K P Krishnan

RBI's many roles hinder core monetary policy mandate, resolution is crucial

Most central banks (CB) are narrowly focused on monetary policy. The RBI has a sprawling mandate. The trouble is these roles contain many inherent conflicts

Union-state power imbalance grows as regulatory bodies erode federalism

The exercise of legislative power by statutory regulatory authorities undermines federalism and needs to be corrected

Why exchange rate volatility is essential for economic flexibility

While some people view exchange rate fluctuation as detrimental to the economy, it is, in fact, a crucial element of economic flexibility

Checks and balances challenge: How to strengthen regulators' accountability

Parliament's oversight of statutory regulatory authorities is weak, and strengthening it is both necessary and desirable

Guarding the guardians: How to manage regulator appointments and removal

Parliament needs to institute oversight mechanisms for regulators, who oversee markets, without compromising their autonomy

Electricity: A strategic view

Heavy lifting is now required in electricity and financial reforms

Throwing the baby out with the bathwater

Policy on derivatives needs to be informed by the evolution of these markets in India and the benefits of risk management

Agenda for regulatory reform

Improving the governance of omnipotent regulators who currently dominate the economy and the lives of Indian citizens should be at the top of the new government's priorities

Regulatory fee or unjust enrichment?

Regulators are empowered to levy fees for services rendered, not to impose tax-like levies to create surpluses for themselves

Snatching decline from the jaws of growth

If enforced, the law of Standing Orders will bureaucratise India's most dynamic sector

Pharma regulation: A complex problem

Medicines are critical for human wellbeing but its regulation, which is inherently complex, is even more challenging in India

Banking laws and regulatory shake-ups

Regulatory action against Paytm's payments bank points to the need for reform of banking regulation

Cities: Trapped in central planning

India's urban policy continues to follow old-style bureaucratic control, leading to dysfunctional and ugly cities. An overhaul is urgently needed

Where are our children?

A steep decline in fertility, badly regulated adoption, and other impediments are likely to lead to severe social and economic problems

Who is in charge of my 'air'?

Controlling air pollution calls for negotiations that cover airsheds, as air is mobile and beyond artificial legal jurisdictions

GST tribunal: Off to a good start

The appellate tribunal currently being constituted should draw upon past experiences to ensure speedy and timely resolution of disputes

Equity market: Speed versus quality

Reducing transaction time beyond a certain threshold may not enhance equity market quality. On the contrary, it could reduce participation and diversity and harm the markets

Data protection and a regulatory crossroads

It is not clear whether the proposed Data Protection Board is a repudiation of India's recent regulatory experience or an improvement on the present arrangement

Learning from China's regulatory redesign

China recently redesigned its financial regulatory architecture, clarifying which agency will do what. It is time for India to revisit this issue

Independent boards for all agencies

Just as in private companies, it is crucial for government agencies and regulatory authorities to have a majority of independent directors on their boards