Financial Daily from THE HINDU group of publications
Monday, Jan 10, 2005
Financial Daily from THE HINDU group of publications Monday, Jan 10, 2005 |
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Opinion
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Letters Return on reserves
According to the Report of the Reserve Bank of India (RBI), the return on the investment of foreign currency assets and gold has declined from 3.1 per cent to 2.1 per cent. Considering the great scope for the modernisation of the economy, one can easily assume that the marginal return on physical investments through the use of forex reserves will be much more than what the country now earns. The textile sector is one among the many sectors in need of upgradation. Surprisingly, official economists do not seem to take cognisance of the opportunity cost of the funds. Further, there is no information on the average and marginal interest paid on the liabilities of the country. The RBI, which is so transparent, should not fight shy of revealing them. A. Seshan Mumbai
Letters to the editor and contributions can be sent by e-mail to: bleditor@thehindu.co.in
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