Parliament paralysed

Apropos ‘House of chaos. Disruptions claimed over 96 hours in Lok Sabha, 103 hours in Rajya Sabha’ ( April 7), it was really sad to learn that the recent disruptions have claimed over 100 hours in Rajya Sabha and 96 hours in Lok Sabha with both the ‘Treasury Benches’ and the ‘United Opposition’ sticking to their guns.

It’s hardly a surprise that the Lok Sabha passed the lowest number of bills in this session.

Lok, Sabha Speaker Om Birla was also prompted to say that some Members don’t want any discussion and, therefore, systematically disrupt the proceedings of the House.

Vinayak G

New Delhi

Taking a break

Apropos editorial ‘Pragmatic pause’ (April 7), the approach of the Monetary Policy Committee (MPC) in adopting go-slow approach in hiking the rates appears to be noteworthy. Though internal factors impacting economic growth are under control, incidents occurring globally would tend to have direct impact or affect through contagious risk.

Recession in the US, shaky Chinese economy and the fallouts of bigger banks in the US and Europe could hit the growth momentum. Considering such turmoil, there appears to be no tailor-made approach to deal with the issues. Narrowing of Current Account Deficit in Q3 has given enough courage to the policy makers to project the country’s GDP growth at 6.5 per cent which is a good augur.

RV Baskaran

Chennai

Deposit dilemmas

This is with reference to the new report “Unclaimed Deposits: RBI plans to launch portal to search to enable search across Banks”. Banks must correspond regularly with customers and there should be a dedicated department in the Banks to deal with unclaimed deposits.

Legal heirs are often not aware of the bank details of their deceased relatives/family members. However if banks regularly send letters/notices to the customers/deposit holders, the legal heirs/relatives can approach the banks to claim the unclaimed deposits.

Finally while opening accounts, the customers should be fully apprised of the advantages of opening joint accounts and nominations in the account.

Venna Shenoy

Thane

Something to cheer

Amidst the continuing uncertainties in the global economic scenario resulting from the continuing Ukraine war and the turmoil in the global banking system, the news that “Despite headwinds, global IT spend to grow 5.5% in 2023 to touch $4.6 trillion” (April 7) comes as a breath of fresh air.

The expectation that the growth in IT sector would be led by the spending on IT services by the businesses focusing on IT modernisation augurs well for the Indian IT industry. Inspite of global headwinds, the enterprises worldwide realising that automation through software driven services would give them competitive advantage over the peers is sure to fuel the growth of the IT industry.

Indian IT industry should be appropriately equipped with skilled IT manpower to take advantage of this increased demand for software-as-a-service (SaaS). Further, the fact that there is a shortage of “skilled IT labour”, though the layoffs continue unabated in the tech industry, should open the eyes of the higher educational institutions, professionals and the students to invest in upgradation of the skills required by the IT industry.

Kosaraju Chandramouli

Hyderabad

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