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Time to check the sliding rupee This has reference to the news report ‘RBI to take ‘every necessary step’ to stem rupee slide’ and the editorial
'Hot money moves out' (June 22). Currently, the country is facing the two disasters, which are man-made and the result of over-exploiting nature and over-depending on hot money, which was expected through FDIs and FIIs. The value of the rupee has come down to Rs 60 versus the US dollar. It is illogical on the part of RBI Deputy Governor HR Khan when he says “we are watching and monitoring the situation and take action, central bank was coordinating with the finance ministry on this issue”. It seems that the RBI and the Finance Ministry are digging a well to fight a fire. Our Finance Minister is wasting time by depending on an unrealistic hope of getting foreign investments. This delay will cause more harm to our economy. The latest statement of Fed Chairman Ben Bernanke is an indication of a big ‘economic tsunami’ which is going to hit our as well as other economies of the world. Foreign investors are now not so keen to invest in India due to non-conducive business environment, unwarranted bottlenecks, slow clearance and opening up of more sectors for foreign investments due to the government’s political compulsions and credibility crises. The RBI must not act like a mute spectator and do something to check the sliding rupee. CAPT AMAR JEET KUMAR (RETD), Mohali |
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Man-made disaster The recent disaster that took place in Uttarakhand in general and Kedarnath in particular is primarily attributed to human negligence, carelessness and greed. The photograph of the disaster at Kedarnath clearly shows that it is located in the middle of a river joined by three tributaries. A number of hotels and shops were constructed around it. A perusal of other pictures also indicates that the disaster was compounded by housing colonies raised near the river banks. To add to miseries, no registration of the tourists was done. Even the flow of pilgrims to these places was not regulated. The disaster management also failed to come up with pre-emptive measures to tackle such situations. Despite the fact that the weather is unpredictable in such areas and roads become the first victim of the inclement weather, no alternative modes like ropeways were provided there. COL INDER CHOWDHARY (RETD), Ambala Nature’s fury The power of nature that governs this universe has its own laws and any attempt to violate them is bound to have catastrophic consequences. The devastating fury unleashed in the form of heavy rains, cloudburst, landslides and flash floods in Himachal Pradesh and Uttarakhand have taken a heavy toll on human lives and property (editorial, ‘Raining destruction’, June 20). The insatiable greed for monetary gains, pressure on land due to increasing population, unplanned and haphazard constructions near the river banks and hills, widespread deforestation and global warming have disturbed patterns of weather. Besides, the government should take proactive measures to ensure the safety of pilgrims visiting these shrines in the inhospitable Himalayan terrain during the monsoon. The disaster management system needs to be revamped for speedy relief and rescue operations. Moreover, the government must spread environmental awareness among the masses and make stringent laws to check environmental destruction. DS KANG, Hoshiarpur Tumbling rupee The falling value of the rupee in the international market is a constant source of worry for the common man as this will fan the flames of inflation in the country. Also, the circulation of fake currency in the country, which the government has failed to check, is another cause of the weakening economy. Mahesh Kumar, New Delhi Good governance This refers to the editorial ‘Experience over age: UPA reshuffle ignores young talent’ (June 19). The Congress thinks that it is only the experienced politicians who can garner as many votes as required to form the next government and not the younger and inexperienced ones. It is their thinking. But I may point out here that it does not make any difference to the public whether elderly or young ministers are inducted into the Cabinet. All the public want from the politicians is good governance. RK KAPOOR, Chandigarh
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