This refers to ‘The money’s here, not the opportunities’ by Aarati Krishnan (April 14). It is true that more investors are opting to invest in the stock market directly or through mutual funds. It is usual to see more and more investors enter the market whenever there is a bull phase. But these same investors will desert the market when there is a bear phase. As pointed out, one way to provide investment opportunity is by governments selling their holdings in public sector companies. Existing companies can also be encouraged to tap the market with follow-on offers for the fresh investments as well as working capital finance.

It is time corporates got funds directly from the market instead of through bank finance, as there is an attractive premium to their book value now. As we have already allowed some leading development banks such as ICICI and IDBI to convert themselves into universal banks, there is a gap in funding for long-term projects. Hence resource build-up through the primary market will be a good sign for corporates.

S Kalyanasundaram

Email

An eye-wash

With reference to the edit, ‘Fiscal ambivalence’ (April 14), FRBM is not a science, it is the art of managing the budget sensibly. At most, the NK Singh committee can look at the debt figure as it could indicate likely interest rates and how much it can affect investment. Crowding out is another factor which can harm the private investment.

Uday and loan waivers will disfigure the mathematics. Uday would indicate that electricity boards are not able to recover their dues. Loan waivers were not in the minds of anybody till the BJP came along to attract voters. Now many States would claim it and at least ₹1,50,000 crore would be depleted from government revenues..

The credit culture in India is highly vitiated. No money is available for genuine borrowers and interest rates are unviable. The Government was expected to infuse huge sums in the banking sector but these freebies have shattered the hopes of borrowers. IIP is shrinking despite the record jump in Sensex. Till the Government vows not to tamper with public sector companies, the FRBM exercise is a waste of time.

RK Arya

Faridabad, Haryana

Hope for better sense

It is laudable that India is sparing no efforts to secure the release of former naval officer Kulbhushan Jadhav who has been sentenced to death by a Pakistani military court. Besides exploring the legal options available in Pakistan to save Jadhav, India has also renewed its request for consular access to him. India would also do well to mobilise world opinion against Pakistan and simultaneously step up efforts at the UN to secure the release. It is unfortunate that India has been kept in the dark about Jadhav's whereabouts and Pakistan’s army brass have hardened their stand on the issue of the death sentence. One hopes better sense prevails and Jadhav is freed soon.

NJ Ravi Chander

Bengaluru

Positive step

This refers to ‘Finally, a progressive mental healthcare Bill’ by PM Mathew (April 14). There is no doubt the new Bill is a huge improvement on the old, outdated Act, and will address changed realities at the ground level. It’s been rightly stated that as a society swe must remember that mental illness is equal to any physical illness and we should not discriminate between the two.

Bal Govind

Noida, Uttar Pradesh

Right to records

This refers to the report, ‘India fares poorly on transparency, finds KPMG healthcare report’ (April 14).Getting health records from the hospital is a herculean task. The UK has the Data Protection Act under which a patient is entitled to get his medical records. The situation in India is so bad that even after the patient’s death,family members are denied the papers on some specious grounds. India needs a right to information for patients to access their medical records from hospitals.

Deendayal M Lulla

Mumbai

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