.........If even after this weakening of the central bank’s monetary stance, the government is bent on making it reduce the policy rates, the conclusion can only be that it wants to whittle down RBI’s independence. Gokarn’s “ouster” must be seen in this light. As the deputy governor for monetary policy, he was the keystone in formulating RBI’s monetary policy stance. In this, he acted in tandem with Subbarao. By ensuring his exit, the government has sent a clear signal that it will not tolerate a central bank that is independent beyond notional terms.
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