Apropos ‘Chandrayaan — triumph of home-grown scientists’ (September 1), it is undeniable that our higher education institutions, especially IITs and IISc, have immensely contributed to the development of science and technology in the country and the success of Chandrayaan is a shining example. However, the brightest of the brightest IITians either go abroad for higher studies or in search of greener pastures and the percentage of IITians who stay back to pursue higher studies and PhD programme are abysmally low.
It is to the credit of the IITs and IISc that even those few who are staying back to pursue higher studies and joining institutions like ISRO are proving to be some of the best and making projects like Chandrayaan possible and successful. The contribution of our corporate world, unlike in the US, to the advancement of science and technology, either through academia-industry collaboration or otherwise has been minimal. If the corporates put their best foot forward, many of the top ranking IITians, now moving abroad, would definitely consider staying back and contribute to the progress of science and technology in the country.
Growth in bank credit
This refers to ‘Bank credit growth falls to 14.8% in July’ (September 1). With inflation on the rise, it is surprising bank credit growth fell in July. Banks, however, were able to increase their lending to agriculture and allied activities under the priority sector advances category. But priority sector advances carry reduced rates of interest and it is only on the non-priority sector the banks get a net benefit.
Even if there is more risk in personal and industrial loans, banks should consider raising the loan limits substantially in both these sectors to borrowers with good credit history. This will help raise their net profit margin.
Katuru Durga Prasad Rao
Lens on Adani group
Even before the dust has settled on the US-based Hindenburg research report on the Adani Group’s alleged fraudulent accounting practices, another startling revelation has come from the Organised Crime and Corruption Reporting Project (OCCRP).
It has alleged millions of dollars were invested in publicly traded Adani stocks through Mauritius-based “opaque” investment funds managed by partners of the promoter family.
As the Adani group controls almost all of the country’s critical infrastructure, alleged brazen violations of the country’s laws by the group cannot go uninvestigated. It is time the government ordered a Joint Parliamentary Committee probe, justifiably demanded by the Opposition, to unearth the truth.
Gauging economic growth
It’s interesting to note that government capital expenditure and enhancement of activities in services and agriculture had helped the economy grow 7.8 per cent in the first quarter (April-June) of 2023-24. But, at the same time, it must be remembered that expenditure method is not the ideal way of calculating GDP. For instance, increase in prices of goods like machinery and other capital goods could have increased the GDP. Economic growth must be viewed from the prism of productive employment created by government expenditure and the enhancement of real income in the hands of the people.