What will happen to the Government and RBI tangle?A very undesirable and unwanted controversy is now on. The Government of India is on a collusion course with the RBI, the highest authority on all monitory matters.
Even without going into who is right and who is wrong, what has really happened? How is that this independent body, headed by superb professionals, has been undermined? Some years ago, we had the brilliant Raghuram Rajan who said " Iam Raghuram Rajan. I do what I do". He quit in disgust. That is another story. We tend to forget that he is celebrated as one of the best economists in the world. His books are Bibles even today.
The Government of India has to sort out the mess. It has failed to create the huge number of jobs it promised. The absolutely ridiculous promises of bringing back all black money and depositing a full fifteen hundred thousand rupees in each bank account of every Indian citizen, has all come to zero.
What will happen now? Members may share their views.