Raghuram Rajan on Pump-priming growth - The Hindu

Raghuram Rajan on Pump-priming growth - The Hindu


I love to
read the conclusion once again. I quote:
“ That Dr. Rajan has chosen to frontload monetary
action and pass the baton to the government, the banks and industry — in order
to help ward off inflationary risks, transmit the benefits of interest rate
cuts to borrowers, including home buyers, and increase productive investments —
could put at stake his best-regarded asset. And that asset is his credibility.

Sure. The way in which Dr Rajan has purchased peace can boomerang. But
it would be puerile to assume that even after 25 months of stay here, Dr Rajan
is unaware of the rules of the game politicians and their helpers play in India.
The coming months, I expect RBI Governor do what his conscience dictates, not
only in regard to monetary policy management, but on several other concerns he
has expressed in the chapter “Governor’s Overview” in the RBI Annual Report
M G Warrier, Mumbai 


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