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The impressive financial results and profits posted by public sector oil companies, IndianOil and Bharat Petroleum, for the fiscal 2011-12, add credence to the perception that these companies are flourishing at the cost of the public at large — going by the frequent, steep and unjustified hikes in petrol prices.
It is high time that the Government came out with a white paper on how these companies make such huge profits, while lamenting about their dwindling bottom line.
N.Vijayagopalan
Trivandrum
Retail FDI
The article, ‘A Mexican warning on retail FDI' ( Business Line , May 30), is a timely warning to those who advocate foreign direct investment in multi-brand retail.
It clearly articulates the various methods adopted by US retail giants to dominate the retail sector in Mexico, such as sweeping aside local retailers using sheer money power.
In the process, the notion that entry of such companies would lead to more jobs has also been belied.
With the country reeling under various scams such as 2G spectrum, this would only throw open the floodgates for yet another scam.
The US regulators should take stringent action against such companies, if they are found guilty. India, on its part, should tighten its regulatory framework by subjecting such companies to detailed due diligence.
V. Srinivasan
Chennai
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