The yield on the key 10-year government bonds climbed 7
basis points to 9.49 percent, while rupee gained 0.3 percent to
42.9275 against the dollar.

`Policy Dilemma'

Today's data ``emphasizes the policy dilemma facing the
Reserve Bank of India - how much should it worry about the
slowdown in industrial growth and how much the strength of
inflation?'' said Robert Prior-Wandesforde, an economist at HSBC
Group Plc in Singapore.
India's central bank raised interest rates twice last month
and ordered lenders to set aside more money as reserves,
pursuing a tight monetary policy it started in 2004 to check
inflation. Governor Yaga Venugopal Reddy and his Reserve Bank
colleagues next meet on July 29.
Prime Minister Singh's government spent 1 trillion rupees
($23 billion) in the year to March 31 on food, fertilizer and
oil subsidies, to mitigate the impact of surging global costs of
crude oil and other commodities on India's 1.1 billion people.
The government hasn't succeeded in reining in prices,
causing Prime Minister Singh's Congress party to suffer nine
electoral setbacks in the past 11 state polls. To win back
support, the government wrote off $17 billion of farm debt in
the last four months and is now drawing plans to raise salaries
of 4 million civil servants.

Budget Deficit

That may put pressure on India's budget deficit, said S&P,
which rates the country's ability to repay debt at the lowest
level in the investment grade.
``Political compulsions may make it difficult for the
government to take timely measures to staunch fiscal or monetary
slippages,'' S&P analyst Takahira Ogawa said in an e-mailed
statement today. ``Failure to respond adequately to negative
developments could point to a sustained deterioration in
macroeconomic stability.''
Finance Minister Palaniappan Chidambaram aims to narrow the
deficit to 2.5 percent of gross domestic product in the year to
March 31 from 3.1 percent in the previous year.
The risk of a credit downgrade comes just 18 months after
India was lifted to the investment category by S&P for the first
time since 2002. A one-notch drop in its ranking would place
India on par with Indonesia, El Salvador and Guatemala.
``India's credit profile has worsened in the past twelve
months but we believe the upside and downside risks to its BBB-
rating are currently balanced,'' Ogawa said. ``This assumes,
however, that the reasons for credit deterioration are temporary.
If we conclude that they are longer lasting, India's credit
ratings could be lowered again to speculative grade.''

Unknown said...

Funny they keep reassuring that US debt will still remain AAA. This while Fannie and Freddie need taxpayer $$ thrown at them..

slim_shady said...

Chandan Mitra in TOI questioning Indian interests in deal.