...............In a recent speech, Y.V. Reddy, former Reserve Bank of India Governor, has said zero current account deficit in the external sector over the medium term should be the cornerstone of macro-management. A 2% current account deficit has been treated as an average since the reform process began, though the actual deficit in high-growth years was close to 1%, Reddy has pointed out. In recent past, RBI Governor D. Subbarao and Planning Commission’s Deputy Chairman Montek Singh Ahluwalia have said a 3% current account deficit is manageable. According to Reddy, the deficit should be close to zero on average...........
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Succession plan for top levels (it is important at meddle and lower levels also!) should become a priority in HR Management by GOI. Top positions in Government, statutory organisations like RBI, CAG and Election Commission, Chief Justices of High Court and upwards in judiciary should be of a much longer tenure than they are now. The age barrier fixed long back should be reviewed. It does not augur well for a country like India to have even the highest post in the judiciary with around one year tenure when the incumbent takes charge, especially when all these individuals are later found to be ‘fit’ for being considered for positions with similar or higher responsibilities. These positions including the CEOs of PSBs and nominees on boards should have a minimum tenure of 5 years at the time of appointment.
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