Transmission loss | Business Standard Editorials

Transmission loss | Business Standard Editorials

My VIEW:


September
24, 2015
Regulated
interest rates
This refers to the
editorial “Transmission loss” (September 24). The clamour for rate cut by RBI
has become an addiction for economists, analysts and media to the extent that
this year’s RBI Annual Report also missed the attention of many among them.
Most unfortunate thing that can happen to interest rate regime in India is a
forced return to regulated rates.
One is not able to buy
the argument that administered rates on provident funds and small savings are
stumbling blocks in percolation of rate-cut benefits. At present, such long
term investments and even government securities also fetch returns below 9 per
cent per annum only, which, net of inflation (and taxes where applicable)
cannot be considered high by any standards. Pro-equity investment advisors say
that equity investments can give average annual return of 15 per cent or above.
Reverting to quarterly
schedule for Monetary Policy Review is an idea RBI should consider. There are
enough for a for RBI to share its mind on policy issues between such reviews
and technically, monetary policy measures including revision of base rates need
not coincide with such reviews. Lesser frequency of reviews may reduce scope
for external pressures and lobbying also to that extent.


M
G Warrier, Mumbai

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