Uncertain world
This refers to ‘Surviving in the New World Order’ (March 13), which offers a trenchant reflection of the latest global scenario.
Over dependence of NATO alliance partners on the US for their protection always remained an arrangement lacking in foresight given the changing nature of geopolitics and dynamics of global power politics. The dissolution of the Soviet Union and the emergence of a multipolar world served as adequate pointers to the future.
Shinzo Abe, the late Japanese PM, showed remarkable prescience in proceeding on these cues when beefed up his country’s defence forces against emerging threats from China and North Korea while concurrently enhancing Japan’s position with the US.
Europe and other dependents of NATO may ideally consider combining resources to configure their own military bloc to safeguard their journey towards economic progress and a more peaceful world order.
G Rajagopalan Nair
Edappally, Kochi
AP capital work
This is with reference to the report ‘New lease of life: 20,000 workers set to start work on ₹64,000 crore AP capital construction project’ (March 13). The news will cheer the people of AP especially the farmers who have given their valuable land for the creation of the Amaravati capital nearly a decade ago. Abandoning the single capital plan, the erstwhile YSRCP regime came up with a three-capital plan, much to the shock of the people in AP.
So AP is the only State without a capital, thanks to the political wranglings between the major parties in the State.
The present CM Naidu with a different strategy is pulling all the strings in meeting the heavy financial requirements of capital formation now. Hopefully, this will lead to a brighter future for the citizens of the State.
Katuru Durga Prasad Rao
Hyderabad
IndusInd imbroglio
Apropos to the Editorial ‘Holding to account’ (March13). The IndusInd Bank’s discrepancies in currency derivative dealings pertaining to foreign currency deposits seems to be a serious one.
The lapses of the bank’s internal trading desk pertaining to hedging operations and lapses of the internal audit mechanism are the key reasons for a huge loss of ₹1,600 crore accumulated over seven years.
RBI must install a whistle blowing mechanism, independent of bank control to bring out the irregularities in dealing with derivative transactions with hedging.
NR Nagarajan
Sivakasi
