Letter to BS: Govt must move quickly to restore confidence in RBI autonomy

Though the superiority of the legislature in democratic governance cannot be ruled out, institutions consciously built over a period of time to independently manage certain functions must be left free

Your editorial, “Crisis at Mint Road” (December 11), reflects the concerns of stakeholders quite well. The pressure on the Reserve Bank of India to submit to the priorities of the government even at the cost of autonomy has been in focus for quite some time. So it is not unexpected — but definitely unfortunate — to lose an astute economist who led the RBI bravely even during the high pressure situation of demonetisation and its aftermath. Though the superiority of the legislature in democratic governance cannot be ruled out, institutions consciously built over a period of time to independently manage