Interest rate setting MPC to start operations around Sept

Interest rate setting MPC to start operations around Sept: A new monetary policy committee that will move interest rate setting powers from the R



My VIEW:



The description has all the ingredients of democratic process, likely implications of the 'ownership rights' of GOI over RBI, possible roles of Finance Ministry in deciding the members of MPC and likelihood of GOI and Governor influencing the application of mind by three-three members. We are, in all probability, destabilising an arrangement which has been working smoothly. Having said that, I still feel, RBI will have a mind of its own which will not be scared by the 'threat' of having to 'explain', if its decisions do not satisfy GOI.


M G Warrier

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