...........In the present context, pursuing this goal will inevitably bring him into conflict with the finance ministry and the minister, Chidambaram, as has been the fate of outgoing Subbarao. Subbarao’s single minded devotion to inflation control and to the independence of the central bank brought him into direct confrontation with the finance ministry. When in the face of falling growth numbers Chidambaram was desperately and openly asking for interest rate cuts, Subbarao kept on increasing the interest rates—for 13 times at a stretch -- in copybook style economics. In pursuing his professed objective, Subbarao kept his own counsel and asserted the independence of the central bank over the political establishment............
The very purpose of VITALINFO is to provide a platform for wider dissemination of updated information related to and happening of events in and around RBI.
No comments:
Post a Comment