Let the regulators decide, please

Chief of the Securities and Exchange Board of India UK Sinha rarely speaks out of turn. Irrepressible KC Chakrabarty, deputy governor of the Reserve Bank of India, almost never gives up an opportunity to do so. On Friday, both landed up on the front pages of newspapers for very similar reasons, however. They had both rapped the governments’ handling of the economy. Both criticised the finance ministry for its take on the economy. The criticisms come at a time when the finance minister is just a nod (pun intended) away from moving over to the Rashtrapati Bhavan. Both Sinha and Chakrabarty have sort of made it clear then that there is no one who is now steering the economy from Raisina Hill. So, on June 18, to ask the RBI Governor to nod to a vacant seat and take a call on the rates in what will essentially be a political decision is unfair (Chakrabarty). Later, to expect a new finance minister to cobble up support with the allies and the BJP to pass all those economic bills the government has promised to pass through Parliament (Sinha) also looks very tough.....................

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