TFIPOST हिन्दी
TFIPOST Global
Tfipost.com
Tfipost.com
No Result
View All Result
  • Premium
  • Politics
    • All
    • Analysis
    • Opinions
    • Trending
    Explosives Seized in Jaipur Amid Heightened India-Pak Tensions

    Explosives Seized in Jaipur Amid Heightened India-Pak Tensions; Probe Hints at Terror Conspiracy

    What Did India Achieve with ‘Operation Sindoor’? Understand in 9 Key Points

    What Did India Achieve with ‘Operation Sindoor’? Understand in 9 Key Points

    Made in China, Destroyed by India: How Operation Sindoor Crushed China-Pakistan’s War Gamble

    Made in China, Destroyed by India: How Operation Sindoor Crushed China-Pakistan’s War Gamble

    India, Pakistan Military Commanders (DGMO) to Hold Key Talks Post-Ceasefire Understanding

    India, Pakistan Military Commanders (DGMO) to Hold Key Talks Post-Ceasefire Understanding

    • Analysis
    • Opinions
    • Trending
  • Economy
    • All
    • Business
    • Economy1
    • Finance
    Designing For Impact: Create Exceptional Small Businesses Marketing Materials

    Designing For Impact: Create Exceptional Small Businesses Marketing Materials

    Things You Need to Consider Before Choosing an L&T Finance Two-wheeler Loan

    Things You Need to Consider Before Choosing an L&T Finance Two-wheeler Loan

    Crypto Trading Signals Explained: A Comprehensive Guide

    Crypto Trading Signals Explained: A Comprehensive Guide

    Crypto Arbitrage Trading

    Crypto Arbitrage Trading

    • Business
    • Finance
  • Defense
    • All
    • Defence
    • Strategy
    • Weaponry
    Made in China, Destroyed by India: How Operation Sindoor Crushed China-Pakistan’s War Gamble

    Made in China, Destroyed by India: How Operation Sindoor Crushed China-Pakistan’s War Gamble

    India, Pakistan Military Commanders (DGMO) to Hold Key Talks Post-Ceasefire Understanding

    India, Pakistan Military Commanders (DGMO) to Hold Key Talks Post-Ceasefire Understanding

    The Demand of ‘de-escalation’ Is a Shield for Terror, Not a Call for Peace

    The Demand of ‘de-escalation’ Is a Shield for Terror, Not a Call for Peace

    Operation Sindoor

    How Operation Sindoor became a Grand Success: Over 100 Terrorists Eliminated in 25-Minute Blitz

    • Defence
    • Strategy
    • Weaponry
  • Geopolitics
    • All
    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
    Operation Sindoor still on: India neutralises Pakistan’s Chinese-made HQ9 Air Defence System in Lahore

    Operation Sindoor still on: India neutralises Pakistan’s Chinese-made HQ9 Air Defence System in Lahore

    UNSC

    UNSC Rejects Pakistan’s Anti-India Narrative, Demands Accountability for Pahalgam Terror Attack

    Credit: ANI

    India Japan Defence Meet: Pahalgam Attack Sparks Renewed Solidarity

    Khalistanis take out Anti-Hindu rally in Canada

    Canada: Khalistani extremist parade PM Modi, HM Amit Shah, Jaishakar’s effigies in mock jail; calls for deportation of 8 lakh Hindus

    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
  • Knowledge
    • All
    • Culture
    • Education
    • History
    • Indology
    How to Decide Between Amity and Manipal for Your Online MBA Journey

    How to Decide Between Amity and Manipal for Your Online MBA Journey

    Mughals, Delhi Sultans Out, Fresh Chapters on Indian Rulers, Mahakumbh Introduced: NCERT revises Class 7 books

    Mughals, Delhi Sultans Out, Fresh Chapters on Indian Rulers, Mahakumbh Introduced: NCERT revises Class 7 books

    Role of Consultants to Study in Ireland: How to Choose the Right One?

    Role of Consultants to Study in Ireland: How to Choose the Right One?

    The Complete Guide to Education Loan Interest Rates in 2025

    The Complete Guide to Education Loan Interest Rates in 2025

    • Culture
    • History
    • Indology
  • Law
  • Lounge
    • All
    • Books
    • Cinema
    • Entertainment
    • Food
    • Games
    • Health
    • Lifestyle
    • Satire
    • Sports
    • technology
    • Travel
    The Best Foods to Increase Your Libido and Enhance Your Life

    The Best Foods to Increase Your Libido and Enhance Your Life

    FIFA World Cup 2025: Which Teams Have the Best Shot at Glory?

    FIFA World Cup 2025: Which Teams Have the Best Shot at Glory?

    Download MCW App in Bangladesh and Start Winning

    Download MCW App in Bangladesh and Start Winning

    How Does Sports Betting Work in India?

    How Does Sports Betting Work in India?

    • Books
    • Cinema
    • Food
    • Health
    • Sports
    • technology
    • Travel
    • Satire
Tfipost.com
  • Premium
  • Politics
    • All
    • Analysis
    • Opinions
    • Trending
    Explosives Seized in Jaipur Amid Heightened India-Pak Tensions

    Explosives Seized in Jaipur Amid Heightened India-Pak Tensions; Probe Hints at Terror Conspiracy

    What Did India Achieve with ‘Operation Sindoor’? Understand in 9 Key Points

    What Did India Achieve with ‘Operation Sindoor’? Understand in 9 Key Points

    Made in China, Destroyed by India: How Operation Sindoor Crushed China-Pakistan’s War Gamble

    Made in China, Destroyed by India: How Operation Sindoor Crushed China-Pakistan’s War Gamble

    India, Pakistan Military Commanders (DGMO) to Hold Key Talks Post-Ceasefire Understanding

    India, Pakistan Military Commanders (DGMO) to Hold Key Talks Post-Ceasefire Understanding

    • Analysis
    • Opinions
    • Trending
  • Economy
    • All
    • Business
    • Economy1
    • Finance
    Designing For Impact: Create Exceptional Small Businesses Marketing Materials

    Designing For Impact: Create Exceptional Small Businesses Marketing Materials

    Things You Need to Consider Before Choosing an L&T Finance Two-wheeler Loan

    Things You Need to Consider Before Choosing an L&T Finance Two-wheeler Loan

    Crypto Trading Signals Explained: A Comprehensive Guide

    Crypto Trading Signals Explained: A Comprehensive Guide

    Crypto Arbitrage Trading

    Crypto Arbitrage Trading

    • Business
    • Finance
  • Defense
    • All
    • Defence
    • Strategy
    • Weaponry
    Made in China, Destroyed by India: How Operation Sindoor Crushed China-Pakistan’s War Gamble

    Made in China, Destroyed by India: How Operation Sindoor Crushed China-Pakistan’s War Gamble

    India, Pakistan Military Commanders (DGMO) to Hold Key Talks Post-Ceasefire Understanding

    India, Pakistan Military Commanders (DGMO) to Hold Key Talks Post-Ceasefire Understanding

    The Demand of ‘de-escalation’ Is a Shield for Terror, Not a Call for Peace

    The Demand of ‘de-escalation’ Is a Shield for Terror, Not a Call for Peace

    Operation Sindoor

    How Operation Sindoor became a Grand Success: Over 100 Terrorists Eliminated in 25-Minute Blitz

    • Defence
    • Strategy
    • Weaponry
  • Geopolitics
    • All
    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
    Operation Sindoor still on: India neutralises Pakistan’s Chinese-made HQ9 Air Defence System in Lahore

    Operation Sindoor still on: India neutralises Pakistan’s Chinese-made HQ9 Air Defence System in Lahore

    UNSC

    UNSC Rejects Pakistan’s Anti-India Narrative, Demands Accountability for Pahalgam Terror Attack

    Credit: ANI

    India Japan Defence Meet: Pahalgam Attack Sparks Renewed Solidarity

    Khalistanis take out Anti-Hindu rally in Canada

    Canada: Khalistani extremist parade PM Modi, HM Amit Shah, Jaishakar’s effigies in mock jail; calls for deportation of 8 lakh Hindus

    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
  • Knowledge
    • All
    • Culture
    • Education
    • History
    • Indology
    How to Decide Between Amity and Manipal for Your Online MBA Journey

    How to Decide Between Amity and Manipal for Your Online MBA Journey

    Mughals, Delhi Sultans Out, Fresh Chapters on Indian Rulers, Mahakumbh Introduced: NCERT revises Class 7 books

    Mughals, Delhi Sultans Out, Fresh Chapters on Indian Rulers, Mahakumbh Introduced: NCERT revises Class 7 books

    Role of Consultants to Study in Ireland: How to Choose the Right One?

    Role of Consultants to Study in Ireland: How to Choose the Right One?

    The Complete Guide to Education Loan Interest Rates in 2025

    The Complete Guide to Education Loan Interest Rates in 2025

    • Culture
    • History
    • Indology
  • Law
  • Lounge
    • All
    • Books
    • Cinema
    • Entertainment
    • Food
    • Games
    • Health
    • Lifestyle
    • Satire
    • Sports
    • technology
    • Travel
    The Best Foods to Increase Your Libido and Enhance Your Life

    The Best Foods to Increase Your Libido and Enhance Your Life

    FIFA World Cup 2025: Which Teams Have the Best Shot at Glory?

    FIFA World Cup 2025: Which Teams Have the Best Shot at Glory?

    Download MCW App in Bangladesh and Start Winning

    Download MCW App in Bangladesh and Start Winning

    How Does Sports Betting Work in India?

    How Does Sports Betting Work in India?

    • Books
    • Cinema
    • Food
    • Health
    • Sports
    • technology
    • Travel
    • Satire
No Result
View All Result
Tfipost.com
Tfipost.com
No Result
View All Result
  • Premium
  • Politics
  • Economy
  • Defense
  • Geopolitics
  • Knowledge
  • Law
  • Lounge

Congress ignorant towards RBI’s complacency

Kapil Yadav by Kapil Yadav
9 November 2018
in Economy
RBI, Congress, Manmohan Singh

PC: Deccan Chronicle

Share on FacebookShare on X

During the four years of Modi government, the economy has underwent many significant changes.  Demonetisation has led to many positive changes in the economy for example, tax compliance has increased and digital transactions have kept the corruption away. The complete overhaul is underway with the restructuring of old institutions in order to boost the economy on par with the world economy. These structural changes are bound to happen for the macroeconomic stability in the economy. Goods and Services Tax is a fine example in the restructuring process which is benefiting the economy. The recent tussle between the RBI and government has sparked a new row about the importance of the autonomy of RBI.

The former RBI governor and finance minister Dr. Manmohan Singh has stated, “If FM insists, I don’t see that the governor can refuse, unless he’s willing to give up his job,” clearly acknowledging the superiority of the FM over RBI governor. In view of Manmohan Singh, if the finance minister insists on any issue, his view must prevail and RBI has to take care of this. 

RelatedPosts

RBI Slashes Repo Rate to 6% — How It Will Impact Your EMIs, Loans: All you Need to Know

Calculated and precise: Decoding RBI’s Monetary Policy Outlook

Rahul Gandhi gives Asthi Visarjan of his mentor Manmohan Singh a pass, takes off to Vietnam for New Year celebrations

Load More

The bone of contention here is section 7 of RBI act which gives the central government the power to direct policies to Reserve bank of India in public interest. The finance ministry in an unprecedented move is going to invoke section 7 to handle the adverse situation of cash crunch in the economy.  Former finance minister P Chidambaram accused the government and warned that this “will irretrievably damage the credibility and reputation” of the regulator. The Congress party had accused the Modi government about the current situation of the economy. The Congress has yet again manifested its double standard. Congress is firing shots in the air without any goal and the party seems to be doing nothing than misleading the people by this foul cry. Section 7 of the RBI act is meant to be invoked when government senses the need of doing it and it totally comes under the prerogative of the government. Manmohan Singh who has served in almost all the top financial offices finds no reason for the RBI to go against government’s decision on any issue.

When rupee hit the mark of 73, opposition cried inflation and termed it as the worst of times for the economy. Congress went on to ignore the fact that the economy is being affected by global crisis majorly by American led policies due to which the Portfolio investment has gone down, drastically affecting the Sensex. The global oil prices went up after OPEC and other oil producing countries took measures to systematically cut down the oil production.

In the wake of these Global crises, the financial institution needs government intervention to remedy the situation. Money parked with the RBI is for the adverse conditions like the economy faces today. Why can’t the government use it? Why Congress is creating a false hoax that credibility and reputation will get damaged by government intervention? The money will enhance the much required liquidity for the banks and will give hope to the investors about the government’s stand in favour of the betterment of economy and people. RBI has not taken any measure step to comfort the economy. The government now is left with only option to enforce section 7 in order to avoid any setbacks to the economy. Moreover, the statement by Manmohan Singh bears prudence in the recent context of tensions between RBI and the finance ministry. If point of views are so diverging, the ministry must prevail over the central bank. 

In the World Bank’s Ease of Doing Business rankings, India has improved under the leadership of Prime Minister Narendra Modi. India has climbed up to 54 places to 77th rank among 190 countries surveyed consecutively the second year since 2016. This shows that reforms have paid well in the favour of economy and has created a positive and viable environment for the new businesses and investors to invest. This World Bank report answers the remarks of former finance minister P. Chidambaram and it’s a huge setback for Congress’ electoral prospects. 

The autonomy of RBI lies under the Centre government where the finance minister has to formulate a road-map according to the situation and then the RBI governor needs to assist in achieving the target. The deputy governor of RBI, Viral Acharya has undermined the rules by bringing the issue into public forum by raising questions on the autonomy of RBI.  Keeping the personal differences aside, he should have given a thought to the credibility of the institution. He has said that RBI is more of a team which plays the Test match while the government plays Twenty-20. Mr Acharya was expected to have it resolved within the RBI board meetings itself rather than making it public. 

The government has to make policy changes depending on the situation rather than being complacent like the RBI. The former RBI governor and chief economist from congress party Dr. Manmohan Singh has clearly stated the fact that RBI governor has to give heed to the advice of finance minister and take actions accordingly. On the other hand, the Congress party has completely lost the plot because Rahul Gandhi and P. Chidambaram, seems to refute their own economist’s stand.

Tags: Arun JaitleyManmohan SinghRBI GovernorUrjit PatelViral Acharya
Share440TweetSend
Previous Post

Congress’ list in Madhya Pradesh epitomizes the ‘cracks’ within

Next Post

RSS, the soft target for sponsored fake news

Related Posts

Designing For Impact: Create Exceptional Small Businesses Marketing Materials
Business

Designing For Impact: Create Exceptional Small Businesses Marketing Materials

4 May 2025

Marketing can make or break a startup or small business. As a small business owner, you may worry that...

Things You Need to Consider Before Choosing an L&T Finance Two-wheeler Loan
Finance

Things You Need to Consider Before Choosing an L&T Finance Two-wheeler Loan

30 April 2025

Choosing the right loan for your two-wheeler is crucial. With a variety of options available, it’s important to understand...

Crypto Trading Signals Explained: A Comprehensive Guide
Finance

Crypto Trading Signals Explained: A Comprehensive Guide

28 April 2025

Crypto trading signals have become a cornerstone for many traders navigating the volatile world of cryptocurrency. These signals provide...

Load More

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms of use and Privacy Policy.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Currently Playing

Pakistan needs money from IMF to feed their people

Pakistan needs money from IMF to feed their people

00:15:20

Vacate PoK and more: Steps Pakistan needs to take to avoid Indian military action

00:06:36

Taking The Wire’s Propaganda Piece on VP to the Cleaners – Feat. Prof. Kapil Kumar

00:09:19

Rahul Gandhi Undermines India’s Electoral Integrity as Trump Applauds It

00:07:09

Why Pakistan army chief reminds two nation theory| what is the plan| Waqf Bill |Asim Munir| Jinnah

00:13:02
Facebook Twitter Instagram Youtube
tfipostTfipost.com
Right Wing | News Analysis | Indian Opinion
  • About us
  • Careers
  • Brand Partnerships
  • Terms of use
  • Privacy Policy
  • Sitemap

©2025 TFI Media Private Limited

No Result
View All Result
  • Premium
  • Politics
    • Analysis
    • Opinions
    • Trending
  • Economy
    • Business
    • Finance
  • Defense
    • Defence
    • Strategy
    • Weaponry
  • Geopolitics
    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
  • Knowledge
    • Culture
    • History
    • Indology
  • Law
  • Lounge
    • Books
    • Cinema
    • Food
    • Health
    • Sports
    • technology
    • Travel
    • Satire
TFIPOST हिन्दी
TFIPOST Global

©2025 TFI Media Private Limited