Our economy is at the crossroads. It managed to grow at 5.8 per cent during fiscal 1998-99, in spite of global growth being practically non-existent. In fact, neighbouring economies in the Far East actually contracted as foriegn investors fled those countries. India has managed to stay alive and sanepersons are hoping that the process of growth would gather momentum in the coming year. The quick moves on infrastructure, housing, patents, and insurance during the last few months managed to bring back the `feel good' factor which had been missing in the economy for over three years. All these lie shattered today as we plunge into an abyss of uncertainty.

That brings me to the two women and the commies. The lady from the South has converted herself into a demolition squad for all that is decent in public life. When she is not demanding that an elected Government be toppled, she wants bureaucrats changed, cases withdrawn, etc. But suddenly, she has become a wonderful person in the eyes of even respectable statesmen like Manmohan Singh. The lady from UP is no worse. At 10 pm, she spits fire on the Congress party calling them names on the august floor of the house which, if uttered outside parliament, will lead to liberal suits.

But the next morning she supports the Congress. The communists have been themost destructive force not only in India but all over the world. Fortunately, in most parts of the world, communists are to be found only in museums along with dinosaurs! Unfortunately, these gentlemen continue to spread their virus in India as hypocrites begging foreign companies to camp in their state taking the name of Karl Marx but ridiculing reforms at the same time.

Why is there so much anger about these persons? The answer lies in the present state of the economy. The perfidy of the communists and the unethical behaviour of these two women would have raised only laughs in Delhi drawing rooms if it were not for the fact that so much needs to be done for the economy in the next one year. For one thing, there is very high expectation in the international community that India will keep up its word on patents. If the communists held the new Government to ransom on this, we are in deep trouble. On the privatisation of insurance even if Manmohan Singh wants it, the communists will scuttle it.

The vitalaspects of the economy which will get totally derailed if the communists have any role in any future government in Delhi are, however, the fiscal deficit and the sale of public-sector companies. The coalition Government had come to terms with these two and adopted a proactive policy which was music to the ears of all economists and investors. But with communists, there is no way they will allow cuts in Government expenditure, which will reduce the fiscal deficit. The Union Budget, 1999-2000, commits itself to working towards a fiscal deficit of 4 per cent. If our friends Surjit and Yechuri are within one mile of Vijay Chowk they will never let it happen. So is the target for public-sector disinvestment. Investment bankers are already checking out of their hotel suites knowing that strategic sale of PSUs is on hold. After 50 years, people were hoping that the fat would get cut in the public sector and this would help put the economy back in shape. However, the communists and obscurantists will ensure that thetarget of Rs 10,000 crore of disinvestment remains a dream.

The prospects for the economy for the next few months do not appear bright.