Opinion Debating dialogue
The farce seen at the Maharashtra Vidhan Sabha is not a new episode in Indian politics (In denial,IE,November 11). We have seen previous instances of indecency in Parliament House.....
The farce seen at the Maharashtra Vidhan Sabha is not a new episode in Indian politics (In denial,IE,November 11). We have seen previous instances of indecency in Parliament House. Thus we are somewhat accustomed to this sort of unethical conduct at places where responsible people are meant to discuss serious issues of development. But by slapping Abu Azmi and preventing him from taking the oath in Hindi Raj Thackerays men have displayed that the respectable jobs they have been given may not be performed for the betterment of society. Positions are being misused for personal gains. It appears as though politicians act on the basis of religion and language not ideology.
Neha Paul
Patiala
In a democracy all people have the right to freedom of speech and religion. Snatching the mike and assaulting an elected representative in the State Assembly is an unthinkable and unnecessary act. In fact the act by MNS members displays where the country has gone wrong. If public representatives can be so aggressive in their very first day in the House,can we expect anything sensible from them? Perhaps the Election Commission of India ought to check whether a party should be granted party status. The offenders should be barred from any public service.
Manzar Imam
New Delhi
Cut rates
This refers to India cant handle high fiscal deficit for long: FM (IE,November 9). It is time for a proper assessment to withdraw the stimulus measures,that had created increased volumes of liquidity and reduced interest rates as central bank levels. This has resulted in an overshoot of the real economy by a substantial margin, with price/earning ratios touching uncomfortable levels. Between October 2008 and October 2009 the RBI reduced the repo rate by 425 basis points,from 9 per cent to 4.75 per cent the reverse repo rate by 275 basis points,from 6 per cent to 3.25 per cent and the cash reserve ratio by 400 basis points,from 9 per cent to 5 per cent. Share prices are shooting up due to excess volumes of liquidity with banks. Both foreign and domestic entities are encouraged due to the cheap liquidity infused by the RBI to invest in equity and exploit the stock market boom driving stock prices even higher. Banks have a strategic advantage due to excess volumes of liquidity in the system to make substantial investment in units of mutual funds. Finding proxy investors for themselves,the banks are doing what they cannot do as regulated financial intermediaries. Given this circumstance the RBI should make considered efforts to push credit,cut interest rates,augment demand and build the foundation of the real economy.
C. Koshy John
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