The Falta bypoll result has brought the Left back into conversation. After BJP candidate Debangshu Panda, CPM-backed candidate Shambhu Nath Kurmi came second. The TMC was in fourth position.
Having failed to emulate East Asia’s success with manufacturing exports, India pays for its chronic trade shortfall by writing IOUs to global investors.
An oil shock, monsoon fears, rampant unemployment, and the seeming inevitability of inflation are common to both eras. Indira Gandhi’s self-destructive responses are instructive today.
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