IMEC implementation

This refers to ‘India must engage with Riyadh to get IMEC going’ (March 4). When India mooted the idea of India-Middle East-Europe Economic Corridor (IMEC) during last year’s G20 summit, the participating countries were enthusiastic about its prospects and its possible take off. IMEC was found to be one of the alternative routes to boost economic trade between India and the Middle East and to check China’s aggressive trade push. Unfortunately, IMEC could not take off as expected due to geopolitical issues between Israel and Saudi Arabia.

The objective of the IMEC is to provide two separate corridors connecting Gujarat port with Piraeus port in Greece. Apart from railroad and shipping, the IMEC corridor includes laying of electricity cables, hydrogen pipelines and a high speed data cable.

With the relationship India maintains with the UAE and Saudi Arabia, there is a ray of hope that India through its diplomatic efforts can break the ice and give fresh impetus to implementing the IMEC.

RV Baskaran

Chennai

Focus on public sector

Apropos ‘Cochin Shipyard builds on success’ (March 4), the initial few years after Independence saw serious efforts to develop a strong public sector.

Slowly the emphasis on the public sector weakened with tacit political and policy support. The post-Nehru-pre-Modi era was not too congenial for the growth of public sector in our country. But recent developments are indicative of a change in trend. The progress of Cochin Shipyard, HAL and Ordnance Factories need to be seen in this perspective.

MG Warrier

Mumbai

Deposit rates

This refers to ‘Share of term deposits in banks’ total deposits up at 60.3 per cent’ (March 4). Depositors expect a reasonable rate of interest on their money parked in banks.

This money could have gone to other channels where the interest rate is higher.

With rapid changes in the banking scene over the past few years, banks have to go the extra mile to retain, as well attract, depositors. Hiking interest rates wherever possible and improving customer service are steps towards this.

Katuru Durga Prasad Rao

Hyderabad

Exaggerated claims

With reference to ‘Know your medicine’ (March 4), one often comes across claims and counter-claims about the efficacy of allopathy and alternative medicines. As pointed out aptly by the apex court, statements by some pharma companies that their products would provide permanent relief from illness are misleading intended to deceive the public and make commercial gains. In the absence of effective regulatory control on such mis-selling, the consumer is bound to suffer.

Sitaram Popuri

Bengaluru

Interest in Paytm

Despite all the problems facing Paytm, it is surprising the stock keeps hitting the upper circuit on the bourses. Many finance companies are reportedly showing an interest in the businesses of One97 Communications, the parent company of Paytm. The news of an RBI mandated administrator for Paytm Payments Bank may well be the death knell for the company. Other start-ups must learn from the fiasco, on not to bypass rules and regulations of the authorities.

Anthony Henriques

Mumbai

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