AV Rajwade: Central bank independence

AV Rajwade: Central bank independence: What does India need more: growth and jobs, or low inflation?

RBI, back to central stage

This refers to AV Rajwade’s piece “Central bank independence” (Business Standard, The Other Side, July 28). Former RBI Governor Duvvuri Subbarao deserves a special ‘Thank You’ for drawing the attention of media and all stakeholders to the role of Reserve Bank of India in the present Indian context. This is also proof to show that a book, if professionally written and marketed can influence public opinion. I am referring to the media attention Subbarao’s book “Who Moved My Interest Rate?” has drawn in such a short time.
Of course, I have in mind the blacking out of the RBI Annual Report 2014-15 by the media. Dr Raghuram Rajan, in a newly introduced chapter “Governor’s Overview” in that report, had flagged several concerns bothering him. It is not late yet and one need not wait for Dr Rajan’s memoirs to find out what all irritated him or hindered his functioning. He must have been ‘professionally hurt’ and his decision to quit at the end of the ‘contracted’ term might also have been guided by the indifference of GOI and other stakeholders in the financial sector to the views expressed by him. He is much taller to be dwarfed by the barbs of economist-turned politicians.
That was an inescapable diversion. Back to the book, one is happy to see several reviews of Dr Subbarao’s book ( some of the writers pleading guilty that they are yet to see the book!) by economists and analysts. As is customary for book reviews, each one picks up the area of her/his choice to comment. The debate must go on.

M G Warrier, Mumbai

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