....“An
autonomous and apolitical central bank is a delicate arrangement too,
and will work only if the government respects the autonomy of the
central bank, and the central bank itself stays within its mandate,
delivers on that mandate and renders accountability for the outcomes of
its policies and actions,” he said. Subbarao said the government
should mind its business of governing and leave the markets to
regulators, unless there is a crisis.
Red - ET
1 comment:
Nani Palkhiwala Memorial lecture will be remembered in Indian financial sector, not much for the highlights like the ‘joke’ on P Chidambaram about the FM’s monologue about ‘walking alone’, which were given wide coverage by the media, but for its content on the relevance of RBI in the present Indian context.
This speech may put a lid on any chance of Dr Subbarao shifting to Delhi or getting nominated to International Organisations like some of his predecessors. But, the task which Dr Subbarao took upon himself, namely, putting forth a strong defence for whatever has been done by RBI during his tenure and setting an agenda for his successor, will improve the image of the central bank which has been made a whipping boy by self-styled analysts and certain hostile individuals in the Finance Ministry.
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