253: Oil, Rupee, IL&FS: Why is Modi Not Using Brahmastra?

Raghav's Take

Brahmastra, in the Mahabharata, is a “single projectile that is able to destroy the Universe”. Lord Rama is thought to have used it in his last battle with Ravana. Now let’s put it in context of Prime Minister Narendra Modi’s government. After four years of a blessed existence, Modi is facing his first acute economic challenge. Today, India is again teetering at the edge of a severe macro-economic imbalance: treasuries have crossed 8 percent, the rupee has plummeted by 15 percent to over 74/dollar, oil is perilously close to three figures, and hundreds of stocks are in a severe bear grip even as market indices have crashed by over 15 percent. Does he have the gumption to deploy a policy Brahmastra, to kill the crisis before it careens out of control?