Financial Daily from THE HINDU group of publications
Monday, Oct 10, 2005
Financial Daily from THE HINDU group of publications Monday, Oct 10, 2005 |
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Opinion
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Letters FDI cap
This refers to the article "Raise insurance FDI cap to over 50 p.c., remove tariff curbs: Mulford" (Business Line, October 7), which is deemed necessary in national interests. The remarks of the US ambassador on the further liberalisation of the insurance industry amounts to high-pressure tactics. As for his `demand' to revisit the Rs 100-crore capital requirements, he needs to be reminded that his own country has one set of capital requirements for those within a state to start an insurance company. His charging — however veiled — our government with `breach of trust' is not in good taste and may infringe diplomatic norms. It is the sovereign right of our government to lay down appropriate capital and regulatory norms. Having said that they will not bring down the controlling government stake in public sector banks, they cannot take a different stand for the allied insurance industry. Be that as it may, our government is expected to react to these remarks of the US ambassador lest it be misunderstood that the US is beginning to treat our country as a colony for furthering its trade interests. S. Subramanyan
Letters to the editor and contributions can be sent by e-mail to: bleditor@thehindu.co.in
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