As India appears to be on the threshold of political change, some economists, executives and investors are wondering whether a new government would dare to try to push out the country’s hawkish central bank governor Raghuram Rajan. The Reserve Bank of India governor is appointed by the government, and can technically be fired by the government as well......
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It is not the lack of RBI’s allegiance to legislative supremacy of the government of the day that made Dr Rajan assert his eagerness to protect the mandated role(in deciding monetary policy) of RBI. The assertion of ‘ownership rights’ by lower level functionaries of GOI over all public sector organisations including statutory bodies like RBI and their interference in the legitimate functioning of institutions even in HR issues deny the top managements of these institutions a level playing field with their counterparts elsewhere. There is no point in sidetracking the issue of ‘political interference’. Even the present ‘motivated’ media discussion on continuance of present incumbent as Governor, post-May 16 serves perhaps only one purpose. It gives an opportunity to those who are not generally RBI-watchers and to those who are really serious about understanding the ‘equation’ between RBI Governor and the finance ministry to ponder deeper. Suffice to say that the debate may not affect the continuity at Mint Road or more specifically the broad policy perspectives of RBI.
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