Sir — This refers to the news report, “Chidambaram pledges more reforms, says ‘do not panic’” (June 14).
People no longer take the Congress-led UPA Government’s assurances seriously, and are resigned to their fate. Spiralling prices of basic commodities, growing inflation, a sluggish economy and a weak rupee are reasons enough for the people to panic.
FDI inflow that does not ensure development and employment will not improve our economy. Raising a cap on FDI is not the solution, since the much-hyped 100 per cent FDI in single-brand retail did not help; nor will raising the cap in the insurance sector help. The recurring inflow of dollar through exports and reduction in imports will contain current account deficit and ensure growth.