New RBI guv must keep macro picture in sight

The Reserve Bank of India (RBI) is one of India's most illustrious institutions. It is entrusted with maintaining order and stability in the Indian economy, especially in managing the government's debt, foreign exchange markets and the domestic financial sector.

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In 2016, the Centre added another mandate to RBI's responsibilities, controlling inflation in the economy. Since then, it is this mandate—keeping the Consumer Price Index (CPI) at 4%—that has often been seen as the primary metric of RBI, and by extension, its leadership's prowess or lack of it.