Is the market really upset with the government for not doing enough for the economy?
So far, the new government has done nothing but talk, and it is a shame because (Prime Minister Narendra) Modi had experience; he said he knew what needs to be done. He campaigned for many months saying he knows how to fix India, but he has done very little." This is how veteran fund manager Jim Rogers, in an interview with Mint last week, assessed the performance of the Modi government, which will complete its first year in office next month. Rogers also added that he was getting disillusioned about India. (See: So far, the Modi government has done nothing but talk: Jim Rogers, 23 April.) Rogers is not the only one who is readjusting expectations; other investors, too, are doing so. The CNX Nifty, after touching an all-time high in March, is down about 10% since, and technical analysts are suggesting that it may fall further. So, is the market really upset with the government for not doing enough for the economy?