This refers to the editorial, “Reviving the economy” (August 3). The editorial talks big about infrastructural investments which of course are the need of the hour. But many Indians are blocking funds by hoarding unproductive gold. The Government has to look for ways to boost purchasing power. Except for a small part of our population, who is very poor, we can assume the rest are hoarding gold. The Government should aim to convert the gold into cash. Over $100 million can be freed by way of a proper mechanism.
Also, interest rate is yet another issue. The Reserve Bank of India has to see that inflation is well within control. If the Government and the RBI unite to reduce the interest rate while keeping main agriculture and food prices under control, only then, things can be better.