This refers to the article, “The troika of India’s economic troubles” (July 26) by Sudip Bhattacharyya. The author has rightly observed that the three concerns for the Government are: Rising inflation, high interest rates and increasing corporate lending. The biggest losers are retired persons who have invested their savings in various forms. As interest rates are higher than inflation rates, the value of their savings goes down year after year.
For example, if the inflation rate is seven per cent per year and the interest rate is five per cent, the real value of savings will be reduced by two per cent every year. The Union Government must coordinate with the State Governments to fight a united war against inflation.