THIS REFERS to “Losing Out On Trust” by Sandeep Bamzai and J Arun Kumar (Focus, December 16). It is true that the trust of millions has been broken by UTI. The two committees set up to examine its functioning have asked for either partial or complete privatization, but it is no answer to the past misdeeds of the trust. Neither the losses suffered nor the faith lost by millions of innocent people can be restored.
We are ignoring the root cause of this problem. Rather than blindly privatizing, we should eradicate red tapism, babushahi and the efforts of the Finance Ministry to run the Trust like a private shop. Privatization will have a bad impact on investors who will lose faith in other government institutions like LIC. It is time to ensure that other institutions do not go the UTI ways.
(This letter published in Hindustan Times on December 30, 2001)