VITALINFO: Need reforms but with foundations intact - M.G.War...

VITALINFO: Need reforms but with foundations intact - M.G.War...: My View on   " Can the government and the RBI work together? ":  First, answer to the question: Yes, GOI and RBI can, will ...

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First, answer to the question: Yes, GOI and RBI can, will and have been WORKING TOGETHER HARMONIOUSLY. Differences in policy perceptions do not indicate an ‘impaired’ relationship. During their over 65 years of co-existence, post-independence, there were not many occasions, GOI played ‘politics’ with RBI or the central bank ‘refused’ to fall in line once those in charge of governance of the nation took policy stances on issues affecting financial sector. The transparency in interaction between the two(RBI and GOI) and occasional pre-emptive utterances on monetary policy issues by over-enthusiastic officials in GOI are not indicative of any deep-rooted malignancy in the relationship. Other than the legislatures, there are some institutions like Judiciary, Reserve Bank of India, Election Commission and CAG which have stood the test of time and have by and large met the expectations of the authors of the constitution and its owners, ‘WE, THE PEOPLE’. They may need reforms with changing times. But it is in national interest to leave their foundations intact and build on their experience and expertise gained over a period of time.
M G Warrier 
 




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