........While Subbarao followed several of the RBI’s traditional positions (including in dealings with the government), unlike his illustrious predecessors, Subbarao didn’t have the same kind of support within. For instance, Bimal Jalan had Y.V. Reddy with him; Reddy had Dr Rakesh Mohan but Subbarao did not have anybody of that stature with him to decide on the monetary policy trajectory. To top it, as Patnaik puts it, the RBI is not independent and has been under a lot of pressure. This could be one reason why some conflicting signals have been emanating from the central bank. But that does not dilute the stellar role played by Subbarao in steering India through a period of global crisis.
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