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This refers to the edit ‘L&T shows the way’ (FE, June 4). The infrastructure major of India, Larsen & Toubro, has been making quite a few inroads into the Middle East and other regional markets while flexing its muscle back home under AM Naik’s leadership. Over the years it has metamorphosed into a diversified conglomerate with interests ranging from finance to IT to high-tech engineering. And all this has been possible only due to the vision of the leadership which has been steering the company all the way. While some battle it out over paltry sums of money and some cheat investors while others try to grab land and delay projects—on the whole, tarnishing their reputation—L&T has stood out. Being an MNC has its own advantages also. Besides making for a great reputation, it leads to better and ethical work systems and also allays threats to the company when a particular market fails to perform. Like in the case of India, L&T has emerged shining only because of its diversified portfolio. Else, it would have been just another bystander in these troubled times.
The untimely death of Union rural development minister Gopinath Munde is setback to the new government and to the nation as he was one of its promising politicians. Besides praying God to grant his family and friends solace, it is hoped that this tragedy would open the eyes of the nation to the huge loss suffered because of road accidents. We need to take necessary steps to keep the frequency and scale of road accidents to the minimum. Coming to the monetary policy review, though RBI has not cut key rates for now, it did extend a friendly hand to the industry by reducing SLR by 50 bps. This eases up banks’ liquidity. It is up to the government to keep its promises on growth revival and inflation control.
Lessons for the BJP
The new PM has done away with an old administrative tool,the GoMs. This is no anathema. Sure, Vajpayee ran a 24-party coalition and the Groups of Ministers was an active system for handling divergence of views. But he could have with fewer such groups. In the UPA regime, GoMs became less of an exception and more of a rule. UPA-I had done well with far less GoMs than the UPA-II that met a sad end. GoMs, meant purely for