The Reserve Bank of India-led Monetary Policy Committee (MPC) brewed a storm in a teacup by continuing its accommodative monetary policy stance—retaining the Repo rate (the cost of borrowing from the RBI) at 4 percent and the Reverse Repo (the cost of depositing funds with the RBI) at 3.35 percent. The MPC is a device, initiated in […]
Read More Storm in India’s monetary tea cup
Indian Left Liberal intellectuals are letting their shallow ideological moorings show. They support the agricultural reforms initiated by the Union government, including the corporatization of agriculture. But they oppose letting big business own banks, reflecting the colonial disdain for “box-wallahs” (business). Yes, to agricultural reform, including corporatization Farmers in Punjab and Haryana — the “gold […]
Read More Big business owned banks -a Trojan Horse?
Rajan the thinking central banker: photo credit: bloomberg.com Raghuram Rajan, India’s central banking czar, will be history by September 2016. He enjoys unprecedented popularity and near cult status as Governor of the Reserve Bank of India. Some of this has to do with his youthful looks and fresh demeanor — unusual in a profession peopled […]
Read More Rexit technical brilliance, enter political economy expertise