Letters: Beyond 'give and take' | Business Standard Letters

Letters: Beyond 'give and take' | Business Standard Letters

Submitted version of letter published in Business Standard, October 13, 2014:

October10, 2014
Beyond‘give and take’

This refers to thereport “RBI governor might get veto in price stability mechanism”(October 10).
While such gestures to calm dissent are normal in governance, the recent
initiatives from the finance ministry, including the hurry with which some of
the recommendations of the Financial Sector Legislative Reforms Commission are
being pushed through for implementation, gives an impression that new
dispensation in Delhi has not fully recovered from the hang over of the
previous coalition government’s ‘give and take’ approach in decision making.
It would be an unhealthy message to the regulators and all stakeholders in the financial
system, if such ‘concessions’ to RBI and its present governor appear to be a
privilege available in certain situations. There is a chance of lesser mortals
among regulators becoming less amenable to government’s guidance.

Government should not shy away from normal procedures and parliamentary debates before implementing measures of long term implications to the economy. The sooner the transparency in policy formulation and respect to legislative processes and procedures are restored, the better for the country.

M G Warrier, Mumbai


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