My View on "Raghuram Rajan’s tandava spells death for economy":
Growth and Inflation targeting are not incoherent but mutually reinforcing goals, although the basic parameter by which we measure growth - namely, the GDP - has serious limitations at this point of economic history more than ever. The policy rejig would depend on which Government comes to power and which policy direction they would take. RBI shall exercise its autonomy but only with the full support of the Government. It has become wont with some analysts to take on persons instead of institutions as in an institution like the RBI there is collective wisdom that unleashes the policies. It should however be admitted that over the years hypocrisy has taken precedence over transparency. Most institutions fail even to acknowledge responsible correspondence with several personal assistants ornating their administrative chambers. It is a cultural issue more than economic issue.
- Dr.Yerram Raju
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