Reader response vital for writers

In the form of public opinion, it has an important role in public policy as well

S S Tarapore

When I first started writing a column, the greatest fear instilled in me came from Kirit Parikh who said that his initial experience as a columnist was the total lack of reader/critic interest and, therefore, he felt it best to stop writing. Another columnist A V Rajwade cautioned me about the dangers of a column not having a regular day of the week and a particular slot as readers look forward to an element of predictability. Again, there were pressure points when my mentors felt the strain would be unbearable and that I should take a break from the regular column - for instance when committee work was in full swing (capital account convertibility, banking sector reform and the UTI) or when family or health matters required pressing attention.

My column in The Financial Express has now completed a year. In retrospect, I find that continuing the column without a break does have its rewards, the most valuable being reader response. Reader response is the elixir without which a columnist cannot survive. Mr S Venkitaramanan counselled me when I worked under him in the Reserve Bank of India that we should encourage debate and dissent and it is only through such a process that we can expect progress. In that sense, animated but constructive criticism is necessary for the development of a columnist. Reader response comes in many ways.
The principal source is of course Letters to the Editor, response by other columnists and even editorials. Apart from this, there is also reader response when people not known to the columnist come up in public places — airports, trains and even public/private functions — to articulate their views. Some of these comments are laudatory but some contain uninhibited, trenchant criticism. All this spurs the columnist on to reach out to readers better. The worst thing is, of course, a total lack of reader response. In this context, it is the reader who makes or breaks a columnist.

On occasions some readers ask as to why a particular column was written and whether there was a shortage of subjects. One such column was on the RBI Currency and Finance Report (February 21, 2001); Quite the contrary. Far from being a filler, the subject had pushed itself to the fore and many an analyst wanted to engage in a debate on the nuances of the report. Yet another was the column on Culled Flowers from Customer Service (June 20, 2001). While those with a penchant for macroeconomics were convinced it was a filler, a large number of readers felt a sense of affinity at being at the raw edge of customer service.

The plight of retirees (August 29, 2001) seemed to evoke a lot of identification by readers though there were some who reflected anger that the columnist should have done something for retirees while working in the RBI! Issues relating to universal banking, conversion of financial institutions into banks and recapitalisation of banks and FIs seem to be of great interest and provoked a number of Letters to the Editor.

On the issue of fiscal responsibility, there were great hopes at the start of the year but these were dashed towards the latter part of the year as the Standing Committee on Finance shot down a number of stringent conditions set by the finance minister. It is sad that the self imposed discipline proposed by a statesmanlike FM were just blown away by a Parliamentary committee. While this is an area of despair for a financial columnist advocating fiscal discipline, the FM is trying to fight a rearguard action to ensure fiscal discipline. Both columnists and readers need to work towards generating a climate favourable to fiscal discipline — the court of public opinion does have a significant say in public policy.

The retrospect would not be complete without a reference to the Unit Trust of India. I had written three columns on June 13, July 11 and July 18, 2001 wherein some thoughts were set out on how the UTI could be pulled out of the imbroglio. With the setting up of the committee to inquire into the activities of the Trust, and the present columnist as chairman, I naturally had to refrain from discussing this subject while the committee was deliberating. Here was an instance where, as the consumer activist M R Pai said, such issues have to be taken to the court of public opinion and the media played a responsible role in July 2001. After our committee’s report hit the stands one saw the schism between the Delhi and Mumbai financial press. The kind of issues the Delhi media focused on were very different from those of the Mumbai media.

As we look to the year ahead what are the issues which need to engage our attention? First, we need to see how the ministry of finance handles the important issue of fiscal responsibility and pump priming. One can be sure that the finance minister, given his track record, would tread carefully and keep the economy on an even keel. Second, in a world hit by recession we should thank our stars for a 4 per cent plus growth rate in 2002-03. Third, we need to brace ourselves for a revival of inflationary pressures and keep a close watch on how the RBI deals with the interest rate issue. Small savers have to beware that 2002 is not going to be a cheerful year for them as they would possibly face some harsh fiscal measures just as they get hit by higher inflation. Fourth, the financial sector is at a vital cross road and 2002 could well be a watershed in that it can pull itself out of problems, or wallow in the morass of confusion. One fervently hopes that the crass errors of the past will be avoided.

Readers have an interesting though difficult year to face up to. It may seem hackneyed but as columnists we need what Tagore called “tireless striving” to remember the public interest. Lest all this be considered as self-serving tosh, let me wish readers a Happy New Year and recall the old adage that difficult times are also interesting times.