Decline and fall

A combination of weak political control leading to unchecked bureaucratic hubris, weak analytical capacity and avoidance of reality has created a deep institutional vacuum and consequent incoherence in Indian macro policy-making.
 
The governor of a central bank must be trusted to act in good faith by the government of the day. It would appear that this was not the case in 2015.  Journalist Somesh Jha, in a three-part investigation, reports a noting on file by then finance secretary Rajiv Mehrishi that, in effect, accuses then governor Raghuram Rajan of acting in bad faith — keeping interest