The autonomy of Reserve Bank of India (RBI) continues to be a subject of importance now. The Modi government is facing allegations of limiting the autonomy of institutions like RBI, CBI, IT and other wings. Former RBI Governor Raghuram Rajan says the status of RBI Governor should be next only to the country’s Finance Minister. The RBI governor should not be under the supervision of a Secretary level officer in the Union government.
During his visit to World Economic Forum at Davos, Raghuram Rajan gave his opinions on the Indian political and economic situation. He said there will be a greater debate on agriculture distress, jobs and autonomy of central institutions in the coming general election in India. He indicates that the Modi government’s actions have affected the functioning of RBI and other institutions which will come into central focus.
AP CM Chandrababu Naidu has made repeated mention of how the central institutions were being crushed by the BJP government at the Centre. Raghuram Rajan has also spoken highly of former prime minister PV Narasimha Rao’s bold steps on bringing economic reforms during his term that put India in a steady place now.