Where to search for solutions

Letters: Offer solutions: T N Ninan's interesting article, 'Subbarao tells all' (July 16), compels me to pen my observations as a citizen of India...



Where to search?

Apropos S C Aggarwal’s response “Offer solutions” (Business Standard, Letters, July 18), one is tempted to point out that it may not be worthwhile to search for ‘solutions’ in memoirs like the one written by Dr D Subbarao. Perhaps, the right place for such a research would be RBI’s website @rbi.org.in where Monetary Policy documents, several reports including RBI Annual Reports and speeches of RBI Governors and his deputies and executive directors can be accessed. These documents will give an idea about the timely analysis of available data affecting the health of financial sector and economic growth and sharing of RBI’s thinking on crucial policy issues with GOI and public.
As regards the criticism about the Ex-Governor’s stance on RBI autonomy, the general perception as divulged by spokespersons of GOI so far is that RBI has been within its mandate to expect some freedom in talking about Monetary Policy. Those having doubt are welcome to read the Preamble of RBI Act, 1934. Of course, nothing prevents the political leadership from amending the Preamble!
That Dr Rajan has already started worrying about the inflation monster bordering the GOI prescription of the upper limit of the band of four plus or minus two, is evidence enough to prove that RBI’s perceptions on inflation have been conservative.

M G Warrier, Mumbai

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