This refers to “Governance by diktat, in an echo chamber” (December 23). I agree that politicians, especially those in power, tend to sermonise while speaking both to the captains of industry and bankers. Ministers need to introspect to see why private investment is not happening. Is it due to the business climate, bureaucratic heavy handedness, the slowdown in bank/NBFC lending or regulatory and tax policies etc? Ministers are smart enough to know where to put their money. Those who do speak up, the chiefs of Vodafone and Airtel for example, are promptly given a dressing down for asking for too much and pressurising the government. No amount of exhortations to let loose the “animal spirits” will work unless the ground situation improves. As far as no lending by public sector banks is concerned, a quick perusal of their capital adequacy ratios, losses and other facts that have recently come out will make things clear.
The number of criminal cases registered and investigations launched creates an environment of fear though the corrupt must be brought to book. It’s time for introspection and quiet talking with those who matter rather than bullying from pulpit.
Arun Pasricha, New Delhi
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