No disconnect between government and RBI: Arun Jaitley | The Asian Age

No disconnect between government and RBI: Arun Jaitley | The Asian Age

My VIEW:

As several crucial policy issues were dodged during the past ten years
or so, broadly due to compulsions of coalition politics, there is a hurried
rushing through of announcement of intentions by government and bodies
responsible for implementation of government policy. Government should be
cautious to ensure that such hurry does not end up in destabilising existing
institutions like RBI. Yes, the reference here is specifically to the need for
revisiting half-baked recommendations of FSLRC before implementation.
Intentions behind the proposal for an independent Public Debt Management Agency
‘outside’ RBI and GOI may be noble. But ultimately, as the agency will have to
handle  ‘debt’ which is dependent on
credibility and clout of the borrower, for the moment, it is better to continue
status quo. Every time a new initiative or decision is taken affecting
financial sector, we have a legacy of vested interests trying to tilt the
decision in their favour by putting a wedge between GOI and RBI. It is comforting
that the present RBI Governor and FM have understood the game

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