ECB rejig

This refers to ‘RBI eases ECB norms, lifts sector-wise limits’ (January 17). This move by the central bank is a step in the right direction. It will eliminate bottlenecks coming in the way of ECB (external commercial borrowing), giving loan seekers easier access to overseas funds. The RBI should also permit ECB for the real estate sector which will help companies engaged in housing to have easy access to funds with low interest rates, the benefits of which can be passed on to the buyers.

New Delhi

This is with reference to ‘Theresa May govt on the brink post Brexit vote defeat’ (January 17). The British Prime Minister’s EU withdrawal plan suffered a historic defeat in the Commons. She will now have to come up with alternative Brexit plan in quick time. By agreeing to leave the EU, Britain had inflicted self-harm and and no one knows what lies ahead and what should be done. The best option is to seek better terms from the EU, but then there is little time left as the March 29 deadline is nearing. Around 1.3 million Brits are living in 27 European countries while 3.8 millions EU citizens are living in Britain. So their interests need to be taken into account. Indeed, Britain is going through one of its worst political crises.

Noida

With the Central government approving a major overhaul in the processing of income-tax returns, taxpayers can now expect to get tax refunds almost immediately after they file their returns, which otherwise remain blocked with the department earning interest at just 6 per cent. The government too will be precluded from paying such interest which runs into thousands of crores every year, thanks to the delay in processing.

The CAG too has objected to such huge amount of interest payment which is not provided for in the Budget and which is a drain on the public exchequer. The new initiative will, therefore, be a win-win situation for both.

Bengaluru

The start-up ecosystem is currently undergoing rapid and volatile changes. The exit of Ananth Narayanan from Flipkart-owned Myntra has created a sense of uncertainty over the sustainability of the start-up ecosystem in India. The rapid growth of Flipkart created a trend for small entrepreneurs and product managers to come on board the ‘marketplace’ and thrive in a seamless manner. The trend witnessed robust growth of product, AI and innovation-based ventures aided by ‘angel investors’ and silicon valley tech-entrepreneurs hired to oversee the ‘operations’ in India. With rapid progress in providing product-based solution, the leaders were then looked up to as the emerging ‘Jack Mas’ of India.

But now the focus has shifted to markets and survival than improving product strategy. The sudden urge to survive and make a dash in the market have lead to series of rapid mergers and acquisitions. The much-needed thrust on innovation is weakening. The eco system now is witnessing poster boys and silicon valley leaders leaving the boardrooms with a huge kitty in the pocke. The vacuum created has thus resulted with no significant trail of either a commendable leadership to carry on the start-up story or no major achievement related to innovation or a product legacy.

Bengaluru

The intention behind BJP’s attempt at destabilising the JD(S)-Congress government in Karnataka is ill-disguised. Ahead of the Lok Sabha election, the BJP wants to demonstrate that a coalition government led by non-BJP parties is inherently fragile and unstable. The commitment of MLAs to their party becomes suspect when they appear to be susceptible to poaching by rival parties in the tussle for power. Parties facing threat of desertions are forced to sequester MLAs to prevent them from being lured into other folds. A lot of internecine feuds are also attributable to politicians’ greed for power.

Maruthancode, TN

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