Do the punters in the market know something the rest of us don’t? No one seems to know which party will win after the results are in, or even whether the new coalition will be stable — astrologers are already saying there will be another election in 2010. So, if there is no certainty over who will be in power, and what that coalition’s economic policies will be, why is the Sensex rising so much? Or has the economy reached that level of maturity that it doesn’t matter who is in power. This is what the CII and Ficci would like us to believe. But if this were indeed true, their members wouldn’t be lobbying with different parties all the time. If the election manifestos of the major political parties are to be taken seriously, we are in for a long period of populism.
Sanjeev Sahay, New Delhi
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