Letters

Letters to the Editor — April 2, 2021

Rate reversal

The Central government’s flip flop on the interest rates of small savings schemes such as the PPF has confirmed the worst fears of the public. That the order was then taken back in less than half a day only suggests that the government has no idea how to steer the economy, leave alone manage its borrowings in this crucial time. The Finance Ministry, by sheer practice, has become more adept at drafting demand notices than monetary policy.

Rachit Bhatia,

Hyderabad

Such an important decision would have had to go through many channels of officialdom before it was announced. After it was in the public domain the government may have developed cold feet on realising that it was in the middle of election season and that any adverse reactions would have hurt the BJP badly. The belated explanation of ‘oversight’ is a tall story.

V. Padmanabhan,

Bengaluru

This is evidently an election-induced breather for the middle class for at least this quarter (April-June). Any person with a modicum of commonsense can discern this. All said and done, slashing interest rates on small savings is breaking the back of the middle class especially senior citizens. The government seems to be creating conditions for only two classes: an impoverished class (vote bank) surviving on handouts, and the capitalists, to fund the government.

Deepak Singhal

Noida, Uttar Pradesh

 

The rate reversal is almost akin to an April Fools’ Day prank. How can such a major policy decision be the result of “oversight”? Are Indians so dull to accept this statement? If it is truly an oversight, then what is the penalty that should be administered for the “mistake by oversight” in a matter of national importance? Who knows how many such key decisions have been taken in “oversight”?

Bidyut Kumar Chatterjee,

Faridabad, Haryana

The first decision — irrespective of what has happened now — shows how insensitive the government has become to the plight of ordinary people. There are lakhs and lakhs of people who park their life-time savings in such instruments and depend on the interest earned to carry on in life. One can understand the government’s anxiety to reduce the cost of its borrowings. But was it really necessary to have tried to effect these savage cuts and crush savers? Is it the government’s intention that people stop parking their nest eggs in government schemes and bank deposits, and instead start investing in riskier instruments?

M.P. Muralidharan,

Bengaluru

 

Encourage a thaw

It is unfortunate that Pakistan has now reversed its earlier move (Page 1, April 1) and now frozen its decision to import sugar and cotton from India, just when the Line of Control showed signs of becoming a Line of Commerce. Had it gone forward, India and Pakistan could have also waived their respective visa requirements or made them obtainable on arrival. Ties need to go forward but there seem to be vested elements in the way.

K. Pradeep,

Chennai

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Printable version | May 7, 2021 3:07:19 AM | https://www.thehindu.com/opinion/letters/letters-to-the-editor-april-2-2021/article34218231.ece

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