......Still, the Commission’s report will not be without controversy. Perhaps the most significant effect of the FSLRC’s recommendations, if implemented in toto, would be to limit the role of the central bank. The RBI has been both lauded and pilloried for taking a cautious approach to financial liberalization. The FSLRC would create a separate agency responsible for managing public debt, removing these functions from the RBI. The FSLRC would also hand control over critical policy matters such as the objectives of monetary policy and the administration of at least inbound capital flows to the political branch of Government, the Central Government. Indian economic policy has been characterized by a high-pitched, if largely internal to the system, turf warfare between the Central Government, specifically the Ministry of Finance, and the RBI, over the pace of financial liberalization..............
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