The rise of 'animal spirits'

The government’s frenetic pace of activity resulting in a series of economic policy initiatives in the last two months has taken the opposition political parties by surprise. The Manmohan Singh government looks revitalised all of a sudden, showing greater purpose and determination. This was not so earlier. How did this change take place? To find an answer, it would be necessary to recall what happened soon after the United Progressive Alliance (UPA) formed its second government at the Centre in May 2009.

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