This refers to “Making the right noises” (Business Line, August 8). When Pranab Mukherjee became Finance Minister, the country had lot of expectations from him. But he neither reined in inflation nor boosted the economy in any way. That has made P. Chidambaram’s task an uphill one. He should be given a free hand and not be burdened with unjustified demands of welfare schemes.
As rightly suggested in the editorial, he has made the right noises, but he will have to match his words with strong action. Last but not the least, Chidambaram has only a year before elections to prove his mettle.
US, the growth driver
This refers to “In search of American industry” (Business Line, August 8). The dictum “knowledge is power” is apt for America. The openness and encouraging policies of the US attract talent from other parts of the globe. However, the fruits of American R&D are enjoyed by other growing countries. Indirectly, America, till now, has kept the global economic wagon moving.
K. S. Raghavan
Recent reports about Standard Chartered Bank’s and HSBC’s involvement in illegal deals are a signal to the RBI for evolving more stringent regulations for banks. Frauds in banks are not coming down.