Sonianomics is to blame for rupee, Sensex crashes
by R Jagannathan Aug 17, 2013
Everybody is keen to mention the proximate causes for the collapse of confidence in the Indian economy – the panic measures announced by
Manmohan Singh, P Chidambaram and RBI Governor D Subbarao, among them – but not the real reason for it all: Sonianomics and the resultant
Rahul-flation (inflation fuelled by mindless government spending that boost inflation).
Confidence in an economy does not collapse due to bad economics alone; it is usually the result of wrong choices made by politicians over a prolonged period of time. A combo of disastrous political economy choices is the reason why India is staring down an abyss and the root cause is
Sonia Gandhi. It is not the PM or the FM, for everyone knows they are not their own masters. The only thing one can blame them for is doing things they don’t really believe in.
Yesterday’s twin crashes of the rupee and the markets were the result of the market’s final realisation that Sonianomics will dominate economic thinking over the next nine months before the next government is born. No sensible investor will wait till then to figure out whether we are going to get a bonny baby or Quasimodo after this incubation of political suspense. Foreign investors can head for the exits, but Indians can show their displeasure only by buying gold. That’s why gold breached Rs 31,000 per 10 gm, when it is ruling weak all over the world.
![The stock markets crashed yesterday following a fall in the rupee value. PTI]()
The stock markets crashed yesterday following a fall in the rupee value. PTI
Let’s be clear about what Sonianomics is all about and what it is not. Sonianomics is not about the poor. It is about the non-poor and the not-so-poor. It is not about inclusiveness, as I will prove later. It is not even anti-reform. It is merely about keeping the family in power and buying sufficient votes by using taxpayers resources for it.
The rupee is heading south because everyone now knows this. What is good for Sonia is bad for the economy.
Here’s how Sonianomics has been driving bad economics all through and hence dangerous for the Indian economy.
Let’s start with the rupee and the present. Is the crash of the currency bad for an economy that has been running a high current account deficit for several years running? Not at all. A weak rupee allows the Indian economy to adjust fiscally and become competitive again. As TN Ninan points out in his incisive column in
Business Standard today, in both the times when the rupee was seriously devalued in history (1966 and 1991), the economy roared back and corrected itself.
Sonianomics is about not allowing this correction to happen naturally.
Ninan writes: “In the 15 years to 1965-66, Indian exports had grown by a modest 20 percent, while imports (despite being artificially compressed through controls) had shot up by 131.3 percent. Balanced trade flows in 1950-51 had given way to a massive trade deficit. After the devaluation, the story changed direction. Exports rose faster than before, while imports actually shrank. By 1970-71, therefore, the trade deficit had collapsed to barely a tenth of what it had been just five years earlier.”
The 1991 story is better. Ninan writes: “Better known is the history of the devaluation of the early 1990s: from Rs 19.64 to the dollar in March 1991 to Rs 31.23 a year later (a drop of 59 percent). The consequence was that, by 1993-94, the trade deficit had shrivelled to barely one-sixth of its size three years earlier. And the non-oil trade balance had moved from a deficit to a massive surplus.”
If this is something that both
Manmohan Singh and Chidambaram know, how is it that they are acting completely contrary to their economic instincts and trying to shore up the rupee through dubious means? The answer is
Sonia Gandhi and her election time-table. What is good for the economy is not good for her in two ways: letting the rupee fall means higher oil prices and higher current account and fiscal deficits, which means an even lower rupee and higher inflation. And higher deficits will make her food security bill unviable and drive inflation again.
The need to get a mandate and place
Rahul Gandhi in the PM’s
gaddi has only resulted in inflation – hence Rahul-flation.
Sonia Gandhi’s band of drawing room supporters will use emotional blackmail to tell us otherwise. They will thus argue that when children are dying and growing stunted due to hunger and malnutrition, only callous people will talk about current account deficits, fiscal deficits, and the rupee.
They need to be disabused of the idea that Sonia Gandhi is all for the poor. In fact, all the political decisions of UPA-1 and UPA-2 indicate that her policies are about buying votes by offering freebies to the non-poor.
Hypothesis 1: Sonianomics is not about the poor. It’s about wooing the non-poor
#1: The Food Security Bill is exhibit A. It seeks to cover 67 percent of the population when only 22 percent of the people are below the poverty line, according to the government’s own calculations. By adding 45 percent of the non-poor to the 22 percent poor (who anyway get subsidised grain from the public distribution system even now), Sonia is effectively seeking to buy the votes of the non-poor. In fact, as
Narendra Modi pointed out, by reducing the entitlements from 35 kg per household for below poverty line (BPL) cases to 25 kg, the scheme now moves from being pro-poor to pro-non-poor.
#2: By far the biggest element of vote buying over UPA-1 and UPA-2 has come through the fuel subsidies on diesel, petrol, kerosene and LPG. My back-of-the-envelope calculations show that during the last nine years, and going upto 2014, the UPA would have dished out more than Rs 7,50,000 crore in petroleum subsidies either directly or by subsidies routed through ONGC, Oil India and Gail. That’s like a cash payment to every man, woman and child in India of over Rs 6,000 during UPA-1 and UPA-2. Even if we assume one third of the subsidies went to the poor, the rest of the subsidy – Rs 5,00,000 crore – was given to the non-poor. Still think Sonia Gandhi is about the poor? And we are not even talking about food and fertiliser subsidies to the non-poor.
![Are UPA policies targeting the non-poor more than those who need benefits? Reuters]()
Are UPA policies targeting the non-poor more than those who need benefits? Reuters
Hypothesis 2: Sonianomics is not even about inclusiveness. If the poor benefit, it is incidental.
What we do know is that massive amounts of money have been spent through doles and transfers to rural areas during UPA-1 and UPA-1. This is why poverty has reduced from over 37 percent to 22 percent of the population during its tenure.
This might indicate, on the surface, that Sonia is pro-poor, but a closer look at the numbers show why this is likely to be wrong. The decline in poverty may be reversible.
#1: The first sign of inclusiveness is financial inclusion, about which everyone in UPA has been talking about. But despite massive cash transfers, farm loan waivers, and high minimum support prices (MSPs) for food procurement, what do we notice? The share of rural bank branches has fallen from 57 percent in 1994 and 50 percent during the NDA period in 2000 to just 37 percent in 2011. If so much money is going to the poor, shouldn’t there be more banks to do this? Or is most of the money being siphoned off? Then you don’t need banks.
Credit to the rural sector has just about doubled from 2006 (mid-point of UPA-1) to 2012, from Rs 1,99,423 crore to Rs 3,80,518 crore. Credit to urban and metropolitan areas has, meanwhile, tripled and quadrupled respectively.
Now, why would an inclusive government oversee the expansion of wealth and credit to urban areas during its years in power after talking about the rural areas and the poor? Clearly, the UPA’s real focus is the non-poor. And most of the money intended for the rural poor may be going elsewhere.
#2: Next, look at jobs. If the truest measure of inclusiveness is enabling people to stand on their own feet rather than on crutches, the measure ought to be net job creation. Here the evidence is clearly that the UPA tenures created far less jobs than the NDA period. (Read
here, and
here, and
here, and
here). The UPA reduced rural poverty with doles and make-work schemes, which are clearly not sustainable indefinitely, and certainly when the economy is doing so badly.
The poverty ratio has been brought down by spending Rs 7,50,000 crore on fuel subsidies mostly to the non-poor, which ultimately trickles down to the poor as well; Rs 2,00,000 crore of NREGA money; Rs 72,000 crore of farm loan waivers; huge increases in MSPs during 2008 and later; and massive doses of fertiliser and food subsidies.
The UPA is bringing down poverty by continuously feeding a man his daily fish, not by teaching him to fish. This is simply unsustainable – as the crash of the economy right now is proving.
The UPA is clearly not about inclusiveness; it is about feudal doles.
Hypothesis 3: Sonia is not pro- or anti-reform. She is for reform only if it fetches votes, not otherwise.
#1: Only one bit of evidence is needed to prove this. In 2012, the Congress party enthusiastically embraced subsidy reforms in the form of direct cash transfers to the poor. This is why Chidambaram and Jairam Ramesh even coined the slogan “
Aapka paisa, aapke haath” in a joint press conference.
However, direct cash transfers using UID numbers carry an inherent political risk: if it weeds out potential beneficiaries, it will also bring voter angst.
![Are the policy decisions governed by a feudal mindset? AP]()
Are the policy decisions governed by a feudal mindset? AP
This is why the scheme is being soft-pedalled and Sonia has opted for the Food Security Bill that will cover the non-poor. Wooing the voters means not differentiating between the poor and non-poor.
#2: The 2G and Coalgate scams – one by the DMK’s
A Raja and the other under the sleepy eyes of
Manmohan Singh himself – are further indicative of Sonia not being pro- or anti-reform. She is motivated purely by her political interests, You can see the gifting of spectrum and coal blocks as pro- or anti-reform, depending on whether you are for growth or against growth. However, not having a proper process to give these things away free is indicative of a feudal mindset – where concessions are given for political reasons and not economic ones. Neither of these scams could have happened without Sonia knowing about it. Her political secretary Ahmed Patel is not so dumb as to not have briefed her about it. So how can she avoid blame for it?
Put all these factors together, and you should know why Sonianomics is not about the poor, why it is not about inclusiveness, and why it is only about electoral math.
The rupee is falling because everyone now knows this. The penny has dropped with investors; which is why the markets crashed on Friday.
In the short run, thus, Sonianomics is bad for India.
Sonianomics is all about ruining the Indian economy for the next NM Govrnment (they know they are going to lose the election) to inherit. Her party had a taste of it in 1991 when Narsinhrao got the reins of such an economy. Sonianomics does not care if Indian economy goes the PIIGS (Portugal, Italy, Ireland, Greece, Spain) way as had been two years back, it just wants to enjoy seeing NM struggling with a shattered economy and cry hoarse to condemn NM that they brought the downfall. This is all planning for the next six years keeping the 2019 election in focus.
A photo of the twin towers and a plane ramming into it, showing the towers as stock market and Indian rupee each and the plane as Sonianomics would aptly describe the situation.
Register urself for Voter List
As per LAW, WHERE EVER U STAY FOR MORE THAT 6 Months.. U can Vote there
Supporse U are from Punjab and Punjab Domicile and U stay in DELHI for more than 6 Months.. u can still VOTE in UPCOMING Delhi Election
Don't allow Bangladeshi to Decide ur Country Future
I registered all in my family today.3 votes for Modi.
It is simple... fill the form attach ID,Dt of birth ,address proof and its done. You can do it ONLINE also on election commission website also.Hurry up!!!
After reading your blog RJ ,I have nothing to say but only choicest of abuses to the corrupt traitors and psychophants in UPA who have blindly played Sonia's tune and caused irreparable damage to India's economy and credibility.
Those who voted for her are equally guilty.
Excellent article as always. Hope other blind journalists on FP read this.
You mean the modi bashing industrialists here on FP like: Luxme, Misraji, Bekar Patel and their ilk?... They won't learn cause they're too high being 'liberals' a tag which they wear with hollow pride and unsubstantiated biases and leftist world-view where 'right-wing' is cause of all the troubles.
![Avatar]()
We educated Indians have been going on a holiday on the election day,
and we have seen where that has brought us today!! .. We should own up
to atleast part of the blame for bringing this country at this state.
All is not lost!!!
- Register yourself for a voter ID.
- Make sure your name appears on the electoral list!!! (Most Important).
- Before election talk to as many people as you can and tell them
what is going on in the country and how Congress misrule has brought
trouble for the country both economically and socially
("pseudo-secularism"). Every vote counts!! even if you convince one
person to vote against Congress and their allies, you would make a big
difference!!
- Educate people on how Lok Sabha elections are different than Vidhan
Sabha elections and how people should look at the bigger picture when
voting in Lok Sabha elections. (Local issues are of no relevance for Lok
Sabha elections).
- On Election day talk to people around you standing in the que and
try to pitch hard for the change in government and how Congress needs to
be thrown in the dustbin for good.!!
- Hope and pray that people of this country vote out Congress and
bring in the much needed change that this country needs desperately.
INDIA FIRST!
Excellent analysis . Instead of Sonia , who is care taker of a family business than the country, I would rather blame MMS , Chidu and Pranab Mukharjee for this sorry state of affairs . What was or is their complusion to take the country down the tube knowing very well the implications of the policy choices they made. Is power is the only religion ? Is there no intellectual honesty in these guys ? The solution is change in entire ruling establishment in Delhi , including well entrenched opposition leaders , who have huge vestd interest in keeping the country poor and in chaos , to suit their own interest . NaMo is certainly set to shake the feudal set up of delhi .
Recall Edmund Burke's "The only thing necessary for the triumph of evil is for good men to do nothing." Keep that in mind each and every day, every action leading upto the general elections.
Sometimes I regret that why BALA SAHIB THACKERAY DIED
HE WAS GREAT LEADER
I think Leader are those Who are Deliver Speech anytime and Anywhere without looking for paper reading Like Modi Deliver On I-day ..He Gives Speech Without Reading
JP Narayan Used to do This...... Atal Bihari Vajpayee used to do this
BALA SAHIB Used to give PUBLIC SPEECH on the Middle of the Road
Even Hitler Used TO BE good ORATOR.
But There are Leader in India who cannot Deliver Speech Without Reading
I bet That Digvijay Singh Can give Speech Without Reading but His Master cannot
sonia maino is a bar waitress!! who told the people of this country to put her in that position of power without accountability. once was an aberration, twice has to be a suicide and thats what has happened, petrol at 80, onion at 80, rupee at 62. vote khangress ruin nation.
But the people of India chose Sonia.
Bahut Badi galti go gayi 'Anon' ji (sic)... bahut bure phase hain... but as every person has to pay for his/ her karma, bhugat rahe hain!!!!
No We didn't choose Sonia , we chose Manmohan - who we thought,was a man of integrity, intelligence & can lead us in 21st century. But we were highly mistaken on that account, for now we know that this man possesses none. As for Sonia, she was chosen by congress because these guys apparently cant walk without a crutch called Gandhi Family. So dependent are they on this family, that now they are calling for entry of Miraya & Raihan Vadra in the political arena as RAHUL seems to be a damp (& Dumb Squib) :)
Sorry. UPA is not formed out of pre-poll alliance. most of them got elected by cross-congress votes. Congress has no majority on its own, It is a coalition government. so people have not chosen Sonia.
Your's is the misguiding statement.
THEY DID NOT CHOOSE SONIA The Congress did NOT get the majority vote. That's why the UPA is a coalition.
this is what you get when you put an economic illiterate in charge of a country who spouts populist slogans as if that is the path to best results - it is the path to power no doubt - the joys of democracy.
Lots of pro congress messages on this article. It seems that the congress run call center did not opt for long weekend.
I think Leader are those Who are Deliver Speech anytime and Anywhere without looking for paper reading Like Modi Deliver On I-day ..He Gives Speech Without Reading
JP Narayan Used to do This...... Atal Bihari Vajpayee used to do this
Even Hitler Used TO BE good ORATOR
But There are Leader in India who cannot Deliver Speech Without Reading
I bet That Digvijay Singh Can give Speech Without Reading but their Master cannot
Can u give the Youtube link ???
in italian and on wine and ham pizzas
Even USA facing heat due to over social expenditure , for everything there is limit. I m not saying poor shouldn't get free food , but only spending on them for the sake of vote is not good thing. Small scale industries are suffering this is major JOB sector in india due to instability ..
Varun Gandhi Rightly said " Don't Vote Me because my Surname is GANDHI "
kudos ,at last [people starting see the real picture , people starts to feel bad when thier own job under threat , then start thinking about real couse , you know ,after Network 18 job cut , people in the media started realise the Soniaomics or through money, & get vote
If Ruppee will cross 70, then there will be Situation of Hyperinflationary in India because of 50 % of Edible oil and 30 % of Pulses is Imported
There is No Difference Between Zimbabwe where ROBERT MUGABE and Sonia Gandhi both want people to be poor and in Poverty so that they can Rule
And Indians are so FOOL To VOTE OUT NATIONALIST LIKE VAJPAYEE for ITALIAN who still cannot Deliver her Speech without reading
A very good Article Mr. Jagannathan.. Great analysis..
GET THE ITALLIAN MAFIA out of this Country.
We need to decouple our dependence on the Dollar. Instill more Research and Development projects for EVERYTHING. Create and build our own weapons. WE HAVE EVERYTHING WE NEED. Why are we still a beggar nation with poor people who dont even have a full plate of food to eat for 5 Rs!!
Congress will take us to the DARK AGES and brand ANYONE WHO OPPOSES THEM (even ONLINE) AS AN ENEMY OF THE STATE.
WE NEED TO GET RID OF THE SCUM running this Country called congress. If we don't GOODNESS SAVE US, because we DO NOT even have a right to ARMS to protect ourselves when ANARCHY will ensue on the streets.
One more tenure of Congress Rule and WE WILL GET DESTROYED.
Antonia, Maunmohan, Chaddu, Dogvijay, Chubbal, Manish Khilari, Manjay ha ETC will have to be made accountable for raping this country and her people, without any remorse.
red the title and right away knew it would be jaggi,you are awesome man!
We are largely a feudal society struggling in bits and pieces to move to becoming a merit based society. This is reflected in every walk of life -
- at home where nothing can happen without the patriarchs approval
- in government, the mai-baap culture in governance (we rule the people, not serve them)
- interaction with police/judiciary/public sector bank where we the customer is expected to smile and say please, and the public 'servant' thinks he is doling out a favor to us
- in business, the preference is given to loyalty and references over merit
- in schools, where those kids are made prefects whose fathers are bigshots
- on the road, where preference is given to the VIP instead of the common man who has paid the road tax
That is why Congress cannot think of life beyond a mai-baap (read: Gandhi) who cannot be questioned. That is why there is a clamor for naming of prime ministerial candidate within BJP - so we know who is the mai-baap. And regarding the rest of the political parties, except for the left, all parties are openly feudal where the gaddi is inherited rather than earned.
Is it a wonder why Sonia 'rules' ? I think we are to blame more for this situation than her - she is only taking advantage of a situation, which anyone would in her place. Answer yourself honestly - given a chance, wouldn't you?
This is an intuitive argument, but one that has been countered successfully; by Ruchir Sharma for example, who posited that the form of government did not matter for successful growth as long as it had a sound grasp of economic fundamentals. A commonly held example is that of China, which has had power concentrated in the hands of very few, but still managed to grow by leaps and bounds.
To the author ,
Sir, are you the guru being referred to by Dr Singh in his retort (as you seem to have opened up the patient but seemingly do not know how to stitch it all back):
QUOTE
When asked that the Current Account Deficit was still high, Dr. Singh acknowledged the problem saying high imports of gold was one of the major factors contributing to it.
“We seem to be investing a lot in unproductive assets,” he added.
He then turned to a leading economic journalist and said, “Ask him. He is the guru.”UNQUOTE
http://www. thehindu. com/business/Economy/no-throwback-to-1991-crisis-manmohan/article5031848.ece?homepage=true
Lakshmi, people like me used to believe that Sonia Gandhi did wonderful service to the country by placing Manmohan Singh as PM, especially because he was the "right man" for our economy. It was a team made in heaven - "secular politics + good economics".
Events have proved us utterly, horribly wrong. This team is not secular (coalition with Muslim League in Kerala), and disastrous at running the economy. As a citizen, I am extremely disappointed but as a citizen it is also my duty to vote for someone else next time.
LOL, good you brought that up, MMS could not lament any other reason than gold. Did he say lost investor's confidence, lost of confidence of business on government, complete policy paralysis.
All he could do is attempt a jibe on something, how shameful is that.
ROTFL , maybe it is the other Swami (not you Lakshmi) , the Swaminomics chap . Got to find out who got MMS's sharp end of wit (on rare occasions he displays it, he slices and dices)
You exactly taked like that Sanjay Jha2. Slicing dicing only in your sentence, no where in MMS's speech. He laments something and media patches up. Media shud be ashamed for not asking that guy right questions.
Every govt whether Congress or BJP or UPA or NDA have given subsidized Petrol,Diesel LPG etc with sole intention of not loosing popular votes although every party MPs knows it is wrong in economic principle. But who will bell the cat? You raise even one rupee, who ever is in opposition party(whether Congress lead or BJP lead opposition) feels it is their holy duty to oppose it.When BJP raised price when they were ruling,congress opposed it and it is vice versa when congress ruling. Look at media,newspaper headlines when price rised, how they create hype against price increase( while media/news papers rise price periodically of their papers justifying on one or other reason).It will be D day for India,when at least one political party comes to power and reduce or stops subsidy burden on the country given through various schemes for vote catching and subsidy goes only to economically weaker section of Indian citizens which should not be based on caste system.I have less hope that will come in this century or until country goes bankrupt where subsidy stops automatically!!!.. As regard to comments on other points of Mr Jagannathan article, I have already opined in my comments on one of his earlier article that he should be made Finance Minister who seems to have a magic wand to solve economic problems of India. Now based on above article, I feel he should be made Prime Minister of India with resting Finance Minister polio with himself. Jai Jagannathan and his tribes may increase.
![Avatar]()
Our country is doomed because of our politicians who indulge in vote bank calculations. Poor are being used as a tool to marginalise the middle- class, by offering them superficial fringe benefits. We the middle class dont go and vote so we dont count in their calculations.
We are also doomed because people who are elected to work for us, have long forgotten the meaning of integrity and sincerity. That's why despite having highly educated FM & PM, we are in doldrums right now. THey have forgotten that their first allegiance should be towards us and not towards 2 half- educated politicians, who are sacrificing our children's future for their gains. Sonia & Rahul should be blamed for squandering away growth story of an emerging economy.
There is no use of venting out our frustrations on online forums, if we dont act on them in real world. I bet many of us who appear so angry here, will be happy to go off on a short break on the election day holiday. If so, then dont complain about anything going wrong next time for your future will be decided by semi-literate people and half-baked politicians elected by them. Please act on your right to vote & demand accountability from our elected representatives!!!
I would blame MMS, Pranab and Chidu more than Sonia for the present state of the economy. Everybody knows Sonia's academic and intellectual background to expect any thing better from her. But, these gentlemen occupying responsible positions are supposed to be qualified economists to understand the long term adverse implication on the economy by the populist measures taken for short term political gains. This is sort to treachery against the nation. They must be held responsible for these acts of omissions / commissions.
That is why the Congress scooted off Pranab da to Rashtrapati Bhavan and put in place Chidu who is more of a party worker, to help Rahul up the ladder. That's why they installed a statue in the PM's chair so that he'd never react to the developments around him. That's why they withdrew some new ministers and replaced them with Octogenarian ministers to hype up the tempo around Bonny Baby.
Very well written. A lady having no knowledge of economics or administration is ruining the basic fabric of the country. Instead of making poor to stand on their own feet, empower them through providing conducive atmosphere to earn, the UPA has only been providing free crutches. If the poor are empowered and allowed to stand on their own feet and become literate, they won't be dependent on the freebies given by Congress. Thus it would lose its purchasable vote bank. UPA appears to believe either loot the national economy or distribute whatever is left in treasury to buy votes. It would finish the country.
It goes like that... you can fool people of parliament but you can't fool the people of market.... They will not shout but take the action against it... Posco, Mittal, Walmart...
You're right; this the most basic characteristic of people in parliament - the ability to be fooled in return for party ticket, money, or political security. Period.
![Avatar]()
CHANGE THE SMELL OF THE PLACE
The late Professor Sumantra Ghoshal had once written a piece entitled 'Change the Smell of the Place'. Without getting into the details, he concluded that managers and approaches to management strongly affect cultures and can create or change the organisational context: 'the smell of the place'.
Today, India smells rotten, thanks to the misgovernment of the last 66 years, exacerbated by the singular concentration on doles and subsidies over the past nine years. Just look at the sad state of affairs - on per capita income, we lie at around the 145th place. More than half our people live in squalor. 40% of the world's malnourished children reside in this country. The state of almost anything - our infrastructure, our education system, our health care, our relationship with our neighbours - is abysmal. Add to that the high inflationary pressures under UPA 2 and our cup of woes runneth over. And as Jaggu rightly points out, it is all because of the 'stay in power at all costs' disposition of the empress.
It is time to throw out the corrupt, inept and selfish rulers who are taking India down the abyss for their own personal gains.
It is time to change the smell of India.
She and her party are out to BUY those votes with so much of money.Yet refer to those voters' surveys! No one is buying up.Such huge spends and no returns.Amazing.With Sonianomics ,Congress will be reduced to double digits.
It's unfortunate, but the firstpost comment section has degenerated into a cesspool of ad-hominem attacks. The anonymity of the internet grants a freedom to fingers on a keyboard that the tongue in a living room conversation simply does not have, and words are exchanged that do nothing to elevate the discussion.
The article is hyperbolic, but at the heart of it is a crucial premise. Populist policies have a cost. A left of center response would be that redistribution is important, and a right of center response would be that it has negative consequences for growth. Both arguments can be presented with success, but not in the manner we have reduced it.
You redistribute only from what you have, not from money borrowed in some other's name just to be recognised as Raja Harischandra.
http://www.firstpost.com/economy/sonianomics-is-to-blame-for-rupee-sensex-crashes-1040365.html
