Letters to the editor

By: | Published: July 17, 2015 12:28 AM

No plans to buy Surana Power

No plans to buy Surana Power
Apropos of the news report “Lenders push sale of Surana to rival” (July 15), in which
it was reported that Karnataka Power Corporation Ltd. (KPCL), is close to buying out
privately held Surana Power (SPL) in a deal  being midwifed by a consortium of bankers led by IDBI, you are apprised that no such decision has been taken for buying out the SPL by KPCL.
AGM (Corporate communications)
Karnataka Power Corporation Ltd

Pension problems
Apropos of the column “Short step from OROP to Greece” (July 16), the figures quoted by the columnist look alarming, but the government decided those joining the civil services would contribute a fixed amount of their salary to the National Pension Scheme with a matching contribution from it. This should have been done for the armed forces as well, but wasn’t, presumably because the government felt it could bear the burden of their pensions. This was perhaps poor judgment on the part of government but that does not justify political parties reneging from commitment made to the people. A typical private sector employer provides 12% contribution PF and 15% towards superannuation. A  retiring employee get 39% of what he has earned during his professional life (12 % self-contribution + 12% employer’s contribution and 15% contributed by the employer towards superannuation fund) along with tax-free interest. Under a fully-funded pension system, a country is not required to make promises today that it will be unable to fulfil tomorrow.
MM Gurbaxani, Bangalore

Right infra for innovation
Apropos of your report “No earth-shaking invention in India in 60 years, says Murthy” (July 16). Murthy is 100% right in his observation. The main reason behind this is that the type of environment and infrastructure required for such innovation is missing in India. For example, prof  B Jayant Baliga, a US-based Indian-origin scientist, has been awarded Russia’s top technology award for his work in energy management. A US citizen since 2000, he says that work like his is unlikely in India, because it needs huge R&D expenditure. This is  one of the examples of the great potential of Indian scientists which has not been fully utilized in India due to lack of infrastructure. It is only a question of time when India will catch up with other countries in almost all fields.
Krishan Kandhari, Ahmedabad

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