Sustaining growth

The GDP growth estimate for 2023-24 has been revised to 7.3 per cent by the NSO, higher than the RBI’s estimate of 7 per cent, assuming an investment-led recovery in the Indian economy. However, consumption growth still remains a laggard, which is a cause for concern. For sustained investment growth, consumption growth needs to be bolstered. If the low agriculture growth that accentuates rural slowdown coupled with higher rural inflation has been contributing in significant measure to poor consumption in these areas over the past year, urban consumption has also taken a beating owing to high interest rates and the RBI’s curb on unsecured lending.

Given the threats posed by climate change to farm productivity and growth, no stone should be left unturned to make the country’s agriculture sector climate-resilient.

M Jeyaram

Sholavandan, TN

Insurance products

Mis-selling of insurance products is almost endemic in the banking industry with many employees, especially in private banks, given targets. In many cases agents almost con the customers into buying insurance products under the guise of handsome returns. It is a grave error to equate life insurance with investments. The two are unconnected. Schemes like money-back policy or endowment sound great but mean little. It is time to simplify insurance by cutting out on the non-essentials.

Anthony Henriques

Mumbai

Skill-based jobs

This refers to ‘Now, jobs are more skills-based’ (January 10). The article seems to overstress the need for prioritising skills over knowledge (college degrees). The data shared does not support the claim. IBM India has identified just 20 per cent skill-based jobs and in the US the percentage is 46 for middle-skill positions and 31 for high-skill positions. The National Education Policy lays the limit at 50 per cent for high school education.

Besides, supervisory and managerial jobs will continue to require not only degrees but professional qualifications, evolving GenAI notwithstanding. Also, skill-based hiring will raise barriers to the advancement of the career of such persons beyond their skill domain.

YG Chouksey

Pune

SEBI regulations

‘A turbulent year for SEBI at SAT’ (January 10) is an interesting commentary. SEBI may consider looking into some issues which affect the common investing public in more direct ways. For example, there is often a delay of several days in allotting units by mutual fund AMCs after receiving SIP payment. A clause says that AMCs may allot units when the funds actually ‘become available for investment’. This is opaque, nebulous, and one-sided (not verifiable by investor). This clause must go.

V Vijaykumar

Pune

Sterlite plant saga

Apropos ‘Lessons from the Sterlite experience’ (January 10). While politics has taken upper hand in the copper plant issue, the current DMK government could have taken a pragmatic view towards opening the Vedanta-Sterlite Copper plant at Tootukudi at least based on the enquiry report of the Aruna Jagadeeshan committee. With state-of-the-art technology in mitigating environmental pollution , it is a mystery why an olive branch is not being offered to Sterlite.

Rajiv Magal

Halekere Village, Karnataka

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