The BJP-led NDA government appears to have now turned its attention to curtailing the independence of the Reserve Bank of India (“ >Jaitley rolls back public debt plan ”, May 1). Our country has been served well by eminent Governors of the RBI for the past 68 years without exception, Even in the dark days of mounting public debt to the U.S. and the USSR, negotiating better terms and barter deals and intra debts with various instruments, the RBI did well. With this kind of a history, I cannot see the reason why the government now wants to interfere in the RBI’s powers. As the country’s finance and policy manager, the bank needs to discipline big spending and big borrowing. The proposed new agency will not be able to maintain the required financial discipline and the government needs to respect the RBI’s statutory independence. It is better left alone.
I.P.P. Prabhakar Rao,Secunderabad