The Hindu : Opinion / Letters to the Editor : Minister’s claim

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Wednesday, Nov 26, 2008
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Opinion - Letters to the Editor

Minister’s claim

Union Finance Minister P. Chidambaram’s tall claim that India is nowhere near a recession and that the economy will grow at 7-8 per cent is interesting. There is all-round despair across the country. All essential commodities are out of the common man’s reach. Sensex continues to fall. Industry has not responded positively to Mr. Chidambaram’s call to reduce prices to induce demand. Companies are giving pink slips to many employees. Unemployment is increasing. Is this not indicative of recession?

K. Bhaskara Rao,

Hyderabad

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Mr. Chidambaram’s statement that we must review and revisit pending reforms is quite controversial. It is only due to the irregular practices of banks and insurance companies that the people of America have lost millions of dollars.

The Indian share market, the IT industry, manufacturing industries, real estate and the aviation sector are already feeling the impact. The people of India are not ready to sail in troubled waters. The government should not go forward on the proposed reforms.

E.V. Tulasi Rao,

Vijayawada

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Almost everyday, we read media reports of lay-offs, job cuts, and salary cuts. They reflect the impact of the global economic slowdown on the Indian economy. Therefore, the government should examine the global monetary situation and issue a comprehensive report to keep the people informed of its ramifications.

T.R. Anandan,

Chennai

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It is reassuring to know that India is nowhere near a recession. We should be proud that our economy is set to grow, thanks to the corrective steps initiated by the Finance Minister and the fiscal measures taken by the Reserve Bank of India.

R. Ramachandra Rao,

Hyderabad

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With the global economic meltdown making the headlines, it is really heartening to see a positive story on the front page (Nov. 25). It reinforces that all is not lost and the situation is not as bad as it has been made out to be.

K. Ashok Kumar,

Bangalore

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