Government as borrower

Government as a borrower This refers to the article ‘WMA: Fixing a tool that has gone haywire’ (The Hindu Business Line, May 11). There may not be any questions over the central bank’s role as banker to the government. The problem of transparency in the terms of lending arises when the borrower dictates the terms. Long back, SS Tarapore had famously asked: “Ever heard of the borrower deciding the terms of lending?” The government seems to be taking the central bank for granted. Such a situation doesn’t augur well in a situation where fiscal policies are more and more getting influenced by political expediency. MG Warrier Mumbai *Published in The Hindu Business Line in the print edition on May 12, 2023

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