............“The government is pinning a lot of hopes on Subbarao’s economic acumen as he knows the pulse of the Indian economy. Despite being under pressure from the government and industry for reducing interest rates, he chose to cut rates in a very calibrated manner. Any change at the top may not augur well for the government and the economy at this stage,”..................
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Last year’s developments which saw easing out of a Deputy Governor (Subir Gokarn) for no fault of his and compulsions to retain another Deputy Governor for another year calls for a review of the selection and placement procedure at that level and at the level of Governor. GOI generally handles successions in RBI with some deft and care. These and shuttling of Rakesh Mohan between North Block and Mint Road can be considered ‘exceptions’, if one looks at the meddling with placements(or withholding appointments) at certain other key positions in government and public sector. It would be a wise option to allow Governor Dr Subbarao initially to continue for another year and leave it to the post-General Election team in New Delhi to decide on the next Governor.
Formulating and implementing succession plans for top government/public sector jobs with professionalism and efficiency in a graceful manner is imperative for allowing the institutions to function with reasonable functional autonomy within the legislative mandates.
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