Yes I agree with the statement: 'the Technical Advisory Committee (TAC) of Parliament, has been in place for a while. Reports of the TAC's meetings show that their majority advice has been vetoed a number of times. This has made it toothless and the TAC deliberations a mere academic exercise. A majority voting structure will put the onus on the RBI governor to build consensus and convince the committee to cast their vote that carries in his favour." Important financial decisions of the country cannot be left to the whims and fancies of one gentleman; a committee deciding it would be better.
Most of the RBI Governors have been stooges of the World Bank or IMF, who have been forced down our throat by them. Therefore they have been bent on following the IMF or World Bank agenda rather than following our agenda. An fully independent RBI Governor can be at loggerheads with the Govt, leading to stagnation of projects with a social bent of mind, like subsidies or free rations etc. So some checks are necessary on the power of the RBI Governor.
RBI Governor should be Independent but based on some fact to take decision otherwise Bank NPA will keep on increasing day by day . government or people of this country will bear the burden of bad debt by big institution who misused the money to fulfill their dream.
Re: Imp
by on Aug 03, 2015 07:02 AM
This message has no relevance to the subject, but still the moderators have allowed the post. There seems to no criteria for accepting or rejecting a post, it seems.
Attempt is on to neutralize many check and balance in the governance of the country.New law on appointment of judges is an attempt to encroach upon the very idea of independence of judiciary.It look like that politicians are out to do anything in the name of supremacy of the elected representative over the others.Elected representative is supreme but they are not expert or unbiased.They had to take decision considering vote catching criteria and on the advice of others who are not immune from bias or conflicting interest.Higher courts and RBI are functioning well and it would been wise to keep it as it is.But change is welcome.Please see the check and balance philosophy are not done away with for running the affairs of the state.Jai Hind.
I believe RBI governer is extremely doing well and also reason behind controlling the inflation and value of rupee when it was sliding at concerning rate.RBI should be independent just like our judicial system.and majority govt does not mean doing the things on ones whims and fancies.
Re: not the right time!
by Mature Stud on Aug 02, 2015 02:07 PM
doing extremely well? what are you talking! He has destroyed the growth cycle advantage of India. Look at the farmer suicides, industry stagnation, NPAs in banks! All because of him! The only thing he does is fear mongering of high inflation among people.
I believe RBI governer is extremely well and also reasonn behind controlling the inflation and value of rupee when it was sliding at concerning rate.RBI should be independent just like our judicial system.and majority govt does not mean doing the things on ones whims and fancies.
Both have different objectives to achieve. RBI needs to target inflation whereas Govt needs to stimulate the inflow of the money in the economy, which will increase inflation. Cash rate is the common lever to handle these objectives. I firmly believe that RBI should be independent.
