Letters to the editor dated Oct 18, 2019

This refers to ‘Cracking the code’ (October 17). The idea that India Inc emulate the example of the software industry is timely. From massive on-campus recruitment of engineering graduates in the past, to the recent trend of reskilling its workforce in new technologies , the Indian software industry has come a long way in facing the emerging challenges and changing customer requirements.

‘Resilience’ is a quality that the rest of India Inc would do well to learn from their counterparts in the software industry. The days of staunch customer loyalty to brands are long past. With the advent of online business portals, even established businesses are facing margin pressures. Lobbying with the government to reduce taxes or provide sops also has its limits.

In the circumstances, the way forward for Indian Inc is to adapt itself to the changing business environment. Baja Auto re-introducing Chetak as an all-electric avatar is one such example. Indian companies also need to become ‘customer centric’, rather than focus only on ‘customer service’.

Chennai

This refers to ‘A suitable deputy governor for the RBI’ (October 17). The concerns mentioned are real and the suggestions given are excellent. From 2013 (arrival of Raghuram Rajan) to 2019 (departure of Viral Acharya), despite controversies, RBI observers were of the impression that the government had a genuine interest in infusing professionalism at the top in the central bank. This was reinforced by the choice of members of the Monetary Policy Committee.

The forced exits of two governors in 2016 and 2018, followed by the resignation of deputy governor Viral Acharya, have not augured well for policy stability at the RBI. But, that is no reason to put generalists above professional economists to fill the vacancies.

While there should not be compromise on talent, top positions in such organisations should be reserved for those interested in long-term association. If remuneration or service conditions do not compare well with those in the global market, they should be reviewed for immediate revision.

Mumbai

Apropos ‘ZBNF spells amogh benefits for this farmer’ (October 17). Zero budget natural farming is certainly an experiment worth trying, though the dominating myths have to be cleared by experts, as there is bound to be some tribulations during the transition from the traditional methods adopted thus far.

Rejuvenating the soil fertility is not an overnight process, and only if the government subsidises natural farming and compensates eventual yield loss during the transition, can the experiment be a success.

Hassan

This refers to ‘Watchdogs, you have failed the PMC’ (see thehindubusinessline.com , October 17). The author hit the nail on the head by ‘questioning’ the role played by each one of three major categories of watchdogs in the PMC Bank imbroglio — the management, internal auditors and the RBI — that were clearly tasked with the responsibility of not only identifying but also preventing the frauds apart from enforcing and implementing effective governance.

Since the entire matter is currently being investigated by the Economic Offences Wing of the Mumbai Police, no claims can be made yet.

However, as revealed by the author, the top management of the PMC Bank could be the real culprit, who craftily stage-managed the show by presenting a highly rosy picture of its books of accounts, in gross violation of the banking sector’s well settled prudential norms. While no one should be allowed to make an easy escape on any grounds whatsoever, there should be no witch-hunting either.

The interests of the hapless depositors should also be infallibly and securely watched since these ‘sleeping’ watchdogs have left behind a whole lot of ‘sleepless’ depositors.

Panchkula