There has rarely been a more apposite hour for Duvvuri Subbarao to do more than the due. Rating agency Standard & Poor’s said on Friday it will be difficult for the government to meet revenue projections due to the economic slowdown, which, it said, risks India’s credit rating. Now that’s one more reason why the RBI must change its discourse and plump for growth..........
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This comment is not directed to RBI (RBI knows its job), but to RBI-watchers who get carried away by observations like this from rating agencies and analysts. The continuous pressure on RBI to ‘cut rates’ and the assurance that a rate cut will do wonders in economic growth and the threat of downgrade are tactics being played by vested interests which do not care about the impact of inflation on more than 60 per cent of India’s population who contribute most to the country’s growth and have no voice in deciding the wages they should get or the price they should be paying for their survival needs. RBI should (and will) continue to have a total view of the impact of its policy measures on the common man. The fiscal policy which is caged by the rich and the powerful as also external pressures need a makeover factoring in the concerns expressed by RBI expressed through Monetary Policy statements, almost bi-monthly, these days.
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