Monsoon forecast

With reference to your Editorial ‘Positive Currents’ (May 31), though IMD data is not accurate but its efficiency in forecasting has improved . One cannot deny that food inflation and oil prices have the potential of derailing growth. However, with good monsoon, the only area of concern would be oil prices. Consumption can be reduced by bridging the gap in development between urban and rural as that will improve the access to facilities and opportunities. The government initiative in driving smart cities plan definitely augurs well for the future.

Chennai

The news that this year the monsoon will above normal has brought cheer to one and all. Nevertheless this is the right time to spread awareness about saving rain water and water harvesting. Since the rainy season is fast approaching, the government should take all necessary steps to preserve the rain water by speeding up the work regarding digging of well, repairing and maintenance of ponds/dams etc. Although strict measures such as fines for wasting water is welcome, awareness about saving water is a more effective way of conserving water. Rain water harvesting, building dams should be some of the means that should be adopted on a priority basis to save water. Water bills/charges should be increased to deter people from wasting water. The people should be educated about saving water. For this the government needs to spend extensively on advertisements, films, televisions, roping in popular actors to spread the message of saving water.

Thane

With reference to ‘ICICI Bank to set up probe against Kochhar on whistle blower plaint’, now that ICICI Bank’s board has agreed to probe the alleged nexus between Chanda Kochhar’s husband Deepak Kochhar and Videocon Group chairman Venugopal Dhoot over a loan extended to the Videocon group, there will be indirect pressure on ICICI Bank CEO Chanda Kochhar to step down, at-least temporarily.Chanda Kochhar remaining in office during the investigation would raise more than few eyebrows. This inquiry should not be a whitewash. In 2001 UTI Bank’s chairman PJ Nayak went on leave following the JPC report’s allegations against him regarding the Global Trust Bank merger. So Chanda Kochchar can also take a leaf out of Nayak’s book. This will send a positive signal to all stakeholders as well as the industry. This inquiry also validates the fact that in April, when non executive chairman of ICICI Bank MK Sharma refused a probe on this matter, the board had acted in haste. Corporate governance is one of the most critical issues, more so for a financial institutions, where integrity is paramount and non-negotiable.

Noida

With reference to ‘Petrol price cut by 7 paise, diesel by 5 paise’ (May 31), IndianOil’s 7 paise cut a litre in the price of petrol and 5 paise a litre in diesel effected on Thursday is like offering 'peanuts' in lieu of the 'cashews' it has so tactfully been swallowing since May 14 as the petrol prices were increased by ₹3.80 a litre and diesel by ₹3.38 over the past fortnight. However, this marginal reduction which follows the ‘magical’ one paise cut announced by IndianOil on Wednesday could be a part of the government’s larger game plan to ‘systemically’ douse the fire of massive public protests. One really wonders whether the 60 paise cut in petrol and 56 paise cut in diesel prices that were 'erroneously' announced by IndiaOil on Tuesday but immediately withdrawn due to a ‘technical glitch’, were actually meant to be spread over the next 7-10 days or so? Though this may seem far-fetched at the moment it may well turn out to be reality. So, let’s keep our fingers crossed for some more time.

New Delhi

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