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“A poor country, rich in corruption” ( Business Line , August 9) brings up some interesting points. I don't think it is so simple to blame “politicians” and think “people” will learn about the realities. ‘People' is a generic term.
Politicians, activists, bureaucrats and workers are all part of ‘people'. Political change becomes difficult if we suggest solutions without considering whose interests we are trying to protect.
Otherwise we are only shifting the right to ‘earn by any means' from one category to another.
It does not mean that we should tolerate corruption and exploitation. We cannot do it until ‘civil collectivism' is strengthened.
Currently, many of us tend to favour ‘primordial collectivism' — be it ‘my family', ‘my caste', ‘my religion', ‘my language' or ‘my region'. We do not hesitate to vote for a corrupt politician if he belongs to ‘our caste'. It is very convenient to use the word ‘people' — but ‘people' belong to all types of ideas and ideologies.
Vijayakrishnan
Crusade against corruption
This refers to “A poor country, rich in corruption” ( Business Line , August 9). The people of India have now come to know how politicians in our country are amassing huge wealth at the cost of public good and cheating the tax-paying people. The magnitude of crime and money involved in recent corruption episodes far outweighs scandals such as Bofors and Harshad Mehta's. The guilty need to be punished without delaying the prosecution proceedings. There is no point in the ruling Congress party and the opposition BJP levelling charges against each other, as the only difference is in the amount involved in individual cases. People have lost confidence in the entire political system. In view of these ugly developments, there is nothing wrong in the emergence of judicial activism and NGOs and non-political organisations launching a crusade against corruption.
K. N. V. S. Subrahmanyam
Judicial pro-activism
“A poor country, rich in corruption” ( Business Line , August 9) highlighted the fact that the money stashed away in foreign banks by the corrupt ‘netas' and politicians is more than enough to catapult India to the first place in development of every sphere of life. Will the Supreme Court of India hasten this process by ordering repatriation of all the ill-gotten wealth of Indian politicians and other corrupt persons holding high places? Judicial pro-activism can deliver quickly and that is the only salvation left now for India's ills.
R. M. Murthy
Blame game
This is with reference to the editorial “Wake-up call” ( Business Line , August 9). I agree with the author that the US downgrade is the opinion of one rating agency — S&P. The other two, Moody's and Fitch, have maintained the highest rating.
Though the markets were well-aware of a rating downgrade coming from S&P, there has been a knee-jerk reaction to this globally, with markets plunging. Paradoxically, the flight to safety is still US treasuries, the very one S&P has downgraded!
Except for inflationary concerns, since all US debt is denominated in US dollars, which is the global reserve currency, there is no question of default as the government can print money. The real challenge is the possibility of further recession in the US. The US downgrade itself is a mere distraction that investors should ignore. This should be a wake-up call for the politicians across parties to strive for a compromise, putting the country first.
Varad Seshadri
US
Playing God
Vis-à-vis “Wake-up call” ( Business Line , August 9). First, it is unfair to blame rating agencies just because one of them has downgraded US debt.
It is simply naïve to think that rating agencies have the capacity to adversely impact a sovereign nation's economic power.
Second, is there any mechanism to independently assess the strengths and weaknesses of any government or a very large corporate house? Hence, we have to depend on rating agencies even if we don't like it.
Narendra M. Apte
Pune
Employment opportunity
This is with reference to the news item “FDI in multi-brand retail: An invitation to disaster” ( Business Line , August 10). There is nothing wrong in foreign direct investment (FDI) for retail. It will definitely bring down the cost to consumers and also provide employment opportunities. The argument that the government is not able to construct, or allocate funds to construct, storage facilities at each district is correct. The argument that we can allow food-grains to go waste but cannot provide facilities is untenable.
R. G. Krishnan
Foreign handouts
“FDI in multi-brand retail: An invitation to disaster” ( Business Line , August 10) made interesting reading. Opening the retail sector to foreign companies will have the effect of killing off the jobs of millions of self-employed people and making them wage-earners, dependent on the handouts of western corporations. India is the only country left with millions of (self-employed) entrepreneurs. This resource is to be nurtured and protected. This ill-advised action of Delhi ‘babus' will make everyone in India a ‘babu'.
Jay Bharat
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