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The move by the Finance Minister to use funds from the forex kitty for infrastructure development is laudable.

The existing developmental financial institutions can also be used effectively to help manage the reserves.

Perhaps, the planners can also think in terms of diverting some of the forex reserves to pay back external debt, thereby saving on interest outflows too.

Also, a certain portion can be earmarked for development of villages. The India growth story will be incomplete without the participation of rural sector.

Infrastructure development needs to be extended to villages too, where we can expect faster economic growth along with the well-being of the rural people.

B. N. Bharath

Bangalore

Letters to the editor and contributions can be sent by e-mail to: bleditor@thehindu.co.in

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