The kind of prognosis and remedies proposed in the article, “After globalisation’s promise” (July 18), are unlikely to make any impact on our current crop of policymakers, swayed as they are by the winds from the West and their inability to look beyond the framework set by neo-liberals. Public investment cannot pick up as long as the monetary policy focusses exclusively on inflation control — ignoring other equally important objectives such as growth and employment — and there is overwhelming concern over the fiscal deficit due to the potential impact on foreign investments. As the RBI has to offer explanations if inflation goes beyond the laid-down narrow band, caution is bound to be its watchword.
Manohar Alembath,
Kannur, Kerala