Consensus approach
The inauguration of the NDA government, with Narendra Modi sworn in as Prime Minister for the third consecutive term along with a 72-member council of ministers, marks a testament to the will of people who shunned majoritarianism and voted for an accountable government and a strong Opposition. With the support of allies critical to going past the majority mark in 2024, their representation in the council of ministers has now more than doubled compared with that in 2019. Both the BJP and Prime Minister Narendra Modi have the onerous responsibility to build consensus with the allies constituting the NDA, and give them a hearing and a place at the decision-making table while ensuring the spirit of competitive and cooperative federalism. For the resurgent Opposition led by the Congress, they must no longer take recourse to boycotts or refuse to engage on crucial issues in Parliament and outside it.
M Jeyaram
Sholavandan, TN
Election reporting
The article ‘Of elections and numbers’ (June 10) made for a good read. Hundred per cent neutral reporting of elections by the print or visual media is very difficult. Man, after all, is a social animal. He has his own way of consuming politics. His preference for some political party has not happened overnight. It is indeed a process. Pollsters and the media at large have also been influenced by some political parties and leaders. Hence their predictions, views, etc., on the outcome of elections are largely based on their liking and preferences too. Unless there is a fair degree of neutral reporting of both news and views of political, social and economic happenings by the media, political socialisation, which is sine qua non for a successful democracy, cannot be fully achieved in the country. However, one cannot be oblivious to the fact that economics or politics is not a physical science to ensure 100 per cent accuracy in its theories and practices.
S Ramakrishnasayee
Chennai
Stock market movement
Those not conversant with the stock market would do well not to comment on the rise and fall of the market within the space of just five sessions. Just because the market has made up for the losses last Tuesday does not mean the investing public did not lose money. Most of the Indian investors indulge in options trading, where it is possible to lose money even if the stock prices rise. Given the nature of uncertainty of coalition governments, more volatility in the market can be expected.
Anthony Henriques
Mumbai
Functioning of ARCs
The editorial ‘Asset no longer’ (June 10) is a valid indictment of the functioning of a plethora of ARCs. Apart from the ones named, the scorecard of many is not worth writing about. Allegations that an associate of a top public sector bank had disposed of a tranche of ‘non-performing’ education loan to an ARC of renown at throwaway price is thick in the air. As the ARC approached for settlement, the loanees were stunned at why and how the bank didn’t give them such an offer of settlement. And the fact remains the ARC was still making a killing in the deal. That the RBI chose to rein in some of them is to be welcomed in the larger interest of the economy and financial system. It is unfortunate that many train their skills towards ever-greening of loans/assets to further their ulterior business motives.
Jose Abraham
Kottayam