This refers to “The Harshad Mehta fallout” by T N Ninan (February 19). Ninan is optimistic about the reforms in land/estate, scarce natural resources and government contracts. This optimism stems from stock exchange reforms that followed the infamous Harshad Mehta episode in which millions of small investors lost their money. There is, however, an important difference. Stock exchanges, particularly the Bombay Stock Exchange, were regulated by an oligopoly of certain brokers who were responsible for the transactions. On the other hand, one common tribe (read the untouchable politician) has been responsible for the losses in the three sectors mentioned by Ninan. It is not possible to create a truly independent watchdog as long as its author is a politician.
The proposed Lok Pal Bill or a truly independent Central Bureau of Investigation (CBI) can only remain a wish. It may appear that CBI has become quite active following the arrest of former telecom minister A Raja and grilling of certain VIPs. But all this is a whitewash and even our quite innocent prime minister may not be aware of it. India’s ranking in corruption may improve next year, but we will still be way above in the list.
K V Rao, Bangalore
Readers should write to:
The Editor, Business Standard,
Nehru House,
4, Bahadur Shah Zafar Marg,
New Delhi 110 002,
Fax: (011) 23720201;
letters@bsmail.in