Rather than put up a rational and objective rejoinder to the report of New York-based Hindenburg Research, the Adani Group had termed it not merely an attack on any specific company but a calculated attack on India, the independence, integrity, and quality of Indian institutions, and the growth story and ambition of India.
Hindenburg Research has rightly called out the rebuttal of Adani by claiming it stokes a nationalist narrative. Given the huge exposure of the SBI and LIC to the Adani Group, the two prominent pillars of the country’s financial system, both the RBI and SEBI cannot afford to turn a blind eye to the allegations of Hindenburg Research.
The deafening silence of the BJP-led ruling dispensation at the Centre on this episode is not only intriguing but also casts a big shadow over its commitment to the financial stability of the country.
Free and an independent inquiry on the Hindenburg Research report on Adani Group brooks no delay.
M Jeyaram
Sholavandan (TN)
Fiscal imperatives
This refers to the report ‘Budget may see higher allocation for repayment of G--Secs, oil bonds’ (January 30). Repayment of loans or government securities is a capital expenditure of the government as it reduces its liability. Fiscal discipline demands that government keeps the revenue expenditure ( paying interest on the past debts, granting subsidies to some sectors) also under control to avoid inflationary pressure. With encouraging direct tax and indirect tax collections this fiscal year (2022-23), the government can lessen the fiscal deficit in the fiscal year 2023-24.
S Ramakrishnasayee
Chennai
Crypto concerns
With reference to the report ‘Are we ready to deal in cryptocurrency?’(January 30), the major concerns regarding crypto currencies arise from cyber security issues, price volatility, absence of underlying value, lack of regulations and their speculative nature.
As these currencies are tradable globally, usage by unscrupulous players cannot be ruled out. Tracking them by banks for AML and KYC is not feasible. The major advantage in crypto currencies is that there is no or minimum intermediate costs.
The RBI has already rolled out CBDCs recently as an alternative to crypto currency and it is desirable to restrict to them only until regulatory mechanism for crypto currencies is in place globally so that these instruments do not affect the financial stability.
M Raghuraman
Mumbai
Girls and glory
It refers to ‘The joy overflows’. Kudos to our Under 19 girls for winning the inaugural Under-19 T20 World Cup and fulfilling the dream. Just like the 1983 World Cup win is still fondly remembered by all cricket fans, this win by the Under-19 girls will be etched in our memories for long.
It will surely inspire thousands of young girls who will now want to pick up a bat or ball to become the next Shafali Verma, Mithali Raj, Jhulan Goswami or Haramanpreet Kaur.
It seems to be a golden year for Women’s cricket. The First Women IPL will take place this year, franchisees have shown great interest in the league, ICC has announced an all female panel of match officials, including three Indian umpires for the upcoming Women’s T20 World Cup in South Africa.
Bal Govind
Noida
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