What a waste!

When monetary loss is caused by a staff member to a bank, government office, or private organisation, the person is immediately suspended or sacked. But, when monetary loss is caused by people’s representatives in Parliament, it becomes a matter of pride. Elections to assemblies and Parliament should be simultaneous to reduce election expenditure, enable implementation of government projects and avoid deadlocks in passing Bills. Crores of rupees have been wasted over the last several years due to the non-functioning of the Houses.

Shyamal Narayan Ghosh Dastidar

Kolkata

The washout of the monsoon session will lead to the waste of ₹260 crore taxpayers’ money. No wonder people either evade taxes or pay them unwillingly. I was ashamed to watch proceedings in Parliament where elected representatives were shouting at each other without finding solutions to the nation’s various problems. Did our freedom fighters sacrifice their lives for this kind of democracy? The MPs have to answer. By disrupting the functioning of Parliament, the Congress Party is inviting the wrath of the people.

Veena Shenoy

Thane, Maharashtra

What’s democracy?

It is learnt that the Union government has issued a circular making the attendance of officers on Independence Day celebrations at Red Fort compulsory. It is time people understood that the success of a democracy does not lie in mere celebrations such as Independence Day, Republic Day, and lofty speeches. Everyone must do their bit extraordinarily well.

S Ramakrishnasayee

Ranipet, Tamil Nadu

Cautious status quo

This is with reference to your editorial, ‘Playing too safe’ (August 5). Amidst huge and growing uncertainties, the RBI unveiled the midterm review of credit and monetary policy on August 4. Turbulence in the global financial markets, weakened pace of economic recovery, uneven spread of monsoon and persisting upside risks to inflation have perhaps induced the RBI to maintain a status quo on key policy rates. This stance also gives the impression that past rate cuts have not really translated into contributing the required level of growth momentum and hence want banks to act on them fast by cutting lending rates.

There are growing concerns about the asset quality of banks, which is not getting any better with a consequential effect on their profit and margins while capital raising is always an issue engaging top attention. Forget about long term, the present situation is making it difficult to devise policies even for the short term. That’s the height of uncertain times we are confronted with.

It was rightly predicted in the early nineties when the globalisation was put into motion that it would lead to greater uncertain times ahead requiring the market regulator to consistently and consciously realign the policies in tune with the market forces. The country has been striving to prop up the growth rate. Overall the move may appear conservative but it is ssertive of the tasks ahead and the need to confront them with greater clarity and precision well within limitations.

Srinivasan Umashankar

Nagpur

Savings and stock markets

An erudite member of the Swadeshi Jagran Manch used to boast about the ‘savings mentality’ of Indians, unlike the Americans, saying it augured well for their economic well-being while Americans were forced into the stock markets which ultimately led to ruin. Now the finance ministry and industry are clamouring for a cut in interest to levels that would force Indians to move from savings deposits to the stock markets. Aren’t we too heading the American way?

Interest rate cut is a minor issue for industry, with inflation and corruption, production and labour costs spiralling out of control. They are becoming uncompetitive as big players keep looking for cheaper places to relocate to. In a highly populous country with the majority dependent on bank interest for survival, the government should not push them into the casino called stock markets to keep up with inflation and cost of living.

Aravindakshan K

Coimbatore

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