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RBI governors don't need an MPC but a helpful finance minister

An Monetary Policy Committee is not needed unless you want to decorate your central bank

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RBI

T C A Srinivasa-Raghavan
This morning I read in this newspaper that a new monetary policy committee is about to be formed. Pami Dua, Chetan Ghate and Ravindra Dholakia are completing their terms at the end of this month and the current committee has breathed its last. 

The story also said that sundry economists, when asked about the committee’s performance, recalled their own school days. 

“Could have done better”, they all said. 

The correspondent didn’t ask them what ‘better’ meant in this context. Also, had I been in this young reporter’s place, I would have asked if India needs such a committee at all. 
Disclaimer: These are personal views of the writer. They do not necessarily reflect the opinion of www.business-standard.com or the Business Standard newspaper

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