This refers back to the Finance Minister’s interview (June 30), the place she candidly addressed a variety of questions on the economic system.
Whereas the oft-repeated assertion that India is the fastest-growing main economic system is credible and noteworthy, it stays a essential however not ample situation to assert financial supremacy throughout all dimensions. A key problem lies in elevating the usual of dwelling for India’s 1.4 billion individuals, which straight influences the nation’s sovereign credit standing. The federal government rightly takes credit score for introducing the IBC. Nevertheless, towards the stipulated decision timeline of 270 days (together with extension), precise decision takes a median of 650 to 750 days, elevating considerations over enforcement effectivity.
India’s efficiency in providers exports has been commendable, however in manufacturing, there stays substantial scope for enchancment. The MSME sector urgently wants a substitute for the now-discontinued Curiosity Equalisation Scheme (IES) to assist its competitiveness, particularly in exports.
Moreover, the standard of company governance in monetary establishments have to be considerably strengthened. State-level assist for fiscal self-discipline is vital at this juncture.
Srinivasan Velamur
Chennai
Banks for numerous roles
The Finance Minister’s interview comprehensively encompasses all essential problems with the economic system. Banks in addition to consolidation await restructuring to cater to the credit score wants of trade, MSMEs and start-ups.
Banks, apaert from being repositories of public cash, are additionally stake holders within the nation’s development. Banks must appoint eminent industrialists on their Boards and interact them at Department ranges.
Vinod Johri
New Delhi
Metal’s stealing march
This refers to “Metal because the spine of a rising India” (June 29). Peter Drucker predicted within the Fifties that steelmaking was a decaying trade. It seemed to be so for India on the daybreak of independence — it was just about on the backside in manufacturing.
At this time it’s the world’s second highest metal producer subsequent to China with giants just like the US, Germany and Japan left behind.
What’s extra heartening is that now its labour productiveness additionally compares nicely at international stage. It varies within the vary of 300-1800 Tonnes of Crude Metal (TCS) per man per 12 months from firm to firm as in comparison with the estimated round 330-2200 in metal corporations overseas. Efforts ought to be made to slender down the vary by paying shut consideration to the businesses with low productiveness.
YG Chouksey
Pune
Revealed on June 30, 2025