Mute spectator

The economy has nose-dived. The rupee has hit a low of 57.54 against dollar. There were warnings from experts that if the trend continued, and the Government failed to take remedial actions, the rupee may fall further to the dollar.

It is true that our political parties are busy building funds. They take little time to talk about the deteriorating economic conditions. Many think that their party is a private limited company and are hesitant to answer even an RTI query. Would the Congress party and the Minister in charge of Economic Affairs own the responsibility for the present deplorable condition of the economy?

The prices of all essential commodities have sky-rocketed. The Government, which is capable of restricting prices and checking the buying power of the rupee, stands as a mute spectator.

K. A. Solaman

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Curtail gold demand

This is with reference to the editorial “Stabilising the rupee” ( Business Line , June 9). It has been correctly identified that the reasons for the present situation are high global oil prices and unabated domestic demand for gold. The Government must make efforts to curtail gold import. For this, the demand for gold has to be brought down. One way is to discourage gold consumption is by banning all loans against gold jewellery by banks and NBFCs.

S Kalyanasundaram

San Jose

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