Not for savings

India invited FIIs to invest in our stock markets. Our market size is not even 0.1 per cent of that of the US. A small fraction of US surplus was huge as compared to our markets’ size. Moreover, SEBI allowed 25 per cent holding for FIIs which is huge compared to the average daily trading in any particular share. This resulted in total dominance and dependence of our stock market on FIIs.

The huge inflow (in Indian context) pushed the rupee upwards and our politicians started patting their back for this and termed it as economic growth. In reality, the soaring stock market enabled a few persons to become richer. The real estate was manipulated and vested interests jacked up prices. This, in turn, enabled the companies’ balance sheets to reflect better and a rosy picture. The logical consequence of real estate boom was the high consumer inflation hitting 90 per cent of the population.

The Centre must not rescue the Indian stock markets as these are dominated by a few gamblers spoiling the country’s economy. Let the common man understand that stock market is not the best place to keep one’s savings.

ASHOK HURIA, Chandigarh

Dismal picture

Chitleen K. Sethi’s report, “State of primary education” (Oct 7), was timely. The dismal picture about the basic education skills among the students of government primary schools, which is not new, should be taken very seriously.

Teacher absenteeism, poor infrastructure, superficial training of teachers, staggering syllabi, lack of supervision and mismanagement of education are some of the main causes of this disturbing trend, seemingly beyond redemption. The situation is no different in the neighbouring states.

If the government is really serious about the matter, it should immediately implement the Neighbourhood School Concept in the state. The bureaucrats and the politicians should get their kids admitted to government schools in the neighbourhood of their residence. But it will not happen and the government schools will roll on in the anguish state, much to the chagrin of the poor lot.

The people will keenly watch what strategic steps the administration would take to respond to the survey and provide quality primary education under the Sarv Shiksha Abhiyan (SSA).

Dr S. KUMAR, Panchkula

Above the law

Whatever rules, regulations, laws, etc. in the statute books should be strictly implemented for all political parties and politicians in tune with the doctrine of equality of law. Unfortunately, this remains on paper only for politicians, most of who feel they are above the law and that the normal law of the land does not apply to them. There is, in fact, a general impression that law is meant only for poor citizens.

Even when the law is applied to these politicians, the end result in most cases is zero as mostly evidence fails to reach the courts of law and they are acquitted. Is it the fact that most cases against politicians are false? If not, where is the law for politicians and political parties?

Worst, such politicians are again admitted or continue as members of political parties, even holding important public offices.

MAHESH KUMAR, New Delhi

Onus on Tatas

Does the blame for the Singur episode lie with Ms Mamata Banerjee alone? Mr Ratan Tata wanted a free lunch and the West Bengal government was too eager to provide. It was as much Mr Tata’s responsibility to ensure that the land they got was fully and properly compensated for before beginning the project.

Punjab’s farmers would be horrified and agitating too if their fertile, multi-crop agricultural land was bought at a measly rate of Rs 7 to 12 lakh per acre. Mr Tata has shifted to Gujarat and has lost some investment which would hardly make a dent in his balance-sheet.

The vote banks of the CPM and Mamata have shuffled a bit but isn’t that what politics all about? The ultimate losers in this drama have been the Singur farmers. They would have been no better had they accepted the meagre compensation.

RITU, Chandigarh