Why the market economy in India is in peril
So, as expected, India's communists and other parties of leftist persuasion have, shall we say, convinced Prime Minister Manmohan Singh to backtrack on his plans to privatize state behemoths.
His fragile coalition government in India's 545-member Lower House of Parliament depends on leftist support, even though leftists aren't formally a part of that coalition. If they withdraw support, the government will most certainly fall.
Maybe that wouldn't be such a bad thing, after all. India desperately needs a strong federal government that can push market reforms and economic liberalization with vigor. Foreign investors who are sitting on the sidelines await such a development before pouring more money into India's huge market.
The sad part of it all is that the world is marching past India, while its Left plays politics and shouts shibboleths of yesteryear.