Propping up the rupee

This refers to the recent statement of the RBI Governor that the rupee is the least impacted among the major currencies in spite of global spillovers. The RBI could use several options to rein in rupee depreciation. For example, India’s forex reserves stand at around $528 billion with US treasury paper constituting about 40 per cent of the reserves, which is on the high side.

Due to the continuous increase in US Fed rates, the RBI should be incurring revaluation losses due to fall in bond prices. Same is the case with regard to countries like Japan, China, the UK, etc. This is one of the main reasons for the strengthening of the dollar at the global level. The RBI needs to gradually bring down the proportion of dollar assets in its reserve portfolio by redeeming the dollar-denominated bonds.

Srinivasan Velamur


Hosting investor meets

States have been vying with each other in hosting investors meets with a view to attracting investments from both domestic and global businesses. But the moot point is how much of these so-called commitments get translated into actual running projects later and whether the governments continue to follow up on these commitments.

Unfortunately, these events are nothing more than public relations exercises designed to impress voters. Capital-intensive projects do not create large employment opportunities. Rather, it is small and micro businesses that are major employment generators. In a capital-scarce and labour-surplus country like ours, the emphasis should be on SMEs and not capital gurgling huge projects which can also be inimical to the environment in many cases.

MP Muralidharan


Making farming attractive

This refers to ‘Farming needs young agri-entrepreneurs’ (November 3). On one side rural people are leaving farming due to non-viability while on the other many well-educated people are entering into organic farming. Yes, there’s a need for more young people to enter this field, which is the backbone for our economy.

Use of modern technology like AI and drones will help promote agriculture among the younger generation. And such technology should not be restricted to rich farmers only, but also made available to the poorest of farmers. The average age of an Indian farmer being 50 years is not a positive sign. Only farmers are in their 30s or early 40s will they have a good earning life ahead of them. Multiple use of farmland is a great way of increasing the earnings from agriculture.

Bal Govind


Enigmatic attitude

This refers to ‘Nifty50 companies spent ₹7,796 cr on CSR last fiscal’ (November 2). The analysis of the 50 companies’ contribution to corporate social responsibility throws light on the attitude of our business barons towards CSR. While at one end are bigwigs like Reliance Industries which overspent, there are also giants like Adani Enterprises which spent too little.

This attitude is also reflected in the reluctance of industrialists to contribute to public good. It is in direct contrast to corporate leaders like Yvon Chouinard who handed over his company Patagonia, valued at about $3 billion, to a trust for using the profits to protect the planet. It is because of the indifferent approach of the corporates that the government had to remind them of their role in society through legislation.

YG Chouksey


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