Apropos the editorial "Waiting for action" (April 29). Markets largely mirror the state of an economy. There is an unmistakable deja vu in the ongoing uncertainty of bourses, a throwback to the United Progressive Alliance (UPA)-II era. Our economic fundamentals have hardly changed from 2012/13 to a year into a new government, for the major reason that global economies are yet to recover from the post-2008 upheaval.
The growth levels in UPA II were never alarming, given the global scenario. The government fell due to political faux pas and a perceived administrative ennui exploited by an impatient Opposition. The Bharatiya Janata Party (BJP), in its anxiety to leverage the prevailing stasis, assumed that a political change would usher in an economic revival on its own. It disregarded the basics and worse, engaged in projecting a larger than life image of itself. The complexities of a global economic dispensation are not tackled on hope or hype.
The BJP's performance is contingent on major world economies turning round in its current term. Meanwhile, it has to manage the economy more by its wits and less through its ability to change things.
R Narayanan Ghaziabad
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