This is with reference to ‘Perish the thought’ by Venky Vembu (From the viewsroom, July 24). Instead of spending crores hosting the Olympics, the government should sincerely encourage sports at the ground level. Even popular sports now get a lukewarm response as most sports bodies are controlled by powerful politicians. The government should make sports an integral part of the curriculum. Let the sports ministry take the initiative to train youngsters in various sports so that they will not only win laurels for the nation but also also improve their health.

One of the main reasons for children being susceptible to various diseases and obesity is lack of exercise. We usually mix sports with politics. Our sports ministers be have hardly any knowledge of sports.

Veena Shenoy

Thane, Maharashtra

Don’t go by signs

When the stock market zooms to a new high, it never indicates that there are good fundamentals accompanying it. Liquidity alone can’t assure economic growth, money supply also matters. Foreign currency is absorbed in the reserve. With bonds it’s different. Since inflation is abysmally low, real yield is high. But inflation is artificially low and there can be a sudden spurt in inflation figures. Those investing in State government bonds do so because of moderate prices and good yield. Since the yield is not going to fall significantly and people expect an interest cut the bull run will continue till the state takes stock of worsening fiscal deficit.

RK Arya

Faridabad, Haryana

Costly affair

With reference to the editorial, ‘Scratching the surface’ (July 24), the enormity of the situation is such that any or every action towards the resolution of bad debts is being welcomed. But the cost of cleaning up the balance sheet is really huge. Sooner or later we will have to start from scratch and ensure that this issue does not occur again, or at least not to this extent. As rightly mentioned the credit appraisal system has to be impeccable and long-term so that only financially viable projects get funded from now on. The Government should distance itself from PSBs as far as credit decisions are concerned.

Bal Govind

Noida, Uttar Pradesh

RBI’s vision

RBI Deputy Governor Viral Acharya’s observation that NPAs take precedence over rate cut, on the sidelines of the Delhi Economists Conclave last weekend confirms that there is continuity and consistency in the thought process of India’s central bank. It is comforting to see that RBI’s priorities remain undisturbed despite frequent changes at the helm. Recent years have seen RBI getting the necessary policy support from the Centre in performing its mandated roles efficiently. We need to see the evolution of the MPC and the deft handling of issues relating to management of banking system’s stressed assets as clear evidence of a change for the better in the Centre-RBI engagement.

While pressure will continue for rate cuts and other measures to make credit cheaper, so long as RBI is able to explain the rationale for its policy stances, hopefully, there will not be threats of ‘walking alone’ by the finance minister or a need for the RBI governor to opt to fall sick. With his refusal to sugar-coat or camouflage his clarity of perception to make others happy, Acharya, who has RBI’s priorities rightly set in his mind, promises to make good what the central bank lost by the return of Raghuram Rajan to academia.

MG Warrier

Mumbai

Wake up!

This refers to ‘Healthcare systems need drastic surgery’ (July 21). It is a wake-up call. The poor and elderly in particularly need to get adequate medical attention. The point to be noted is the huge escalation of cost of drugs and the fees charged by private medical practitioners. Instead of nurses being trained in prescribing medicines, a diploma course in medicine must be started to make healthcare accessible to the poor and in rural areas. There is also an urgent need to make drugs cheaper. Medical attention should be free for the poor and elderly.

TR Anandan

Coimbatore

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