Delhi's Growth Blame Game

.....The Finance Minister is also undermining the central bank's independence. The RBI doesn't help matters by juggling multiple mandates and refusing to focus solely on prices, but at least Governor Duvvuri Subbarao has kept his distance from Delhi. He retires in less than a year though, and those vying to succeed him will surely look at this episode and ask if it pays to be as bold. The irony here is that the RBI only started operating independently when Mr. Chidambaram, in a previous stint atop the Finance Ministry in 1997, ended the practice of the central bank monetizing short-term government debt...........

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