..........Given the complexities of a modern, globally integrated and growing economy like India’s, setting monetary policy is complex. It can neither be mechanical and in line with the experience of other central banks. Nor can it toe a set political line. An economy is a “complex animal” and setting monetary policy has to have a sense of judgment about it. It is in this context that monetary policy is best left to the expertise and the judgment of the central banker. The reason why we welcome Jaitley’s assertion about the independence of the RBI in setting its policy parameters. In our present context, Governor Raghuram Rajan had given an inkling of what he proposes to do with his “conditional statement”:........
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