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RBI's supervision of private banks, NBFCs inadequate: Arvind Subramanian

The government and the RBI need to do things together

Arvind Subramanian, former chief economic advisor | Photo: Kamlesh Pednekar
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Arvind Subramanian, former chief economic advisor | Photo: Kamlesh Pednekar

Advait Rao PalepuAbhijit Lele
Former chief economic advisor Arvind Subramanian feels that the tight financial system and slowing global growth will lead to a tough environment for the economy. Currently professor at Harvard Kennedy School, Subramanian tells Advait Rao Palepu and Abhijit Lele that overt politicisation of the Reserve Bank of India would be unfortunate 

You have said in your new book (Of Counsel: The Challenges of the Modi-Jaitley Economy, Penguin) that demonetisation was a draconian policy. Was it an instance of post-truth policy, given there was no justification for it? The outcomes are also inexact, to say the least

In my book, I