Apropos of the column ?Current accountability deficit? (FE, August 26), I think Mr Shekhar Gupta should not get so emotional about mining to be linked with the current account deficit (CAD). Of course mining could be the culprit for the high CAD but for that reason most of the emerging economies in Asia and elsewhere are also experiencing the same phenomena, and all is not on account of mining. What the UPA is doing may not be totally right but it is not totally wrong either. In fact, across the world, efforts are being made to preserve the natural resources. In fact, a while ago, finance minister P Chidambaram had said, ??if coal is not mined, if coal remains buried in mother earth, where is the loss??. Coming to the CAD, there are more subtle ways of subduing the enormous CAD, like the way it has been done for gold. Coming to some things we can do: for instance, we being among the largest producers of fruits and foodgrains in the world, the question are why we aren?t feeding the world in the same proportion? Why can?t we stop hoarding of essential commodities? In fact, there are many moot questions that need to be answered before pointing out finger on one single factor of spoiling the CAD. All comprehensive efforts taken together can rein in the CAD, bring India to a respectable growth path, and save the rupee.
Vinay Singhal
Gurgaon
