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New Delhi's New Majority
 
Michael Ubaldi, May 18, 2004.
 

In watching news of India's unexpectedly successful Congress Party progress over the past week, my attempts to discover what the party's platform actually is — and what their oft-referred-to "reforms" consist of — were unsuccessful. It turns out that on the other side of the world, "left wing" might still mean "progressive":

With most of Congress's coalition partners and outside supporters coming from left-wing parties, investors are concerned that Congress might reverse some of the key economic reforms of the past decade. Some of these initiatives include lower import tariffs; tax breaks for foreign investors and Indian business houses; sell-offs of state-owned industries, hotels, and utilities; and cutbacks in bureaucratic regulations.

But, while Congress leaders say they might slow down the sell-off of profitable state industries, such as state oil companies, the overall direction of liberalization would continue.


Wholesale privatization? Individual empowerment? Congress has apparently turned a new leaf, shedding a history of leftist state-ossification for rightist, libertarian reform. Foreign policy is promised to remain on the course set by outgoing Prime Minister Atal Bihari Vajpayee. We'll see, as would-be Prime Minister Sonia Gandhi has bowed out from a leadership position amid a brief power vacuum that's caused party-faithful hysterics and a tumultuous couple of days at the Indian stock exchange. From here, though, the Congress Party looks like welcome change.

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