Financial Daily from THE HINDU group of publications
Friday, May 12, 2006
Financial Daily from THE HINDU group of publications Friday, May 12, 2006 |
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Opinion
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States Fiscal correction
With reference to "India will stick to own fiscal direction" (Business Line, May 7), the Finance Minister, Mr P. Chidambaram must exercise caution to see that surpluses are not frittered away on projects and programmes that give negative rate of return, when wealth can be created with superior technological inputs. When governments are financially weak and do not have surpluses, the discipline of market forces will assure that uneconomic and grandiose technologies of yesteryear are not palmed off to the government by the vested interests, because the need for private operators to fund and recover their capital will bring in innovative and economic technologies. More important, the government must be more careful and assure financial returns, especially for non-social urban area transport projects. The financially draining metro rail projects should be resisted when better economic rail-based systems such as Skybus are available. B. Rajaram
Letters to the editor and contributions can be sent by e-mail to: bleditor@thehindu.co.in
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