ITS the last two sentences that former finance minister Dr Manmohan Singh uttered in his Home TV interview aired on the night of November 11 that gave the game away. "There are such things as leads and lags in economic phenomena. If you dont act or you act unwisely, it does not produce its results immediately, but in the medium term, it can have disastrous consequences." Yes, yes, yes, Dr Singh, the nail right on the head. So when earlier in the interview, you say that "there are signs (in the current economic scenario) which bother me", and mention that export growth is down "very substantially", that industrial growth has slowed, and inflation rate is going up, shouldnt you take the blame for all that? Naturally, there was a lag before the effects of the economic policies the Narasimha Rao government followed in its last 18 months appeared. They are appearing now.