As the Indian economy slips, fingers are being pointed at those government advisers who failed to foresee the situation and suggest corrective measures. The Prime Minister's economic experts are being blamed for formulating policies based on the Western experience, which is not relevant in India. Reserve Bank of India Governor D. Subbarao in particular is being criticised for failing to rein in the falling rupee. "He has a single-track mind, focusing only on interest rates and the banking system rather than the entire economy," a Central banker lamented. However, as former Finance Minister Yashwant Sinha said, the ultimate responsibility of implementing suggestions given by the advisers lies with the government. "As per the Constitution, the Finance Minister and the Prime Minister are responsible for each and every decision related to finance,...........
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