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This is with reference to the editorial, ‘Well of trouble’ (March 8). A similar agitation took place in Kudankulam, and various concerns were raised including the livelihood of fishermen. Now, two reactors there are generating electricity and work is going on in two more. A neutral, science-oriented team should study the concerns and see what the status is now. For instance, has fishing been affected? Such a study would provide a holistic view.
Ruben Thomas
The protest over extracting hydrocarbons at Neduvasal has spun out of a misconception that it would make the land unfit for cultivation and lead to depletion of groundwater. The extraction will be done by drilling, not hydro-fracking, which involves drilling deep,breaking the rocks with explosives. The project requires only two tankers of water a day, and the activity will not lead to loss of ground water nor will it leave a residue. However, it is surprising that although it is commisisoned by the ONGC, a public sector entity, educating and counselling the villagers of Neduvasal and getting the environment clearance have been left to a private contractor.
R Prabhu Raj
Bengaluru
Enough about bad banks
It is time the endless debate over setting up a bad bank stopped and something concrete emerged to tackle the issue of NPAs. ( ‘What’s so good about a bad bank?’ by Laavanyaa S Narayanan, March 7). The writer has overlooked the fact that in terms of the current legal framework banks receive only around 5 per cent of the sale value of assets upfront from ARCs; for the balance amount they receive security certificates, which are realisable after recovery of the assets. Therefore funds of the magnitude indicated in the article may not be needed by PARA to take over NPAs. Further there is scope for issuing government bonds in payment which can be used for recapitalisation.
In the current environment of crony capitalism there is a reluctance to initiate strict recovery measures against defaulting corporates. The crux of the issue revolves around this business-politician nexus. The debate on bad banks serves as smokescreen to bail out cronies, write off realisable debts with public money, and privatise PSBs.
Manohar Alembath
Kannur, Kerala
Never before in the history of Indian banking has the issue of NPAs assumed such menacing proportions as it does is today. Banks no longer have the luxury of profits and hence cannot afford to carry the burden of NPAs. Additional NPA provisioning for incremental slippages is going to be difficult. The prolonged economic slowdown is putting pressure on interest income forcing banks to lay equal focus on shoring up non-interest income. It is a vicious circle.
Srinivasan Umashankar
Nagpur
Reviving the Babri case
The Supreme Court’s disapproval of the discharge of LK Advani and others on ‘technical grounds’ in the Babri Masjid demolition case has revived hopes of justice. By allowing the CBI to file a supplementary chargesheet, including conspiracy, and deciding to ask the trial court to conduct a joint trail, the apex court has shown its resolve to pursue the case. The CBI deserves to be commended for welcoming the Court’s observations.
No on can deny or dispute the role of Advani and others in the destruction of the Babri Masjid in Ayodhya. What came crashing down on the ‘darkest day’ in the annals of Indian history was the symbol of Indian secularism. It is hard to think of any other event that caused so much turbulence. The demolition marked the beginning of a sharp swerve to hard-line Hindu nationalism. The policies of Hindutva that Advani championed in the 1990s paved the way for Narendra Modi’s rise to power.
Whether India has changed for the better or the worse is a matter of opinion. But certainly the secular ideal — the freedom movement’s most important legacy — is now at risk. It is reassuring that the Supreme Court has expressed its view against giving the Babri case a quiet burial.
G David Milton
Maruthancode, Tamil Nadu
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