Posted by: Salil V Gangal on May 17, 19104 at 13:45:22 In Reply to: India markets plunge 10%. Trading halted. posted by Salil V Gangal on May 17, 19104 at 09:17:19

Friends,

There are some hard-core communists with basic principle 'Everything is owned by state, nothing is owned by the individuals' still present in India. And their party is going to support the upcoming Indian Govt from outside - meaning that they are not going to join the government. This creates a very dangerous situation, as for every bill, there has to be majority present on the floor of the parliament. Even the minor bills like a vote of thanking the president for his coming to parliament and delivering a speech. If the vote fails due to whatever reason, the govt is in serious trouble. And this is only 1/2 of the story.

The serious part is that the supporting party can hold the govt dangling at every stage of passing anything. Needless to say that any reforms that are market (capitalism) friendly will not even be floored. ... In short, the capitalism now has a major obstacle in its way.

The Communists are already talking about repealing some of the privatization steps. ... *sigh*

Regards,
Salil V Gangal

Read the Follow Ups: Indian markets recover drmatically Salil V Gangal 13:38:07 5/18/104 (2) "Sikh" economy pending.... :-} escott 16:34:17 5/20/104 (1) Re: "Sikh" economy pending.... :-} Salil V Gangal 17:09:48 5/20/104 (0) Communism to Capitalism - Fear me not ! Salil V Gangal 15:07:41 5/17/104 (1) Re: Communism to Capitalism - Fear me not ! lead 13:42:11 5/18/104 (0)

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