With reference to Vinayak Chatterjee's piece, "The biggest restructuring challenge" (October 4), even without going into the details, one can agree with the need to strengthen the three pillars, viz commercial accounting, changes in human resources and an independent regulator mentioned in the 2015 Bibek Debroy Committee for the successful running of any public organisation (including private sector organisations run in public interest).
Despite having maintained these three pillars fairly well, the Indian financial sector is struggling to get its act together in the fast changing rules of the game.
In India, one or all of these pillars need to be either installed or revamped in several sectors, including transport, farm sector, industries, education and trade. Part of the blame for this pathetic situation lies with the federal concept of governance we accepted without anticipating the fierce difference of views because of and within political combinations that came to power at the Centre and in the states later.
Now that some changes are making sensible deliberations possible, the government and all the stakeholders should consider what best can be done to restructure, revamp organisations and sectors that have a crucial role to play in economic development and public welfare. NITI Aayog can play a proactive role here.
M G Warrier, Mumbai
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