Columns

In his own strident way, never giving an inch and always straining to milk dry the argument for his side, Finance Minister Arun Jaitley has summed up the frivolousness of the debate on GDP growth rates. The Minister wrote in his blog: “Data based on facts and on the best global practices is... read more

The inflation reported for the month of October was 3.1 per cent, the lowest in the last one year. This was a big relief, because just one month ago, there were fears that international oil prices may spike up to a100 dollars a barrel. This was because of the impending sanctions against Iran, which... read more

When UPA-II under Dr. Singh lost to Narendra Modi’s BJP, Dr. Singh lost only his job but it was the Congress that lost everything. This is not to say the Congress did not deserve it, nor is it to divert attention from the scandals that now dog the BJP and the Prime Minister. But it is to be noted... read more

The crucial Nov.19 board meeting of the RBI, which threatened at one point to be an eyeball-to-eyeball confrontation, has passed without any fireworks and that in itself is some good news. At an institution like the RBI, it is never comfortable when the board confronts the Governor and the... read more

The institutional autonomy and independence of the RBI is very important for its credibility and reputation. The latter is a precious and fragile thing, and needs to be protected and preserved. But ultimately the central bank’s independence is within the context of the sovereign, represented by the... read more

We see an unending bout of meaningless growling that sucks out all energy from public debate, reducing everyday conversations to confrontations that are ugly, loud and can only turn away people from engaging with any of the issues of the day.  This lowering of the standards of engagement is a fall... read more

Do celebrities have proprietary rights over a country and should they use the love of their fans and the popularity of their game to spread messages that ratchet up ultra- patriotism? Virat Kohli has undoubtedly excelled in his chosen field of cricket – a sporting success that has brought in its... read more

The midterm elections in the United States are a significant barometer of the voters’ perception on the President’s performance. They occur exactly at the mid-point of the four-year term and hence are a useful input to predict the outcome of the presidential election coming up in the next two years...

Over the last few years, there have been demands for the use of the RBI’s internal reserves for fiscal purposes, like recapitalisation of PSBs and higher dividend payments to the government. The previous RBI Governor was fairly dismissive of this idea. It appears that the present leadership of the... read more

This is the season of the RBI being looked at and studied threadbare as the central bank hits the headlines like never before. The one good thing about the current crisis is that there is an attempt to understand this complex animal and how its working impacts common citizens. But not everything... read more

There is merit in the argument that the Reserve Bank of India is not a free bird. An elected political leadership that is overbearing, even wayward, stands superior to a set of experts, including the highly accomplished economists who run the central bank. We therefore have Section 7 of the RBI Act... read more

As the RBI and the government prepare for a crucial meeting of the RBI board on November 19, the discussions have boiled down to one critical question, and it carries a Rs 3.6 lakh crore tag. This is the amount of money the government wants the RBI to transfer as dividend or surplus. The pressure... read more

There has been much discussion around zombie firms and zombie lending in recent times. In India, the term has been used (and was referred to again last week by the RBI Deputy Governor N.S. Vishwanathan) in connection with the way loans have been dished out and restructured and kept rolling, giving... read more

How do we prevent a situation like the present implosion within the Central Bureau of Investigation (CBI)? Till the 1990s, the CBI was considered the only dependable instrument to impartially investigate high level corruption and tangled crimes. That impression disappeared with the “hawala” scam... read more

Two years ago, a visibly angry Finance Minister, responding to the Reserve Bank of India’s inaction on reducing interest rates, as desired by his government said he would “walk alone” if the RBI would not cooperate. He was referring to the growth process which requires lower interest rates, which... read more

The Reserve Bank of India was set up twelve years before India’s independence. In the eight decades of its existence it has distinguished itself with conduct of the highest global standards. It is among a handful of national institutions known for exemplary integrity and incorruptibility. It may,... read more

It is barely two years since Urjit Patel took charge as Governor of the Reserve Bank of India. Viral Acharya, the Deputy Governor, has spent even less time in his post. The appointments came soon after the exit of Raghuram Rajan, whose term as Governor was not extended amid an unseemly row whipped... read more

At the heart of the rift is an uneasiness and some alarm in the bureaucratic and the political circles that PCA will accelerate the loss of market share and cause further decline of the position of the PSBs in the financial system in favour of private banks and foreign banks.

In terms of a speech, it is unprecedented in its forthrightness and signals a pushback like none other. It marks an almost unprecedented waving of red flags to bring to the attention of people that the nation will have hell to pay if what is being said is not heeded at this crucial time. And... read more

In different parts of the world, at various stages of the evolution of humanity and in various ways and to different degrees, voices have risen and spoken up against injustice, and for the protection and preservation of democratic values. In India, the time to speak up is now.