In times of global economic distress when the Indian Government ought to deal with a heavy hand with defaulters and swindlers among profit-driven private players in the oil and natural gas sector, it is strangely caught supping with the devil. Instead of getting its act together in the Krishana-Godavari oil exploration deal with the country’s economic major Reliance, the Government is faced with sort of sanctions by the former as it is seen running with the hare and hunting with the hounds. The developed economies of the West, including the US and Europe, have been suffering an unmitigated crisis due to lack of government control over the capitalist system. India may have managed to come out unscathed by the global recession, but the endemic corruption in dealings both in the Government-managed and private sectors reflects poorly on the nation’s economic health. The government’s role – both in its UPA 1 and UPA 2 avatar – reveals more than it conceals the formal internalization of corruption in the system. The 2G spectrum allocation and CWG scams and the gigantic KG-D6 row have left the ruling coalition with the egg on its face. 

As oil prices around the world may further soar in 2012, it is imperative for the Union Government to check corrupt practices in all fields of economic activity, especially in exploration and exploitation of scarce natural resources, including oil and natural gas. Moreover, with Assembly elections in five States in the offing and the rising prices of petroleum products and other essential commodities for which the common man has to bear the brunt the Government at the Centre must pull up its socks if it has to avoid biting the dust at the hustings.
Year 2012 rings in with the alarm bells set for 2014.

suhaib Ilyasi

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