Becoming self-reliant
It refers to “‘Atmanirbhar’ India must be competitive” (June 8). Ever since Prime Minister Modi came up with ‘Vocal for Local’ and Atmanirbhar Bharat, there have been multiple interpretations of his call for self-reliance. There is no doubt that the best case scenario for us is to have products made in India and exported to the world. But we need to understand that this can not happen overnight. We cannot just wish away Chinese goods from our lives as they are not only cost-competitive but have penetrated all markets, especially the electronic goods segment.
Moreover, we need to understand what went in the favor of China and create multiple clusters for various industries along the coastline of the country, so that importing raw material and exporting finished goods becomes cost-effective and Indian companies also become competitive.
Bal Govind
Noida
Opening the economy
Apropos “Malls gear up to open , comply with curbs” (June 8). Throwing open malls, hotels and religious places when Covid cases are growing steadily indicates that the country is coming to terms with the virus. People are at crossroads: one has to decide between lives and livelihoods. Both can be ensured, provided social distancing and personal hygiene protocols are faithfully complied with. The government has earnestly tried every trick in the book, but to vain.
The moot point is that with stringent SOPs in place, can these enterprises be financial viable? Lifting of restrictions for this sector has no tangible outcome as long as the pandemic remains unvanquished.
Deepak Singhal
Chennai
Banking woes
This is with reference to the article “Sinking into a mire” (June 8). Already, banks, and PSBs in particular are facing a shortage of capital, increase in NPAs, frauds etc. Now, Covid-19 has thrown the banking sector out of kilter. The recent sovereign ratings downgrade by Moody’s has put the spotlight back on the stress in the financial system.
The first-quarter results of banks show that growth in credit, particularly to industries, is low. It is observed that credit cards and personal loans have grown at a CAGR of 29 per cent and 25 per centrespectively since FY15. This is a dangerous trend, as growth in unsecured loans can haunt banks. The IL&FS and DHFL crises have made things worse. The suspension of fresh insolvency cases under post Covid-19 is also a big dampener. The moratorium for six months has been added to the woes. There is every likelihood of increase of NPAs as of March 2021 due to this.
Though private banks are better compared to PSBs they are not out of danger. Unless a concerted effort is taken, progress in the banking sector is a myth.
TSN Rao
Bhimavaram, Andhra Pradesh
Anti-racism protests
The massive protests sparked by the death of George Floyd mark a turning point in the history of the struggle for racial equality. Protesters are braving coronavirus fears, arrests and teargas and ‘taking a knee’ as a gesture of solidarity with the ineluctable victims of racism. The slogans, “Black Lives Matter”, “Racism is a pandemic”, “We can’t breathe”, “We all bleed red” “Human rights for all”, “Silence is pro-racist” and “No justice, no peace” by the protesters resonate with all . The message is loud and clear: Enough is enough. The Blacks have been treated as sub-human generation after generation. They are “still sadly crippled by the manacles of segregation and the chains of discrimination, and not valued for the content of their character” to borrow Martin Luther King Jr.
To say that there is no ‘systemic racism’ in the US is to deny the prevalence of White supremacism. Racial discrimination, violence and police brutality should end. Humanity is the weapon to fight the scourge of racism.
G David Milton
Maruthancode, Tamil Nadu