Capex moves

This relates to the news report of aligning capital expenditure (capex) growth with nominal GDP rates, an approach that is concerning given the low GDP growth of 5.4 per cent recorded win Q2.

Capex investments should be viewed from a long-term perspective as they drive growth and have a multiplier effect.

The current capex growth of 6.5 per cent falls significantly short of the budgeted target of 17 per cent, which will hit GDP growth. The rationale for linking capex growth to nominal GDP growth is difficult to justify.

Although the Centre’s easing of conditions for interest-free loans to state governments is a positive step, the effective utilization of these funds requires close monitoring. States’ contributions to capex are vital for growth, who unfortunately prioritize revenue expenditure.

Given the strong tax collections, the Centre must prioritise faster capex growth independent of nominal GDP trends.

Srinivasan Velamur

Chennai

The overwork dilemma

This is with reference to the article ‘Glorifying overwork, a recipe for disaster’ (January 16). It is a false notion that productivity increases with long working hours. As per ILO data, India’s productivity is among the lowest in the world. This is not because Indians do not work long hours but because of poor working conditions, technical hitches, and lower morale among employees.

Already long working hours are taking a toll on the workers’ mental as well as physical health. According to the latest World Happiness Index for 2023, India is ranked in the 126th position among 146 countries, which is a matter of concern.

An employee who is encouraged, whose emotions are taken care of, and whose talent is appreciated will deliver more to the organization than an employee who merely works for long hours in a mundane manner.

Veena Shenoy

Thane

Work life balance

The lead article ‘Glorifying overwork, a recipe for disaster’, (January 16), highlights the fallacy of the overwork culture, throws bare its pernicious effect on humans and the resultant negative impact on organisations from lower productivity.

The recent statement of L&T chairman calling for 90 hours work week, justifiably drew ire from various quarters. In a civilised society, it is imperative on all of us to strive for improved work life balance — for all, especially the workers — arrived at through prudent deployment of available workers, incentivising productivity and not the count of hours put in.

Jose Abraham

Kottayam