This refers to “Alarming charges, vitiated atmosphere”(Business Line, October 22). Increasing crimes and corruption in the country are eating into its growth.

The problem is now coming in the way of implementing welfare schemes and industrial projects in the country. The reality is that the country lacks strong laws to act quickly on crime and corruption cases. Urgent steps should be taken to tighten the Anti-Corruption and Crime Rules.

The disturbing fact is that the judiciary is slow. The backlog of cases causes undue delays in delivering judgment.

To meet with the expectations and the urgent legal needs, the Government should set up special courts for all high-profile cases without delay.

P. S. Saravana Durai

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Rating the raters

This is with reference to “Pros and Cons: Does the Indian Govt need to take rating agencies seriously?” (Business Line, October 20). Stalwarts of global debt finance feel that the methods of credit rating agencies are transparent with their reports based on realistic quantitative models.

Yet, credit rating agencies are flawed on the ground that they failed to predict the global credit crisis, hurting investors. Nevertheless, they could be influenced by debt issuers.

In spite of such criticisms, their validity stands since investors need an independent assessment of borrowers. Credit rating agencies must exercise care and diligence in their assessment, and people relying on agencies’ reports must make their investments at their own peril. ‘Caveat emptor’ is the order.

N.R. Nagarajan

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(This article was published on October 23, 2012)
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