NEW DELHI-Smell of Surrender

Smell of Surrender BM The finance minister was so satisfied after the devaluation of the rupee that he declared that the foreign exchange crisis had been resolved and he would now turn to the 'constructive tasks' of structural adjustment of the economy. However, having lured the government of India to put all its eggs in the IMF basket, the foreign creditors are playing the proverbial cat and mouse game with this country THE Congress(I) government headed by P V Narasimha Rao has embarked on an adventurous course in the management of the economy and the polity. The entire focus is on what is euphemistically called 'structural adjustment' financed by massive foreign credits. In this process the government is fast losing its credibility and its chances of getting a foothold in the prevailing alignment of political forces may disappear sooner than was earlier believed likely.