Will Chidambaram Make India the Promised Land for American Business? - Page 2
The impressive measures of modernisation and reforms he undertook as finance minister, however, are much recognized by the foreign and Indian business community.
In fact, this is the main reason why the sentiment of foreign investors has been boosted, raising the NIFTY a couple of hundred points since his elevation, from the beginning of the month, as the Finance Minister by Prime Minister Dr Man Mohan Singh.
Though the political baggage he has to carry is making his task of putting the country's economy back on track extremely hard, his task is in fact not only important for India and its future but is vital for the survival of the UPA and its success in the elections to be held in 2014.
It is this imperative against which Chidambaram's mettle being tested which makes his actions and steps so vital to the world investors looking for successful business in India. It looks like the UPA leadership has realized that it is time for decisive action if the government has to expect another term after the next elections. This will certainly strengthen the hands of the new Finance Minister, giving hope to the investors in India and abroad.
A host of other issues, from land reforms to mining and power generation, which are outside of the Finance Minister's control, also need to be sorted out on extremely high priority, all which will decide Chidambaram's success in turning the economy around.
So far, it looks like Chidambaram has been successful in boosting the sentiments by quick and decisivemeasures and steps everyone has appreciated. Whether he will be able to carry through the political anarchy which modern India is turning in to through the so called civil society and anti corruption movement of Anna Hazare and others is a matter to see.
If what Harvard instilled in the Finance Minister by his education will stand him in his seemingly gargantuan tasks of being decisive and taking assertive actions in the face of furious opposition, the world famous university can really be proud.