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Your editorial “Restoring Market” (Business Line, October 20) has rightly pointed out the futility of further government intervention in the stock market.

The stock market was over-heated virtually with the inflow of foreign funds. The market has stabilised and somewhat real after the flight of foreign funds.

The Indian stock exchange was never a reflection of the ground realities of the corporate world or the economy.

It was rather misguided to consider the stock market as a yardstick for growth. The equity market as well as the players had their own set of rules and motives. So it is better to leave the market free and decide its own fate.

As rightly said, Indian companies should attract foreign direct investments on their own strength rather than depending the volatile stock market.

The Finance Minister should stop unduly worrying about the swings in the Nifty or BSE index.

The Government should focus on putting in place all the necessary infrastructure that is needed to create an attractive investment climate in the country.

Parasuraman K. R. Trichur

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