Developing waterways

This refers to ‘A watershed moment’ (November 16). The potential of waterways in our country is immense. So NW-1, like NH-1 for highways, is a welcome initiative by the government. Maximum freight movement happens by road followed by rail — water has almost negligible presence. So it makes sense to explore waterways and develop them as an alternative. The government must ensure there are no undue delays so that the waterways can be developed at a sustainable cost. It’s time we had a balance between all modes of freight transport.

Noida

Whatever said and done, Dassault’s CEO Eric Trappier’s hurried statement refuting the charge that he was covering up for the Modi government appears to be well orchestrated, particularly when it has been voiced on the day when the Supreme Court was slated to hear the alleged Rafale corruption case. His defence of Ambani’s Reliance Defence as an offset partner is also not convincing. Trappier seems to be well tutored to defend the deal. For Dassault, this is also inevitablelest it loses such a big deal.

Chennai

It is a good decision on the part of government to have promulgated the ordinance on NFRA — National Financial Regulatory Authority (November 16). This issue was being deflected by the ICAI right from the word go. The Prime Minister’s role in the roll out of NFRA needs to be appreciated. It is the fundamental duty of qualified/professional accountants or auditors to work like watchdogs, if not as bloodhounds. Accommodating irregular financial transactions through shell companies or one-time operated financial entity, unrelated transfer of funds, unreconciled financial transfers, irrational advice to clients, etc., by some of the members of the ICAI needs to be kept under check. As the ICAI is finding it difficult to punish its own erring members within reasonable time, the arrival of NFRA is to be welcomed. Episodes like Satyam and IL&FS are eye-openers for putting in place an independent authority to deal with disciplinary cases, as it has been established that self-regulation is no regulation at all.

Bengaluru

The Finance Ministry has been quite vocal in admonishing the RBI and banks for failing to redress the burgeoning NPAs (non-performing assets) besides also eyeing the RBI’s reserves for replenishing the government’s kitty. It is also asking banks to augment the dwindling capital base of private NBFCs for further lending as well as easing PCA (prompt corrective action) norms for MSMEs. Unfortunately, successive governments have failed to help bankers in recovering their NPAs from fraudulent and wilful defaulters, as thousands of decrees held by banks against their properties are not being enforced seriously as all such erring borrowers are well connected politically. The RBI’s ‘dirty dozen’, the stalwart defaulters who owe banks 25 per cent of the total outstanding NPAs, is an eye-opener which compels one to say, “Too big can fail too”.

Ludhiana

This is with reference to ‘Unaddressed issues in agri marketing’ (November 16). One of the reasons for the pathetic condition of our farmers is the lack of storage facilities. Despite India being a emerging economy, we still do not have modern storage facilities. Many a times our farmers are forced to sell their bumper stock to middlemen at cheaper rates. Our farmers must be encouraged to build good storehouses on co-operative society lines — that is, a group of farmers should be financed by banks to build modern storage systems — to stock their bumper crop.

Thane

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