Dialogue of the Deaf: A message to GOI
RBI Annual Report 2014-15: A message to GOI**
This is an old article, posted at Allbankingsolutions.com. But the "message" is still valid. Remembered this, when I read the recently released book "Dialogue of the Deaf" by TCA Srinivasa Raghavan
M G Warrier
**Use the link above.
I read P P Ramachandran’s review(Freepress Journal) of TCA Srinivasa-Raghavan’s recently released book “DIALOGUE of the DEAF” with great interest. When an extract from the book was published in Business Line on March 27, 2017, before reading the book I had called it “Monologues in wilderness”*. I have since purchased the book. After reading the book, I would like to correct my description as “Monologues of the blind!”.
Those who search for TCA’s personal contribution in terms of objective analysis of GOI-RBI relationship or insight into the functioning of RBI in the book may get disappoint ed. But, it is a well-written summary of the History of RBI, published by RBI in four volumes, spread over thousands of pages which, I doubt anyone has read with much concentration except as part of research work or proof-reading. The author’s enmity to and envy of RBI surfaces wherever he has tried to write something of his own.
Anyway TCA’s association with RBI for 8 long years has served him well.
M G Warrier
*My letter addressed to the Hindu Business Line:
Monologues in wilderness
Apropos “Economic policy failure, uninterrupted” (Book Extract, March 27), even after discounting the freedom historians and journalists have (TCA Srinivasa Raghavan is Two-in-One plus!) in timing their responses and the right they can exercise in being selective about subjects, one has to concede that the conclusions arrived at deserves to be accepted as a guidance for sorting out the relationship issues between GOI and RBI.
Even before reading the book “Dialogue of the Deaf”, going by the abundance of the author’s experience as journalist fortified with his association with editing the RBI’s History, we can have a feel of the rich content of the book which could become a source of reference for future historians.
It is always easier to be wiser after the event. While being judgmental about Dr Subbarao’s performance during the first half of his total 5 year term, one has to ponder over the circumstances in which he got selected for the top job at Mint Road by the then FM Chidambaram. Going by Subbarao’s own revelations in his memoirs and other circumstantial evidences, FM opted for an amenable RBI Governor. Most of the Governors and Deputy Governors who come to RBI from outside, some too soon and some after some time, undergo a metamorphosis and start talking RBI language is a blessing that keeps India’s central bank going despite all efforts, internal and external, to destabilize it.
Unless policy makers take time to read and understand the spirit of monologues like this, they will remain in the wilderness, again used only for reference purposes by scholars and historians.
M G Warrier, Mumbai