Opinion - Letters to the Editor   

Why this fire fighting?

This refers to the successive measures announced by the Reserve Bank of India at the instance of the Finance Ministry in response to the cry of the market forces to meet the “liquidity crunch.” The Sensex has plummeted to the 10K mark. Where are those who exultantly cut cakes when it crossed the 19K and 20K marks? These advocates of market fundamentalism resort to doublespeak when they are forced to address embarrassing questions on the impact of the global financial crisis on the Indian economy. They maintain that our fundamentals are strong, but rush to make certain “course corrections” simultaneously. That the Finance Minister has even forsaken his trip to Washington speaks of the gravity of the trembling markets locally. Still, the pro-reform lobby is out to push through the financial sector reforms. What will be the returns to a pensioner, if the pension corpus funds are placed on the altar of market forces? What will be the fate of banking and insurance industries if the proposed reforms are hurried through?

S. V. Venugopalan,

Chennai

With reference to the current developments in the stock markets, one fails to understand why the government is so keen on helping those rich few who thrive on taking risks at the cost of others. Will the government let us know who were those people who lost their money and how much? Let us know why the government is acting as if it exists for the market, by the market and of the market.

C.K. Raju,

Kharagpur

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