With you, against you...

At a seminar around a book of essays in honour of Planning Commission Deputy Chairman Montek Singh Ahluwalia, most speakers recalled their association with Ahluwalia and praised his work in furthering India’s economic reforms agenda over three decades. When it came to former RBI Governor YV Reddy, he spoke of how he’d known Ahluwalia for several decades, having worked under him in various capacities and later alongside him. As Reddy put it, “I know the pain and the pleasure of working under Montek, alongside him and even against him in the Reserve Bank!” Ironically, speakers such as the Financial Times’ Martin Wolf praised RBI for its cautious monetary policy in a forum to honour Ahluwalia who generally opposed the central bank’s stance.