Too lax an approach to fighting inflation | Business Line

Too lax an approach to fighting inflation | Business Line

The Hindu Business Line, May 31, 2014

Letters

Right spirit
The article “Too lax an approach to fighting inflation” by SS Tarapore (May 30) doubles up as a background note on the RBI and a guide for those talking about expectations and fulfilment after the announcement of the monetary policy. One only hopes the views of the veteran economist who has had the opportunity to be at the highest level in monetary policy formulation during challenging times are taken in the right spirit by those in charge of fiscal and monetary policy formulation.
MG Warrier
Thiruvananthapuram


Online response:
Setting out the purport of policy
as ‘alleviating the suffering of the masses and generating a climate of
confidence which would boost savings and investments’(see conclusion) and
systematically analysing the context in which Dr Raghuram Rajan will be
presenting the second monetary policy review of 2014-15, the article doubles up
as a background note for RBI and a guide for those who will be talking about
expectations and fulfilment, post-announcement of monetary policy.
One only hopes, the views, ‘In
this context the autonomy of the Reserve bank of India’s monetary policy
function and its accountability comes to the forefront’, ‘…The RBI should then
have instrument independence’, ‘…presence of a top Finance Ministry
official-the Big Brother’s watching syndrome!’ and ‘Hurrying through
fundamental financial legislative changes is clearly not desirable’ coming from
the veteran economist who had opportunity to be at the highest level in
monetary policy formulation during challenging times, are taken in right spirit,
by those in charge of fiscal and monetary policy formulation today.
M G Warrier



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