The Hindu Business Line : Baseless reference to Mr Moily

Mr M. Veerappa Moily, former Chief Minister of Karnataka, responding to Jayanthi Iyengar's article, "This Moilyism must stop," published in Business Line (page 10) on May 27, points out that "the facts are totally false."

Stating that the author "should have checked the facts before resorting to sensational articles," he explains: "I had not at all authored or implemented any schemes like Loan Mela during my administration or otherwise. If you are referring to Loan Mela this must be with reference to the loan mela scheme of Sri B. Janardhan Poojary, who was once a Union Minister. The news item has damaged my image... It is quite unfortunate that persons resort to such write up without equipping themselves with proper facts. I am always known for ensuring disciplined financial management. It was in the years of 1982 to 83 and 1992-94 that we maintained revenue surplus. In the year 1993-94 Plan expenditure was 158 per cent more than the previous year. I served as Finance Minister of Karnataka during those years. The Tax Reforms Commission Report under my chairmanship yielded an average of 30 per cent more income without raising the rate of tax or duty. The implementation of the recommendations of my Commission Report yielded in one year more than 600 crore to State excise. I regret that such an article should find a place in the said reputed paper."

Mr Moily is absolutely right about the facts and the irresponsible nature of the allegations made against him in the article.

Ms Iyengar's reference in her column to "the loan melas proposed by the former Karnataka Chief Minister, M. Veerappa Moily" and to "Moilyism" are completely untrue and unfair, as is the headline "This Moilyism must stop." We retract this opinion piece and convey our sincere apologies to Mr Moily.

Editor-in-Chief

Business Line