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Letters to the Editor

Letters to the Editor

Business Today readers share their feedback on the magazine's coverage.

PSUs Have Guzzled Public Money Without Results

This refers to your cover story on PSUs (September 11), with the lifelike illustration on the cover page resembling an extinct dinosaur. One can vaguely recall having briefly studied about these species in one's schooldays. In fact, if you visit the website of UK's Natural History Museum, you will find a complete A-to-Z list of names of such species - much like the long list of our 290 PSUs, as per 2013/14 data. There is always a million-dollar question: where did all the money gobbled up by these undertakings go? Like scientists who can tell whether a dinosaur was a plant-eater, a meat-eater, or both, by studying its teeth, a study of the balance sheets of all these PSUs can similarly reveal how they have eaten all our resources like men, money, machines, and materials. Our PSUs have also been in existence since the 1950s but, unlike dinosaurs, they have not become extinct. They have survived in spite of various economic upheavals in the country. Their number has increased over the decades. They have heavily guzzled vast sums of public money without any results like profits and returns on investment. It is high time that a serious view is taken of all PSUs and a realistic strategy is formulated by eminent experts to either help them show their business acumen or just wind up and sell the assets to add to the government's kitty. - J.S. Broca, New Delhi

Intermediaries Create Artificial Shortages

This refers to your article on inflation (Price Pangs, September 11). Indian economy is growing at a much faster rate than the rest of the world. The number of rich middle-class families has gone up. One reason for inflation is that too much money is in circulation - demand is more than supply. Another reason is the intermediaries who add heavy margins to the purchase price. They make a good profit in the short term, but they, too, suffer in the long run. Strict action must be taken against those who create artificial shortages. - Mahesh Kumar, New Delhi

New RBI chief - A Sensible Choice

This refers to your write-up in the Peoplebusiness section (RBI's New General, Sept 11). It is important to look at the continuation of Raghuram Rajan's monetary policy right from controlling inflation to maintaining a stable and decent value of the rupee. The appointment of Urjit Patel, widely perceived as his trusted lieutenant, as the next RBI governor should not entirely come as a surprise as his name was already doing the rounds. One can certainly look forward to consistency in policy decisions and wish him good luck for his future endeavour. On the other hand, the government, which has now put to rest all such speculations and is keen to prop up the growth rate, can also heave a sigh of relief as Patel has been around with Rajan for quite some time with deep understanding of the ground realities and the state of the Indian economy. It's a sensible choice. - Srinivasan Umashankar, Nagpur

Harassment of the Honest Taxpayers

This refers to your feature on tax disputes (Tax Trap, August 28). Probably, the Income Tax Department has made all the taxpayers its agents. It has made the formalities for filing returns most complicated. Even individuals involved in buying and selling their properties are required to deduct tax at source and deposit with government. Why? Let the registrar collect it and deposit instead of individuals. The one-page Saral form has been forgotten forever. It is painful to say that the I-T Dept treats all taxpayers as tax evaders. It is definitely a harassment of the honest taxpayers. - Mahesh Kapasi, New Delhi

Published on: Sep 03, 2016, 4:48 PM IST
Posted by: Gurpreet Kaur, Sep 03, 2016, 4:48 PM IST