This refers to A K Bhattacharya’s perceptive column “UPA without Pranab” (New Delhi Diary, October 3). It appears, in retrospect, that Pranab Mukherjee’s image as an ace troubleshooter had more to do with hype than substance. That image was so overbearing that people tended to gloss over his less than competent handling of the finance portfolio even when there was a sharp decline in growth and the economy had become hostage to the scourge of the twin deficits – fiscal and current account – with ominous consequences for the exchange rate and sovereign credit rating. Even as foreign direct investment is the crying need of the hour, some of the measures announced by Mukherjee in the last Budget served only to hurt sentiment and make potential investors feel wary and unwelcome.
I think Mukhjerjee’s departure has had a liberating effect on the Congress’ top leadership. The prime minister’s assertion, “If we have to go, let us go down fighting,” was not a cry of despair: it signified a new resolve, as borne out clearly by the events during the past few weeks. Though the support lent by the Congress chief is not to be underestimated, Manmohan Singh has proved once again that he is an underrated politician — and let me add that I certainly do not subscribe to the other part of I G Patel’s oft-quoted assessment that he is an overrated economist.
Parthasarathy Chaganty, Mumbai
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