After the encouraging Manufacturing Index figures in the past month, and a sharp reduction in white goods inventories (minus 7.7 percent), India seems to be getting back on track to resuming growth. The one great expectation is that the Reserve Bank Chairman will do the needful by cutting the repo rate. Anything between 50 basis points and 150 basis points is expected, depending on the courage the circumstances give him. If the in-feed is reduced, the out-feed will also be better. If interest rate is cut, cost to the industries will be less and consequently pressure will come off, easing the way for growth.
The other piece of good news from India is that Dr. Pranab Mukherjee has been selected (by a majority of 65 percent) to become the 13th President of the Indian Republic. He will be sworn in on 25th July, and his supporters and well-wishers, including Kashmir and Bengal and Karnataka and A.P., will have cause to celebrate. The modest and mellow Dr Mukherjee is a man of vision and courage, having held portfolios such as Finance Minister with great success, and Pranab-da is conifdently expected to help bring growth to West Bengal, Meghalya and Orissa, as well as the above-mentioned regions, as well as else-where where the scope for growth exists but the co-ordination and implementation was not fully there.
In most regions, the scope and need for additional power-generation does exist. Whether the solution is geothermal, solar, hydroelectric or whatever needs to be decided upon, together with supporting infrastructure in the building of sewers and canals, modern urban as well as rural cities, housing, schools, hospitals, universities, and so on. A huge demand does exist, and meeting those demands will help raise the peoples' standards of living as well as deliver additional avenues of work and leisure to more and more people.
Cometh and hour, cometh the man, and President Pranab Mukherjee will serve the people of India well.