No more slogans

With reference to the editorial, ‘Renewed friendship’ (Janaury 26), a deep, democratic ethos binds the Indo-French relations. That said, modern economic compulsions spawn trade blocs much more than political or defence compacts. The transfer of huge monies for three decades, from oil consuming nations to producing ones, has dramatically reversed. This has boosted the spend of developing nations on big ticket development programmes. That influences industrially well-placed nations under relative stagnation to look for avenues of growth. India is an attractive destination; so are other South Asian nations.

Against projected bilateral trade of €12 billion, the two nations are stagnating at €7.8 billion. A big movement at trade will benefit both, particularly in transfer of technology and setting up industries here that create jobs. For this we need to our policies that are investment friendly and predictable, whether it is to do with taxation, commercial safeguards or enabling provisions to set up business quickly. We have to mould ourselves as a nation that is serious about big business. Bhai-Bhai slogans are passe.

R Narayanan

Ghaziabad, Uttar Pradesh

Heed the expert

This refers to Aarati Krishnan’s brilliant analysis in the book review, ‘Reforming financial reforms’ (January 25). It brings together what Tarapore has been saying about the half-baked report of the FSLRC; the aggressive, single-handed efforts of Justice Srikrishna, brushing aside dissent expressed by his own colleagues; and the need to tread cautiously while dismantling the institutional structure which is presently handling the mandated responsibilities relating to regulation and supervision of the financial sector fairly well.

Whether inside the RBI, handling sensitive areas such as monetary policy or management of forex reserves, or as a regular columnist SS Tarapore drew one hundred per cent on his resources which comprised mainly knowledge derived from work experience and own research, to guide policymakers, always keeping the Indian context in view. He never tried to please the establishment. His suggestions and pleas were always prescriptions for healing the wounds suffered by the financial sector due to diversions taken by authorities to make compromises with stakeholders. Just think about the benefits the Indian economy would have derived had the RBI moved forward with the proposal he made in the early 1990s to establish a gold bank. Now, the Centre and the RBI are trying to learn ‘gold management’ from first principles.

MG Warrier

Mumbai

Simplify the IT Act

It appears the finance ministry is taking steps to simplify the Income Tax Act to make it taxpayer friendly. It is hoped that the category of assessees, namely, salary-earners and pensioners, will get long overdue justice in the form of substantial relief during the presentation of the 2016-17 Budget. A positive step in the direction was initiated by the NDA when it put on the backburner the brainchild of the UPA government, the draconian Direct Taxes Code.

Arun Malankar

Mumbai

United stand

With reference to the report, ‘We cannot discuss peace under a shower of bullets, says Pranab’ (January 26), making laws is the responsibility of the entire Parliament. The role of the Opposition is to cooperate on law-making by constructive scrutiny and correction of the legislative proposals so as the best interests of the people and the country are served.

Unfortunately, the Opposition obstructs the process of law-making by stalling Parliament on trivial matters. Long-pending reform Bills could not even be debated in the monsoon and winter sessions. The entire monsoon session was washed out because Congress remained adamant on the resignations of Sushma Swaraj, Shivraj Singh Chouhan and Vasundhara Raje while the winter session was disrupted, among other reasons, by the demand for the resignation of VK Singh. The Opposition should heed the call of the President.

MC Joshi

Lucknow

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