Congress and India

Continuing with the election theme - The FT recently published a hard-hitting opinion on why Congress deserves to lose the elections.

"There have been practically no market reforms since 2004, save for the opening of domestic civil aviation. Nothing has moved on privatisation, the reduction of government equity in banks and insurance companies, pensions, competition regulation or the administration of subsidies. Industrial tariffs have come down, but otherwise external protection has not been reduced. India remains the most protectionist large emerging market."

I don't buy this. At a time when most countries are lamenting the lack of regulation in their banking sectors, the lack of banking deregulation in India is not a good reason to vote against Congress.

I'm curious to know what others think.