It is indeed unfortunate that news of the sliding rupee continues to be on the front page (Aug.29). Perhaps, the slide can be stemmed if: free imports are regulated, permitting only those items that are essential for development and growth; export receivables are received in full and in whole; the limit for holding foreign currency by returning tourists cancelled and all unspent foreign exchange surrendered to the government immediately on return; investment in gold bullion/bars allowed only for individuals who are engaged in manufacturing jewellery; a ceiling on individual gold holdings in any form with excess holdings being invested in specifically designated long-term bonds, and domestic savings being encouraged with a suitable hike in interest rates.
I suggest something radical — it is the right time to start another Swadeshi movement. As far as possible, people should buy Indian products, the advantages being you spend less, local industries get a boost, and there is a reduction in the demand for imported goods.
Some of the remedies suggested by the government are baffling, such as the proposal to increase exports to bring in more dollars. Is this possible in such a short time? The second is the reduction in imports of luxury commodities. This applies to only a 10-15 per cent segment of the population. There should also be an additional tax for such people. The government should also appeal to all citizens to desist from extravagant expenditure that will entail the outflow of foreign exchange.
This refers to the article “The India of 2013 is not the India of 1991,” editorial page, Aug.29). I disagree with the writer on one point — renewed mining of limited, non-renewable resources. While this may seem to be the best solution in the short term, exploiting mineral wealth is something that must be carefully thought about.
M.S. Sagar Reddy,