Sir — This refers to the article, “A return to the regime of capital controls” (August 17) by Ashok Malik. The profligacy of the Congress-led UPA Government in populist schemes, many of which, while burdening the public exchequer haven’t benefited the targeted segment, is one of the root causes of the slump of the economy. The present slowdown is reminiscent of the bleak economic scenario of the late-1980s. later, Prime Minister PV Narasimha Rao stepped in with sound policies to rescue the almost-bankrupt nation.
It is shameful that just to perpetuate the power of the Congress’s first family, the regime is bending over backwards to ensure the success of populist schemes even as the well-being of the country takes a backseat.