The India Puzzle
I got started on this article sometime in last week of January (2012). A combination of factors delayed the completion, lending it some seasoning and a chance to project my views in the backdrop of certain global and local events. To cite a few key events – Sensex moved up a 1000 points (3.46%), while retracting to a modest 1.46% gain (27 th Jan - 6 th April), Congress lost their ‘prince’ly campaign to the Samajwadi Party in decisive UP, further losing their control on the house and a weakened coalition taking away the dexterity to make meaningful reforms. Among global events – US is showing more, if not credible signs of recovery, Euro debt and austerity issues are making less of headlines and a mix of Middle East flash points have oil prices boiling, that has potential to shave the early gains in world recovery. The View: I was recently reading an article by Stephen S. Roach (Faculty Member at Yale Univ. & Non-Executive Chairman, Morgan Stanley Asia) where he discu...