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RBI-Centre tussle: Is govt trying to guide interest rates?

The Morning Standard

|

November 25, 2024

Is the Centre undoing its own achievements in bringing in legislation, setting up six-member MPC that is guided by data to bring inflation down to 4%?

- BENN KOCHUVEEDAN

RBI-Centre tussle: Is govt trying to guide interest rates?

MINT Road observers were taken aback by the sudden calls from top two Union ministers to cut the interest rates, days ahead of the December 6 policy meeting and within a month of the governor Shaktikanta Das' six-year term ending.

Are we going back to the days of bitter public spats that government and the Reserve Bank of India (RBI) had when Subbarao was at the helm which got lingered into the terms of Raghuram Rajan and Urjit Patel, though not on rates per se but on larger policy issues?

What has suddenly changed the honeymoon-days-like cordial relationship between the RBI and government in the past six years? Das completes his near-record six-year term on December 12—the longest tenure since Benegal Rama Rau's, who helmed the central bank for 7.5 years from 1949-57—and all indications signal that he's going to keep the job for a year or two at least.

First it was the chief economic advisor V Anantha Nageswaran who made a wild-card demand in the last economic survey—skin food items off the retail inflation basket—food items constitute as much as 45.9% of the weighting in retail inflation basket and their prices cannot be controlled by monetary policy as they are supply-driven.

The issue got a silent response from the RBI at the next policy presser: RBI believes that food inflation is central to its prices control objectives.

MEER VERHALEN VAN The Morning Standard

The Morning Standard

Israel orders evacuation of Gaza City hosp

ISRAELI forces showed no signs of relenting on their new ground offensive in Gaza City on Monday as world leaders gathered in New York for the United Nations General Assembly and more countries prepared to join the surge of nations recognising a Palestinian state.

time to read

1 min

September 23, 2025

The Morning Standard

The Morning Standard

Op Kavach: Cops raid 2K spots in city

UNDER \"Operation Kavach 10.0\", the Delhi Police has arrested 120 drug peddlers in 96 NDPS cases while recovering of a substantial quantity of drugs, along with Rs 21 lakh cash. Police conducted raids at 2,003 locations across the capital and arrested over 800 people for different offences.

time to read

1 mins

September 23, 2025

The Morning Standard

JMI stir over detention of students

STUDENTS at Jamia Millia Islamia (JMI) organised a protest in response to detentions during a march held on Monday to mark the 17th anniversary of the Batla House encounter.

time to read

1 min

September 23, 2025

The Morning Standard

Multi-level electric bus depot soon

Facility to house 384 electric buses | NextGen GST reforms yielding tangible benefits, says CM.

time to read

1 mins

September 23, 2025

The Morning Standard

HC seeks varisty reply in plea on EVM tampering in DUSU polls

THE Delhi High Court on Monday sought the response of the chief election officer of Delhi University Students' Union on a plea challenging the result of the recently held DUSU polls in the capital.

time to read

1 min

September 23, 2025

The Morning Standard

Waste chokes Munak Canal stretch

Govt to rope in contractor in first phase of cleanup to transfer 48,782 metric tonnes of garbage

time to read

2 mins

September 23, 2025

The Morning Standard

3 held for duping people in fake govt programmes

THREE men were arrested for allegedly luring people to register as vendors in the 'Rashtriya Gramin Saksharta Mission' (RGSM), which they falsely projected as a Government of India scheme. Under this, vendors were assigned to supply school uniforms for students from underprivileged sections in various states, police said.

time to read

1 min

September 23, 2025

The Morning Standard

Jaishankar discusses issues of 'current concern' with Rubio

EXTERNAL Affairs Minister S Jaishankar and US Secretary of State Marco Rubio on Monday held their first in-person meeting ever since Washington imposed steep tariffs on key Indian exports over New Delhi's continued purchases of Russian oil.

time to read

1 min

September 23, 2025

The Morning Standard

No splurging on Diwali gifts this season: FinMin to govt depts

THE central government ministries and departments will have a frugal Diwali this year.

time to read

1 min

September 23, 2025

The Morning Standard

Britain weighs waiving visa fees to attract global talent

THE UK government is looking at bolstering a drive to attract global talent with a possible visa fee waiver to support the world's top science and tech talent relocation to the country, a media report said on Monday.

time to read

1 min

September 23, 2025

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