......As Subbarao put it, "An apolitical central bank, operating autonomously within a statutorily prescribed mandate and with a longer time perspective, is an effective counterpoise to a democratically elected government which typically operates with a political mandate within the time horizon of an electoral cycle…. But this is a delicate arrangement 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." Initial statements from Jaitley suggest he recognises the need to work together with the RBI. Historically, non-Congress governments have had a better relationship with the RBI than Congress-led governments............
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