Letters

Letters to the editor dated December 1, 2021

| Updated on: Dec 01, 2021

Value of cryptos

This refers to ‘Banning crypto will hurt innovation’ (December 1). Cryptos are purely speculative in nature whose existence thrives based on demand and supply. Since it is not backed by any asset, what economic value it would create in terms of a country’s progress is difficult to comprehend. Since private crypto currencies defy geographies, no economic factors like inflation, interest rates, unemployment, public debt, etc., play a role in deciding crypto rate vis-à-vis other currencies.

As such, its existence would be purely for commercial reasons. Because of the anonymity involved, it will encourage money launderers to increasingly use hidden technology like “dark web” to do their trade. If government allows cryptos which are speculative in nature, whatever ban the RBI has put on other speculative activities would prove to be meaningless and totally ineffective.

Srinivasan Velamur

Chennai

The bane of credit societies

It refers to ‘Cooperative credit societies are a mess’ (December 1). Banks are yet to reach the remotest areas of our country, and this has led to cooperative credit societies taking advantage of the situation on the ground. These societies do not adhere to KYC and anti-money laundering norms. It is time for far more stringent regulations to ensure that not a single customer is harassed at the hands of these poorly governed credit societies.

Bal Govind

Noida

Food prices

Reports from across the country indicate spike in the prices of vegetables, disrupting the carefully planned kitchen budgets of millions. Even the prices of more sturdy staples — potato and onions — are up by about 20 per cent. Unseasonal rains all over the country have ruined vegetable crops and disrupted market operations, creating a shortage. High diesel prices too have added to the woes of consumers as they bear the increased transport costs. Scaling up the cold chain infrastructure with Central support will give better returns to farmers and provide stable prices to consumers. It is time for long-term solutions so that both the consumer and the farmer are protected.

N Sadhasiva Reddy

Bengaluru

Remote work

The Gartner study about ‘Indian workers finding remote work more productive’ (December 1) applies not only to youngsters but to senior citizens as well. There are many among the latter who enjoy good health, thanks to their disciplined lifestyle. However, due to the arbitrary rule of retirement at 58 or 60, which is not the case in several Western nations, they are forced to hang up boots and settle into a sedentary lifestyle, which only hastens the onset of age related health problems.

With several years of productivity still left, by remote working, they can keep themselves engaged, while also receiving remuneration that is commensurate with their output.

V Jayaraman

Chennai

Gas power

This refers to ‘Gas can accelerate renewable energy shift’ (December 1). Natural gas can help curb emissions by replacing polluting fossil fuels and improving air quality. It can also provide support for wind, solar and hydroelectricity by helping bridge the demand-supply gap. With the global cry for decarbonising the power sector, the role of clean energy, especially gas, solar and wind, must be augmented and the priority accorded for new coal mines must be stopped.

NR Nagarajan

Sivakasi

Aiding growth

Apropos ‘Inflexion point’ (December 1), it is estimated that the economy will grow by 10 per cent this fiscal. However, the government should ensure there’s no spike in food inflation, by ramping up crop storage facilities. Also, cumbersome investment procedures should be eased. This, along with our skilled labour force and huge natural resources, will make India an attractive investment destination.

Veena Shenoy

Thane

Published on December 01, 2021

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

COMMENTS
This article is closed for comments.
Please Email the Editor

You May Also Like

Recommended for you