Opinion

Letters to the Editor dated June 23, 2022

Baskar B 4727 | Updated on: Jun 23, 2022

Banking on the Centre

This refers to the article ‘GST compensation to States can stop’ ( June 23). One tends to agree with the author’s views that the extant compensation formula is flawed and there a is risk of making States too dependent on it.

While most States’ quest to secure further extension of the Centre ‘compensating’ them for shortfall in GST revenue beyond the first five years, remains an open secret but it also goes without saying that they must also learn to earn for themselves. After all, how long they would continue to 'piggy ride' the centre for their regular revenue needs? In all fairness, let these States sincerely try to ‘explore and tap’ some ‘newer’ revenue resources at their own levels.

Vinayak G

New Delhi

Rupee worries

This refers to the news report, ‘Rupee hits a new low on worries over hike in US interest rates’, (June 23). The Indian currency is facing one of the toughest fights of its life. In the crosshairs of a triple-barrelled gun of capital outflows, higher crude oil prices and widening Current Account Deficit (CAD), the rupee again hit a new low of 78.29 against the US dollar on Wednesday.

So far this year, the rupee has fallen about 5 per cent. Attracted by higher interest rates in the US, investors are selling rupee-based investments in favour of the greenback, weakening the Indian currency. In contrast, the US dollar index hit a two-decade high of 104.507 and continues to gain, but every such increase weakens not just the rupee but almost every other currency, in any case under pressure from soaring energy prices.

While the rupee is one of the worst-performing Asian currencies in nominal terms — losing 4 per cent against the dollar since the start of the Russia-Ukraine crisis — we were better off than many others. However, on its part, the RBI is defending the rupee, selling forex reserves, sucking out rupee liquidity and helping contain imported inflation for now, but this cannot go on for long as it affects our competitiveness. Currency management is a tricky issue and the RBI must strike a balance.

N Sadhasiva Reddy

Bengaluru

Noteworthy choice

The NDA's presidential candidate Droupadi Murmu from tribal community and a woman is praiseworthy.

Election is just a formality as she shall romp home comfortably as numbers are stacked in her favour. The Opposition ought to withdraw the nomination of their candidate.

The disparate and disarray opposition while reaching a consensus on its candidate has cut a sorry figure for two reasons : First the two of nominated leaders have chequered past and secondly it underestimated the wily BJP.

Deepak Singhal

Noida

The flipside of WFH

Whatever the advantages of the WFH model be, they will be negated by the lack of social interaction between colleagues and the innumerable other people we meet on the journey to and fro from office. Social skills have already taken a beating thanks to the proliferation of electronic devices.

What is going to happen to all the bonding with friends and that petty bickering and complaints about rude bosses and even office romances which were inevitable considering the amount of time spent together?

There is no doubt that if this trend continues human life will become a little less colourful and interesting.

In this age where super efficiency is the mantra to move forward, what is going to happen to our unique Indianness where personal details and joys and sorrows are shared without fear; something which the advanced countries pay for handsomely to psychiatrists?

Anthony Henriques

Mumbai

Published on June 23, 2022
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