CLSA is not alone in having the view that Gokarn was eased out by a ‘hurt’ finance ministry, as it could do no harm to RBI Governor directly. Business India(January 20, 2013) in its editorial ‘Muscling in’ has argued that it should be for the board of the Reserve Bank of India to pick its Governors and not the finance ministry. The recent teasing behavior by GOI is a shame on the eminent statesmen(each one of them being a leader in their field) who are on RBI’s Central Board. The institution and Governor Dr Subbarao look unperturbed. Urjit Patel, the new Deputy Governor is not going to unsettle the extant RBI policy evolved over time. Still, one wonders what make the central board members cling on despite continuing insults by a ministry with tacit approval from the highest level. The only way GOI can make amends now is by ensuring a further term of 2 to 3 years for Dr Subbarao by deviating from the tradition and making provisions where necessary
- M G Warrier
No comments:
Post a Comment