Business Today

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     Print Edition: May 26, 2013

Change Is the Only Constant
Your cover story on how Google has opted for a new tech path which will change public life (The Future of Search, June 9) was worth reading. Kudos to you for getting interviews with the top executives in the organisation. Google Now is indeed a fascinating product from the world's biggest new media company. Executive Chairman Eric Schmidt's remark is much appreciated: "Google's aspiration is to be your assistant, to know what you do not know, and to get that information to you in whatever way it is quickest".
Abhinav P., New Delhi

Vulgar Display
The interview of Kishore Biyani (Vanity and Children Keep Retail Growing, June 9) was thoughtprovoking. No doubt, modern retail is about selling new products and new categories and creating a demand for them. But it is only vanity, which leads to vulgar displays of purchasing power.
T.V. Gopal, Chennai

Cunning Operators
Your cover story on the Saradha Group (Unsafe Deposits, May 26), which duped 1.4 million investors of `4,000 crore, was timely. Saradha, like many others of its kind, was not a chit fund. It is a residuary nonbanking financial company. In the normal process, the RBI regulates NBFCs, SEBI checks collective investment schemes, and states regulate deposit-taking companies. So, the cunning operators innovate a hybrid model of collecting deposits from the public by which they are not answerable to either the RBI, or the SEBI, or the state. These outfits lure depositors promising high returns and then vanish without trace. They work with a speculative motive, flourish with political patronage and bureaucratic indifference, though many meet their nemesis sooner or later.
K.C. Padhy, Director, IMIS, Bhubaneswar

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