Financial Daily from THE HINDU group of publications
Monday, Jan 28, 2002
Financial Daily from THE HINDU group of publications Monday, Jan 28, 2002 |
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Opinion
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Letters UTI in shambles
One of the finest financial institutions at one time, UTI is in shambles today. The Tarapore Committee report has pointed out the mismanagement, misuse of authority and by inference non- commercial considerations in UTI dealings that put the institution into a spin. The Government's proposed bailout of UTI, as also some other recent bailouts of public sector banks have dangerous implications. Bailouts are no solution because they mean, in essence, creation of public debt by the Government, which is a burden on posterity. This public debt is serviced by current revenues, mostly raised from indirect tax levies such as excise on items of mass consumption. Eventually, the poor have to pay for all these manipulations.
M. R. Pai, Mumbai
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