'I pity the cynics and doubters'

NEW DELHI: For Jaswant Singh, the third quarter growth rate of 10.4% marks a paradigm shift in the economy’s growth prospects and validates his belief that the Indian polity will evolve to facilitate such growth.
Faced with the allegation that his ministry hyped up the economy’s performance in the India Shining campaign, Mr Singh today reacted jubilantly to the economic performance, saying that it vindicated his belief that India was poised for an explosive growth.
“I am gratified. I’ve always held the view that India is poised for explosive growth. This demonstration of double digit growth for the third quarter is definitely a forerunner of things to come,� Mr Singh told ET in a freewheeling interview stretching over an hour. Mr Singh used the occasion to taunt his party’s rivals and the political parties who relish playing cynics. “I pity the cynics and doubters who even now deride the shine of India,� he said.
Mr Singh did not share the view of certain policymakers that the current downtrend in the market is a cause of concern. “The nature of the market is buying and selling. I always tell my officers not to get unduly alarmed by the movement of the sensex. I am convinced that the fundamentals are strong. There is only one way that the market can move. It will move in accordance with the strength of the fundamentals of the economy. And the fundamentals are very very strong.�
On elections, Mr Singh said the focus on economics and peace has changed the political discourse. “This is the first election since 1957 — the second election of Pandit Jawaharlal Nehru — where developmental issues are returning to the campaign arena. Just like the 1957 election, this one is fought on developmental issues — planning, progress and economic growth. The real bread and butter issues.�

Mr Singh, who defended his party’s focus on Swadeshi, said the idea was not in conflict with globalisation. He asserted that the Indian policy framework can reconcile the requirements of Swadeshi and globalisation. “We are somehow caught in the assumed meaning of phrases. The word acquires a meaning than the intended one.�
The finance minister said Swadeshi is also a celebration of the Indian entrepreneur. “Today, the Indian entrepreneur is celebrated. Look at Tata buying Daewoo. Wonderful. Reliance buying Flag. Wonderful. Pharma is moving out of the developed countries and into India. Research is moving to India. This is Swadeshi. Indian firms are moving out and getting globalised.�