WHAT ARE the official excuses and arguments being touted in defence of this drastic move described as a 'revolution' of sorts by the media? Let us take you to one of those numerous paid or honorary peddlers of our 'new economic order'.
“Well, to begin with, the country badly needs a fund of foreign exchange (forex) to tide over its acute balance of payments crisis. The Guff War, you see, has delivered a damaging blow to our forex reserves. In fact, we do not even have the forex stock to foot the import bill for a month.
“Secondly, our credit-rating has fallen considerably in the global market. And we also have to repay our old debts along with the due interest. But, few would today risk lending money to us, even our own non-resident Indians have started withdrawing their short-term deposits in India. So if we are to defend our dignity as a debtor, a loan from IMF's the only option. It would also serve as a good-character certificate and improve our creditworthiness.
“Did you ask about the conditionalities? Yes, conditionality is inevitable, but we will not accept any condition which is inconsistent with our fundamental national interests. Moreover, you see, the whole world is doing it. No fool would today dispute the virtues of free trade, free market, free competition and free growth of capital.
“Of course, since we have got used to the culture of subsidies and spoon feeding and the habit of full pay and no work, the adjustment would hit us in the beginning. But never mind, the government is arranging a safety net for the vulnerable and poor.
“And after all, no price could be too big for the economic miracle that awaits us at the end of the tunnel. In three years, the economy will start turning around and we will be rubbing shoulders with South Korea and even Japan! Must we not bear with the hardship of today's rehearsal for tomorrow's grand show?”