This is with reference to the editorial, ‘Singular initiative’ (January 12). By declaring half-baked policy decisions, and not looking at the full picture,various Indian governments have failed to take a leaf from China's successful FDI policy saga and implement the same. With the FDI policy being tweaked and retweaked since 2006, it only goes to show how piecemeal the measures have been in this important job-creating sector. Only a comprehensive retail sector policy incorporating attractive multi-brand retail FDI can bring the desired results.

Mahendra B Jain

Belagavi, Karnataka

The relaxations are a retrograde step. It will help foreign investors and companies but will affect local traders. Already local retailers are struggling to cope with e-commerce. Imports from China will go up; MNCs with manufacturing facilities in countries like Thailand, Taiwan and Korea will be laughing all the way to the bank.

Even in the case of realty broking, the beneficiaries will be foreign investors. The brokerage earned has to be repatriated to foreign investors in hard currency which may treble the value of investments done by the overseas investors. Already housing sales gone down by 17 per cent, and the realty sector is unable to comply with the new RERA policy and procedures. It seems like a hasty move to showcase India at Davos.

A Sathyanarayana

New Delhi

Banks’ brief

This refers to ‘Fee and commission’ by Lokeshwarri SK (From the Viewsroom, January 12). Both banks and mutual funds act as financial intermediaries. MFs pass on the credit risk to the investor, which is not possible for banks. When banks are also in need of deposits to make their lending operations, it is illogical for them to sell MF products, thereby diverting the funds from banks to MFs. Even if SEBI allows banks to sell MF schemes, the RBI must disallow sale of MF schemes and life insurance products. These banks are lured by the commission. Their business should be pure banking.

S Kalyanasundaram

Email

Unseemly delay

The demerits of Aadhaar outweigh its merits especially as far as security is concerned. The common man has become a whipping boy in the hands of the Government, forced to disclose vital personal information with no guarantee against misuse. The use of virtual ID being contemplated exposes the fallacy that the card is well encrypted and protected against fraudulent transactions. It is disturbing that the Supreme Court is delaying an order on such a sensitive issue for long. Most people would have linked Aadhaar by the time the court rules.

V Subramanian

Chennai

Aadhaar fails all the tests of a democratic set-up, including the basic right to personal space.If bank funds are misappropriated how are SB account holders responsible and why isAadhaar is needed by them? Why is it required for phone connections? Even KYC is irrelevant. Then again, the Government seems to have written off those without an address. Does the Government wish to oblige the internet and mobile services sector and manufacturers of mobiles? Sending coercive messages regarding Aadhaar linking is dangerous and detrimental to democracy. Aadhaar will only make people more vulnerable to cyber terrorism.

Mahatma Gandhi once said: “I look upon an increase of the power of the State with the greatest fear, because although while apparently doing good by minimizing exploitation, it does the greatest harm to mankind by destroying individuality, which lies at the root of all progress.” When the BJP was in the Opposition, it said it would fight Aadhaar. It is doing the opposite now.

M Kumar

New Delhi

Erratum

In the report, ‘German multinational BASF eyeing e-vehicles segment’ (January 6), some figures were wrongly quoted. The correct information is that in the “last four years, BASF has invested about ₹2,000 crore in the country. It has 12 manufacturing facilities in India” making diverse products.

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