The PM takes the political line and he has his own axe to grind where
as the Governor continues to remain professional and he made his stand
clear that low inflation only can bring growth on a sustainable basis
and growth has never been ignored in RBI's monetary policy
announcements. The professionals will vouch for the Governor's approach
and he will prove to be right in the long run. While the Government
deviated in its approach and failed to toe in line with RBI's way of
thinking, the result is that neither growth nor inflation ie retail
inflation at a low level has been achieved. When the next volume of RBI'
history is written, this will occupy an important space and the
Governor's approach to contain inflation to influence growth would be
amply recognised. It is unfortunate that on this occasion of release of
Volume iv of RBI history no word has been spoken about the contents,
coverage, and utility of the history book. The economic situation of
the country is so bad , that the whole attention was some what biased
and no reference seems to have been made about the volume released by
the PM.
Dr.T.V.Gopalakrishnan
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