From the editor

Chastened by the drubbing they got in the Lok Sabha elections, the Left parties had a profoundly witty comment to offer to the television channels: "Success has many fathers, defeat has many analysts." But even when the Left parties sit down in the fullness of time to dig deeper into the reasons for their poor show, one that will be obvious is their high decibel and persistent opposition to economic liberalisation. Every time the UPA government proposed even half a reform that had a hint of liberalisation, the Left parties would come down on it like a tonne of bricks-and would do so with relish, fanfare and on camera. This almost-blind opposition to reforms must stand out as one reason for their electoral defeat-a lesson the Left would hopefully imbibe, even if it doesn't admit.

But more than the Left, it's a lesson for the Congress party which now has a rare chance to redeem itself on its poor record on economic management. The Left, though, the most visible and high-decibel hindrance to a few reforms, wasn't really the biggest stumbling block. That came from within the UPA-from non-performance of the key economic ministries of roads, ports, telecom, power (in the first three years), education and health.

In none of these areas did the Left oppose any reforms, and yet nothing of consequence happened. With the excuse of Left opposition now gone, the failures of UPA ministers will stand exposed. Preventing this from happening in the UPA 2.0 is Prime Minister Manmohan Singh's biggest challenge. One part of our cover story package explains a 3-R formula-resolve, right men and revenues-that could make UPA 2.0 an efficient and effective economic administrator. We also attempt sketching the economic vision of Rahul Gandhi because his influence on the government is bound to rise, whether he wants it or not.

We haven't seen elephants dancing (I haven't checked YouTube, though). But State Bank of India seems to be one elephant that is nimble enough to produce results that give small and more agile banks a run for their money. You will be surprised to find SBI in our annual list of cool companies. There are many other pleasant surprises. IPL-II has been a huge entertainment success. Has it been a success as enterprise, too? Find out. There are some professions that are booming amidst the downturn-like those of psychiatrists and counsellors. Is it only a reflection of the people's inability to handle work-related stress or does it also indict the HR practices of India Inc.? Check out.