Stock market?s reaction to the ouster of India Shining National Democratic Alliance (NDA) government and it?s almost certain replacement by a Left Parties supported Congress of Sonia Gandhi was surprising. Indian masses may have shocked the world by delivering the most unexpected mandate of its infant democracy ? to an Italian ? born person, but it is certain that India?s economic liberalization and reforms would continue if not accelerate under the new regime.

Economic observers recognize that India?s shine originated in the sweeping reforms first undertaken by the Congress government under India?s youngest Prime Minister, Rajiv Gandhi, in the mid-eighties. The two original reformers, Dr Manmohan Singh, the economist and Sam Pitroda, the telecom czar are the founders of India?s economic and ICT success respectively. It is ironical that until very recently, the NDA government was often castigated by party insiders for adopting the Congress policies of economic liberalization and globalization.

Did India?s shine fail to reach the masses? Especially its emergence as the world?s Back Office powerhouse appeared inadequate to leapfrog a primarily agrarian economy into the so-called new economy. The polls not only thumbed down a political apparatus at the Centre that boasted robust economic growth as its principal achievement but also booted the two mascots of its fabulously recognized IT Industry, namely Chandrababu Naidu and SM Krishna. Was the Digital divide in action?

Left parties while stating ?We will put an end to the disinvestments and indiscriminate globalization?? are themselves experimenting with privatization in their home states and flirting with Infosys, Wipro and IBM to lift themselves out of sticky economic growth.

Congress may need to work in areas where NDA failed. Against a red hot 10.4% economic growth and US$12 Billion of Software export, the ICT and allied services sector contributed a measly 800,000 jobs last year. In March 2004, half of India?s 662 million working population was out of work. Each year over 18 million youngsters join the workforce , less that 4 million find gainful employment leaving a swathe of frustrated citizenry.

Growth, even in double digits, may indicate improved national economic performance for politicians to feel good , conveniently dropping the word ?jobless?, it carries no meaning for the masses unless it significantly improves their own individual economic well being - better wages, infrastructure, healthcare and safety nets for the marginalized.

Left parties? support therefore shall provide not only the fundamental element of political stability to the new government, it would help ensure that interest of the masses are not ignored by the otherwise pro-business and reformist team of new leaders.

The issue of incoming Congress Prime Minister Sonia Gandhi?s foreign origin being drummed up by the defeated NDA?s call for ?national self respect movement? and ?second freedom struggle? is unlikely to find mainstream acceptance in a country ruled by foreigners for over one third of its known history and a legendary tradition of acceptance and integration.

An almost universal belief in India?s future success is best captured in the outgoing Prime Minister Vajpayee?s valediction remarks: ?NDA may have lost but India has won.?

The world?s biggest democracy is preparing to hand over its highest office to an Italian born Indian. Its destiny however remains in its own hands.

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<B>By Baljinder SHARMA</B>