Hyper inflated real estate causing collateral damage

Hyper inflated real estate causing collateral damage
Apropos of ‘Rentals raise head as buying turns tail’ (Sep 6), not many people seem to realise the silent collateral damage an unregulated, hyper inflated and speculative real estate is causing to the economy of the country in general and the island city in particular. The astronomical commercial property prices are driving new businesses and expansion of existing ones away to other cities. This is not only due to the cost of acquisition of a facility to run business but also cost of acquisition of employees who demand higher wages due to spike in residential property prices. Residents of Mumbai unknowingly pay real estate overhead on every consumable product and service. This is because vendors and service providers transfer the ever-increasing shop rents/mortgages to the consumer.

Manufacturing houses, which once christened the city with the iconic economic capital status, are closing their manufacturing facilities and shifting to more lucrative real estate business — another main reason for loss of jobs. However, the most frightening trend these days is that businesses (Indian as well as foreign) are increasingly opting out of India and are moving to countries like Vietnam and Thailand where operational expenses are a fraction of that in India. All these developments are causing migration of jobs to other cities and countries. If this continues, not only Mumbai will lose the economic capital status but it could also potentially cause an irreversible damage to the country’s economy.
—Ravi Aravelli, Mumbai

Behaviour of MPs
This has reference to ‘SP, BSP members come to blows in RS’ (Sep 6). It is highly deplorable and disturbing that the Rajya Sabha is getting into a tradition wherein members get physical in an effort to block any legislation they disapprove of. The House of Elders witnessed a sad incident when Naresh Aggarwal of Samajwadi Party, which is opposed to the promotion quota, and Avtar Singh Karimpuri of BSP, which is pressing for the early passage of the bill, almost came to blows. All the mean bones of their bodies appeared to have come into play. This act is devoid of merit and sensibility. Apart from being counter-productive, din and disruption spoil the sanctity of the august House. The highest body of the country appeared to be nothing short of a scuffle in a local fish market. The noble seat where the country’s business has to be carried out is being insulted time and again. Can we be called a democratic country when the basic principle of functioning of the House is not carried out by our representatives? Let’s not forget that the true spirit of democracy is compromise and consensus, not confrontation. It is high time we realised this for our own benefit.
—Prem K Menon, Mumbai

PM at receiving end
For the second time within three months Manmohan Singh has come in for severe criticism by the US press for his abysmal performance as the prime minister. The latest Washington Post article has described him as the ‘dithering bureaucrat presiding over one of the most corrupt regimes in the world’. But there is nothing new in this criticism as millions of Indians have been saying the same thing during the past few years. Therefore, the angry, self-righteous reaction of the Congress party to the article is comical. By seeking an apology from the newspaper for a frank and critical appraisal of the failures of the prime minister, the UPA government has made itself into a laughing stock in the eyes of the world. Washington Post is a newspaper of international repute whose opinion influences even the policy-making by the White House. The people in the Union government should realise that it is not a small time Indian newspaper that can be cowed down into submission with the threat of CBI or ED raids.
—VS Kaushik, Bangalore

II
The Congress spin doctors are adept in manufacturing simulated apology to show the world that the prime minister is not dithering but performing and delivering. Close on the heels of the ‘Under achiever’ remark by the foreign periodical, the 79-year-old prime minister is given yet another title: ‘A tragic figure’. No doubt ‘silence is golden’ but one has to talk when it is required the most, lest it is construed as silence is another form of acceptance or consent. When the startling revelations of mega scams by the CAG are coming to light, it is the duty of the head of the state, in this case, the prime minister to step in by speaking out boldly.
—HP Murali, Bangalore

Sachin should think hard
In the recent past, so many letters about Sachin Tendulkarin this column in various newspapers have been published and most of them have stated that he should retire from the game. However, it seems nobody has brought this to Sachin’s notice. Spectators do wish to see Sachin remain in the crease for longer times but contrary to our expectation, of late, we see he is returning to the pavilion with very poor score only. It seems that his bodily action is not obeying his minds instructions. His mind is willing, but the flesh has become weak. In simple words, he is over aged and this is the time he should stop playing international cricket. Another important factor he has to remember is that he has to play for the spectators’ enjoyment and not his own. Thus he is absolutely wrong when he says he will continue to play cricket as long he is enjoying it. His overstaying in international cricket blocks the opportunities of many other young talented players. Our selectors have no guts to tell Sachin to stay away. Sachin should realise all this and gracefully retire.
—V Venkitasubramanian, Thane

Source: www.dnaindia.com