Going beyond inflation targeting - The Hindu

Going beyond inflation targeting - The Hindu

My VIEW:

IFC is an off-shoot of Financial Sector Legislative Commission
report. FSLRC report itself, a hurriedly prepared one, need to be revisited,
giving a second reading together with the notes of dissent and the relevance of
the recommendations in the present Indian context. Especially because, dissent
within the Commission was handled roughly by the Chairman and even the brief
dissenting notes recorded by members of the Commission did not get the
attention they deserved. There is need for fresh debate for which this article
and the observations made by the two former Deputy Governors mentioned earlier
can form the basis.
RBI's autonomy or independence of monetary
authority within the contours of government policy is not an issue just
affecting those at the helm of the central bank. The stability of India's
financial sector and the country’s image outside are  dependent on that.
India
was inspired when Prime Minister Modi, speaking from the ramparts of Red Fort
on August 15, 2014, said that Planning Commission was a house in disrepair and
he proposed to rebuild it instead of wasting resources on repair and
maintenance. He could put in place NITI Aayog without dismantling Planning
Commission. Indian judiciary, India’s legislations including those covered by
Financial Sector Legislative Reforms Commission (FSLRC) report and, perhaps,
the entire architecture now in place for governance are awaiting comprehensive
overhaul.


 M G Warrier

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