The Reserve Bank of India had no option but to postpone the monetary policy committee meeting a day before it was to start because the government was unable to appoint three new independent external members. In a situation when there is so much economic uncertainty, the government should have been more proactive in avoiding this fiasco, notes our lead editorial. It further argues that besides affecting the credibility of the central bank, the delay in appointment gives an impression that the Indian policy establishment is simply not prepared to deal with evolving challenges. Read here
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