Recently I found out how to go in a time machine and going ahed 3 years, I got the following blogpost from http://www.theagni.com/ and I though I will publish it after coming back from the machine.
How to ruin a nation in few simple steps
New recipe from Mr. Chidambaram................................................. Dated March 13, 2011
There used to be a time (maybe >5 years ago) when I used to long for India getting mentioned in international media. And the day came, and India became a rock star of world economy. Everybody who was telling India-Pakistan, were just uttering India-China in the same breath. People were as excited as hell, and optimism run sky high. Even this author was so excited. So, far so good. But, when it gets to the head of rulers, optimism becomes arrogance and arrogance leads to misgoverning and misgoverning leads to downfall. As India started to progress, its rulers started to plot its own downfall. They prematurely curtailed the reforms process that gave a ray of hope to a dying Third world nation. They waivered trillions of rupees of loans made to unworthy borrowers (including some farmers) and destroyed the backbone of banking system at a time when the world financial system was hemorrhaging. It is no coincidence that the only two times that India went bankrupt in his history was following two loan waivers of the last 20 years. The first one in 1990-91's National Front's budget led India to bankruptsy in 1991 and second one in 2008-09's Congress' budget Indian went insolvent in 2010. Interestingly, Mr. Manmohan singh rebuilt from the ruins in the former disaster, while he led to the ruins in the latter disaster.
It also didnt help that they postponed a crucial opening up of banking sector to globalization and they maintained a highly fragmented Indian banking system saddled with big unions and highly inefficient process. Slowly the banking system started to collapse and by 2010 the banks didnt have any cash to lend, pushing everybody (including farmers) into the mouths of money sharks. Mr. Rahul Gandhi, who knew not a word to speak in the Parliament, suddenly woke up in his sleep on March 13 to deliver a 11 minute speech to a bunch of supplicants that increased the loan waiver by many times.
The opening up of retail (a sector that was once worth $300billion) was stopped in its rails by the "Big Mother" a symbol of a ultraPower (written in NewSpeak) who in the period from 2004-2010 cast a complete shadow on India and broke the nation to pieces before moving back to the Latin lands. A sector that once held hope to pull millions of poverty from an Indian quagmire called agriculture by streamlining and simplifying the process of good transfer was killed in cold blood, at the instance of few middle men (called kiranaKiller in Orwellian NewSpeak).
And as the government kept dancing in approving foreign investment and made business process even really harder by keeping the failing bureaucracy, the foreign corporations said "enough is enough" and put an end to their patience and packed home. Stock Markets that was once hovering around 20K (yes, it really was) before it went on a historic slide to the current levels of 200. 25 of the Sensex 30 companies have filed bankruptcy. No more foreign investors to fill in the gas balloon. :-(. India's oil subsidies due shot to $500billion before ONGC, Oil India and BP filed their bankruptcy. Now, people fill their automobiles, by scavenging stuff, inspired from the 2007 movie "Iam Legend". Same is the case of fertilizer and every other stuff that Indian people thought were free stuff to be misused. Water, Kerosene and every possible stuff was horribly subsided to the "poor" at the insistence of "Commies", some of whom returned back to their lunatic asylums (to the detriment of its rest of inmates) and some also made pilgrimage to Moscow, Cuba and Venezuela and singing songs daily. The once hopeful US-India nuclear deal was flushed in the toilet and the US President refused to reopen the deal summarily. So, there is no more electricity in India, now.
Some news articles that preceded the downfall: