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This is with reference to “S&P revises India outlook to negative” ( Business Line , April 25). The Finance Minister's reaction to the effect that ‘downgrade is a timely warning' is very mature. There is no need to get scared by the downgrade. Most politicians appear unconcerned about the country's fiscal health. They should, perhaps, take immediate steps to steer the economy to growth.
Narendra M Apte
Pune
‘Balanced' 2G auction
This is with reference to the lucid editorial “Wrong end of spectrum” ( Business Line , April 25).
The point of the Supreme Court's revocation of 122 licences was to make the scarce resource allocation from an arbitrary, closed-door process to a transparent one. By doing that, it wanted the government and its taxpayers to get the best possible value for the spectrum.
But, by being overly cautious, TRAI has set the base price for 2G spectrum almost 10 times that of the original giveaway. Even worse, the base price is slightly higher than the 3G price.
Granted, the exchequer doesn't need to be robbed again by giving away the spectrum at throwaway prices even in an auction, but in a country faced with sluggish growth and high inflation, a balance between pragmatism on 2G auction revenues and promoting a business friendly environment would help.
Varad Seshadri
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