Das can choose be a dove, a hawk, an owl or any other monetary bird, but hopefully not a lame duck
The regrettable mechanics of the recent change of guard at the Reserve Bank of India (RBI) raises some important questions, some long overdue, about the institution’s accountability, transparency and autonomy, and the relevance of having a governor with a strong backbone. The answers to these will decide whether the gain in the RBI’s operational autonomy in recent years is enhanced or becomes stuck, even if it isn’t reversed. In turn, these outcomes have implications for long-term foreign investors.
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