“Time running out to find solutions for global crisis, warns RBI chief” (Business Line, September 24) brings up an interesting fact. India has crossed many mile stones — $1 = Rs 21 in 1991 to $1= Rs 50. This is even after the US dollar is in doldrums (by printing more dollars). Dr Subbarao, Governor, RBI, the Finance Minister and the economist Prime Minister always talk about the US and the global economy and don't seem very concerned about the state of the Indian economy. When they could reduce the interest rates for the benefit of unscrupulous real estate and crony politicians in one step, why are they taking 13 steps to come to the old level of interest rates? The RBI is intervening when the rupee is going up and watching tamasha when the rupee is going down. What happened to the shareholders of the erstwhile GTB merged into OBC?
Murthy (HBL)
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