The editorial, ‘Invest and secure’ (Business Line, September 13) is a call to protect LIC policy holders against the backdrop of the dotcom crash of 2000. No doubt, LIC has to achieve more freedom in investment decisions, but the Government would have to take into account public interest. The investment cap of 10 per cent is fixed by the IRDA and any amendment can be considered in the broader perspective of investment risks.
LIC is not merely a financial institution; it has mainly social objectives. Even entering into ‘rescue acts’ for such reasons as government divestment is not expected from an organisation like the LIC; neither should the government seek the LIC’s participation on such occasions. Investments by the LIC should be based on the criterion of safety first. The present cap of 10 per cent should be adhered to.
C. P. Velayudhan Nair
Solar power generation
This refers to “India remains a solar power laggard” (Business Line, September 13). Though India is geographically well-situated, solar power has not been adequately tapped.
Though the National Solar Mission was constituted, the projects were not fully implemented due to delay in decision-making process.
Lengthy procedures and lack of awareness among the public led to a setback.
State governments should insist that all public parks, street light, big corporate buildings and apartments use solar panels for electricity generation, for which tax sops should be extended.
R&D should be developed by universities and foreign collaboration encouraged so that transfer of technology will enhance new methods of power generation.