106th Day Of Lockdown

Maharashtra2237241231929448 Tamil Nadu118594711161636 Delhi102831742173165 Gujarat37636267441978 Uttar Pradesh2996819627313 Telangana2761216287313 Karnataka2681511100417 West Bengal2383715790804 Rajasthan2140416575472 Andhra Pradesh211979745252 Haryana1799913645279 Madhya Pradesh1562711768622 Bihar12525933898 Assam12523833016 Odisha10097670354 Jammu and Kashmir89315399143 Punjab67494554175 Kerala5895345228 Chhatisgarh3415272814 Uttarakhand3230262143 Jharkhand3018210422 Goa190311568 Tripura171612481 Manipur14307710 Himachal Pradesh107876410 Puducherry104351714 Nagaland6443030 Chandigarh4924017 Arunachal Pradesh270922 Mizoram1971390 Sikkim125650 Meghalaya94432
Opinion DC Comment 13 Dec 2018 A disappointing choi ...

A disappointing choice

DECCAN CHRONICLE.
Published Dec 13, 2018, 7:02 am IST
Updated Dec 13, 2018, 7:02 am IST
The choice of a top retired bureaucrat to head the central bank leaves too much room for disappointment.
Shaktikanta Das on Tuesday was appointed as the new governor of the Reserve Bank of India, a day after his predecessor Urjit Patel resigned. (Photo: PTI)
 Shaktikanta Das on Tuesday was appointed as the new governor of the Reserve Bank of India, a day after his predecessor Urjit Patel resigned. (Photo: PTI)

The alacrity with which the government named a new Reserve Bank governor may have been impressive enough to allay market sentiments, but the choice of a top retired bureaucrat to head the central bank leaves too much room for disappointment. Shaktikanta Das was a seasoned officer who was instrumental in carrying out many assignments for the government, including preparing Budgets as secretary, economic affairs. In question are not only his qualifications — an MA in history — which pale in comparison to the two distinguished economists who preceded him as the boss of Mint Street. Having been the go-to man for the government facing crises in coordinating with successive RBI governors with independent views, and named the pointperson in G-20 negotiations, he comes across as one who carries out the rulers’ bidding.

Both Raghuram Rajan and Urjit Patel were globally acclaimed, not because they were educated in the finest schools abroad but for the weight of their academic achievements. They were capable of analysing the economy and arriving at rate and money control decisions independently based on their knowledge rather than kowtowing to governments. There’s a fundamental difference between an economist and a bureaucrat heading the central bank. It’s less than fortunate that anyone taking a kindly view to the disastrous demonetisation move is seen as desirable in the current scenario. Those in power may demand an improvement in the economy, generation of jobs and assuaging of farmers in the few months left before the Lok Sabha elections. To do that, a magician pulling rabbits out of a hat would have been more qualified to head the RBI.

 

...




ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT