"Don't Want RBI To Become Extension Of Government": https://www.youtube.com/watch?v=hHmHmBBGFd0 9th jun 2022 Ex CEA Arvind Subramanian Mr Subramanian, while reacting to RBI's outlook on inflation, expressed disappointment that though prices have been rising for almost three years, it was late in taking measures to check them, which showed "a certain loss of institutional independence".
On inflation, how the RBI failed, why it matters https://indianexpress.com/article/opinion/columns/on-inflation-how-the-rbi-failed-why-it-matters-7969756/
Arvind Subramanian, Josh Felman write: Central bank has been behind the inflation curve, its mistake was never corrected or even challenged. It's a failure of the institution and its guardrails.
Why Did the guardrails fail? The RBI and MPC (Monetory Policy Committee) felt impelled to help govt. control g-sec rates to avoid paying large dividends... Another reason is institutional integrity. While institutions dont have to be in perpetual conflict with govt. RBI cannot be a mere extension of the govt. For nearly three years monetary policy has been careening off course, while the RBI has risked becoming another casualty in the broader erosion of Indian institutions..
Comment: Right from the scrapping of the Planning Commission, the economic decisions including things like demonetisation, GST, seems to be around some notion of development .. A connected story is related to promoting economic relations with SriLanka.. See: http://emeets.lnwr.in/index.php/2539-days-after-saying-modi-pushed-adani-deal-ceylon-electricity-board-head-quits