Apropos the timely and lively editorial, "A welcome correction" (September 30), I fully agree with its views that all in all, it was a good day's work at the RBI as its latest policy announcement on Tuesday also takes due care of other key central banking's policy issues as well which could be of the prime concern for the Indian economy. However, it's also time for the government, the manufacturing and the industrial sectors and most importantly our banks to quickly deliver on economic growth, failing which much of their sheen may be lost.
In all fairness, one hopes that the sagging demand and investment scenario and slackening exports would now get a boost. However, we should not immediately set our eyes on the likely windfalls as the results may take some more time to be actually visible, if at all. In any case, this gift from the RBI must have been welcomed by all those who were desperate for such a rate cut. The moot question is: Will the economy change for the better now? Only time will tell. The biggest losers in the process could be those individuals who survive on the interest income on their term deposits and/or (largely tax oriented) small savings schemes as their rates of interest are most likely to get a beating soon at the hands of the banks and the government. Mind you, both have already spoken their minds in this regard.
Kumar Gupt Panchkula
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