Limits of autonomy: T T Ram Mohan
The Hindu, October 17, 2014
THE LIMITS OF AUTONOMY: T T Ram Mohan
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Comments:
With reference to the observation, “ The
government is said to be planning an eight-member MPC dominated by five
external members, as proposed by the FSLRC….”, I recall a recent report in the
media saying that RBI Governor may get a veto in the proposed MPC. I had
responded asunder:
“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 to some, 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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