RBI-govt rift: What was the fuss about?

Within 48 hours of Urjit Patel's resignation, Mr Das assumed charge at the RBI

No, the heavens haven’t fallen. Foreign investors haven’t fled. The rating agencies haven’t downgraded India. The markets haven’t collapsed — on the contrary, the Sensex has gained nearly 3 per cent since the new Reserve Bank of India (RBI) governor was appointed and the yield on 10-year government bonds has fallen. This, despite the political uncertainty created by the results of state elections.

For more than a month preceding the appointment of Shaktikanta Das as RBI governor, media commentators and experts had created a sense of crisis, if not a looming national disaster, over the differences between the government and the