- 'We have started undertaking more rigorous credit checks'Indian rupee drops most in week to 59.41 vs US dollar ahead of RBI reviewRBI monetary policy review: Cbank hints at status quo as focus on Indian rupeeBSE Sensex down 155 pts to near 3-wk low ahead of RBI monetary policy review
Apropos of the editorial Growth vs Dole (FE, Jul 25), none would grudge a fleeting smile on the official figures put out yesterday, on the decline in poverty levels in India. But a call for caution can do no harm. Under the guise of inclusiveness, the on going dole-driven political bent could land the nation in a hunch-backed economy that remains stooped down looking at the poverty line rather than looking up to growth levels to enable progress forward. It can then never attain full height. Transient policy fixations over time tend to be exemplified as noble tenets and become the national mantra. USSR long endured Putins social contract that had been trading freedom for security, China built up its vast middle class wielding authoritarianism, our own Left gave primacy toideology over education and reduced industries in West Bengal to a non-entity. They all are now waging an uphill struggle towards socio-political resurgence and a healthy economic equilibrium. Today, every single national economic index is drooping and planners, economists and administrators alike, have little clue on how to get the economy back on track. Without growth even existing jobs would be threatened. And as for that rare offer of a new job, even the telegram that used to carry such happy tidings earlier has become history.
R Narayanan, Ghaziabad
Rupee and growth
Apropos of the column "RBI, rupee and growth" (FE, July 24), RBIs recent measures to prevent further fall in value of the rupee has caused concerns about growth. SBI has cautioned RBI not to choke liquidity. True, weaker rupee would worry the government on fiscal deficit. But it is not to be dealt with by strangling growth. When devaluation has taken its natural way, we have to make the best out of it by taking steps to stabilise rupee. At the same time, the struggle between growth and dole is going on. Some steps are being taken to step up reforms and I hope that these measures would result in a higher growth rate for the Indian economy.