.....The RBI governor Raghuram Rajan, last week in Switzerland, unequivocally stated that he sets out the monetary policy and the government has the power to fire him; he did indicate that he was happy to talk to government but ultimately the interest rate is set by him. This statement is going to go down in history as the locus classicus on RBI-government relations. The kind of autonomy the RBI needs is headroom to effectively execute monetary policy within transparently laid down objectives..........
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