TFIPOST हिन्दी
TFIPOST Global
Tfipost.com
Tfipost.com
No Result
View All Result
  • Premium
  • Politics
    • All
    • Analysis
    • Opinions
    • Trending
    Mamata's Misplaced Outrage: Bengal Burns While She Cries for Delhi

    Mamata’s Misplaced Outrage: Bengal Burns While She Cries for Delhi

    Pakistani Cousin Marriages Flood UK with Birth Defects

    Pakistani Cousin Marriages Flood UK with Birth Defects, 3% Community Blamed for 33% Cases

    Congress Infighting Continues: Karti Criticizes Siddaramaiah’s Chicken & Egg Rice Scheme for Stray Dogs

    Congress Infighting Continues: Karti Criticizes Siddaramaiah’s Chicken & Egg Rice Scheme for Stray Dogs

    Rajiv Gandhi's PMO was 'Den of Spies'

    Rajiv Gandhi’s PMO Was Infiltrated by Foreign Spies, Alleges BJP’s Nishikant Dubey

    • Analysis
    • Opinions
    • Trending
  • Economy
    • All
    • Business
    • Economy1
    • Finance
    Namibia Bets on Indian Tech: How UPI Will Revolutionise Its Economy and Boost India's Global Digital Clout

    Namibia Bets on Indian Tech: How UPI Will Revolutionise Its Economy and Boost India’s Global Digital Clout

    Opportunities for Youth in a Changing India

    Opportunities for Youth in a Changing India: Global Investment Expert Manu Seth Shares Insights

    Simple Legal Steps to Protect Your Brand in India

    Simple Legal Steps to Protect Your Brand in India

    Indian-Origin Tesla CFO Vaibhav Taneja Appointed Treasurer of Elon Musk’s 'America Party'

    Indian-Origin Tesla CFO Vaibhav Taneja Selected Treasurer of Elon Musk’s ‘America Party’

    • Business
    • Finance
  • Defense
    • All
    • Defence
    • Strategy
    • Weaponry
    4 Chinese Nationals Arrested for Spying on Rafale Jets in Greece

    4 Chinese Nationals Arrested for Spying on Rafale Jets in Greece

    Decoy That Changed the Game: How India's AI-Powered X-Guard Neutralised Pakistani Air Threats

    Rafale Decoy Confused Pakistan Jets During Operation Sindoor, Claims US Veteran Pilot

    India Successfully Tests Indigenous Anti-Submarine Rocket ERASR

    India Successfully Tests Indigenous Anti-Submarine Rocket ERASR, Boosting Navy’s Underwater Capabilities

    Gun-Making Racket Exposed in Aligarh: UP STF Arrests 3

    Gun-Making Factory Busted in Aligarh: UP STF Arrests 3

    • Defence
    • Strategy
    • Weaponry
  • Geopolitics
    • All
    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
    4 Chinese Nationals Arrested for Spying on Rafale Jets in Greece

    4 Chinese Nationals Arrested for Spying on Rafale Jets in Greece

    Russia’s Plan to Hire 1 Million Indian Workers in 2025: What It Means

    Russia’s Plan to Hire 1 Million Indian Workers in 2025: What It Means

    Modi's Vision Echoes in Namibia

    PM Modi Sets Record With 17th Parliament Speech Abroad, Applauded in Namibia

    We Share Borders With Tibet, Not China”: Khandu’s Sharp Reply

    Khandu’s Bold Message to China: Arunachal Belongs to India, Border Was With Tibet

    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
  • Knowledge
    • All
    • Culture
    • Education
    • History
    • Indology
    Tirumala Tirupati Devasthanams Suspends Senior Official for Attending Church Services

    Tirumala Tirupati Devasthanams Suspends Senior Official for Attending Church Services

    The Beginning of Devotion: History of the First Kanwar Yatra

    The Beginning of Devotion: History of the First Kanwar Yatra 

    Kanwar Yatra: UP Gears Up With Full-Scale Arrangements

    Kanwar Yatra: Four Devotional Paths, One Divine Destination

    char dham yatra suspended due to bad weather

    Uttarakhand Suspends Char Dham Yatra Due to Adverse Weather, Prioritizes Pilgrim Safety

    • Culture
    • History
    • Indology
  • Law
  • Lounge
    • All
    • Books
    • Cinema
    • Entertainment
    • Food
    • Games
    • Health
    • Lifestyle
    • Satire
    • Sports
    • technology
    • Travel
    Prakash Raj, Vijay Deverakonda among other Tollywood actors booked for promoting illegal betting apps

    Prakash Raj, Deverakonda, Rana Booked by ED in Betting Scam Case

    Try These 6 High-Protein Vrat-Friendly Foods to Stay Energised

    Fasting This Sawan 2025? Try These 6 High-Protein Vrat-Friendly Foods to Stay Energised

    say no to alcohol for 6 months

    How Quitting Alcohol for 6 Months Can Transform Your Health

    Mental Wellness Rituals to Stay Calm, Focused, and Balanced

    Mental Wellness Rituals to Stay Calm, Focused, and Balanced

    • Books
    • Cinema
    • Food
    • Health
    • Sports
    • technology
    • Travel
    • Satire
Tfipost.com
  • Premium
  • Politics
    • All
    • Analysis
    • Opinions
    • Trending
    Mamata's Misplaced Outrage: Bengal Burns While She Cries for Delhi

    Mamata’s Misplaced Outrage: Bengal Burns While She Cries for Delhi

    Pakistani Cousin Marriages Flood UK with Birth Defects

    Pakistani Cousin Marriages Flood UK with Birth Defects, 3% Community Blamed for 33% Cases

    Congress Infighting Continues: Karti Criticizes Siddaramaiah’s Chicken & Egg Rice Scheme for Stray Dogs

    Congress Infighting Continues: Karti Criticizes Siddaramaiah’s Chicken & Egg Rice Scheme for Stray Dogs

    Rajiv Gandhi's PMO was 'Den of Spies'

    Rajiv Gandhi’s PMO Was Infiltrated by Foreign Spies, Alleges BJP’s Nishikant Dubey

    • Analysis
    • Opinions
    • Trending
  • Economy
    • All
    • Business
    • Economy1
    • Finance
    Namibia Bets on Indian Tech: How UPI Will Revolutionise Its Economy and Boost India's Global Digital Clout

    Namibia Bets on Indian Tech: How UPI Will Revolutionise Its Economy and Boost India’s Global Digital Clout

    Opportunities for Youth in a Changing India

    Opportunities for Youth in a Changing India: Global Investment Expert Manu Seth Shares Insights

    Simple Legal Steps to Protect Your Brand in India

    Simple Legal Steps to Protect Your Brand in India

    Indian-Origin Tesla CFO Vaibhav Taneja Appointed Treasurer of Elon Musk’s 'America Party'

    Indian-Origin Tesla CFO Vaibhav Taneja Selected Treasurer of Elon Musk’s ‘America Party’

    • Business
    • Finance
  • Defense
    • All
    • Defence
    • Strategy
    • Weaponry
    4 Chinese Nationals Arrested for Spying on Rafale Jets in Greece

    4 Chinese Nationals Arrested for Spying on Rafale Jets in Greece

    Decoy That Changed the Game: How India's AI-Powered X-Guard Neutralised Pakistani Air Threats

    Rafale Decoy Confused Pakistan Jets During Operation Sindoor, Claims US Veteran Pilot

    India Successfully Tests Indigenous Anti-Submarine Rocket ERASR

    India Successfully Tests Indigenous Anti-Submarine Rocket ERASR, Boosting Navy’s Underwater Capabilities

    Gun-Making Racket Exposed in Aligarh: UP STF Arrests 3

    Gun-Making Factory Busted in Aligarh: UP STF Arrests 3

    • Defence
    • Strategy
    • Weaponry
  • Geopolitics
    • All
    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
    4 Chinese Nationals Arrested for Spying on Rafale Jets in Greece

    4 Chinese Nationals Arrested for Spying on Rafale Jets in Greece

    Russia’s Plan to Hire 1 Million Indian Workers in 2025: What It Means

    Russia’s Plan to Hire 1 Million Indian Workers in 2025: What It Means

    Modi's Vision Echoes in Namibia

    PM Modi Sets Record With 17th Parliament Speech Abroad, Applauded in Namibia

    We Share Borders With Tibet, Not China”: Khandu’s Sharp Reply

    Khandu’s Bold Message to China: Arunachal Belongs to India, Border Was With Tibet

    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
  • Knowledge
    • All
    • Culture
    • Education
    • History
    • Indology
    Tirumala Tirupati Devasthanams Suspends Senior Official for Attending Church Services

    Tirumala Tirupati Devasthanams Suspends Senior Official for Attending Church Services

    The Beginning of Devotion: History of the First Kanwar Yatra

    The Beginning of Devotion: History of the First Kanwar Yatra 

    Kanwar Yatra: UP Gears Up With Full-Scale Arrangements

    Kanwar Yatra: Four Devotional Paths, One Divine Destination

    char dham yatra suspended due to bad weather

    Uttarakhand Suspends Char Dham Yatra Due to Adverse Weather, Prioritizes Pilgrim Safety

    • Culture
    • History
    • Indology
  • Law
  • Lounge
    • All
    • Books
    • Cinema
    • Entertainment
    • Food
    • Games
    • Health
    • Lifestyle
    • Satire
    • Sports
    • technology
    • Travel
    Prakash Raj, Vijay Deverakonda among other Tollywood actors booked for promoting illegal betting apps

    Prakash Raj, Deverakonda, Rana Booked by ED in Betting Scam Case

    Try These 6 High-Protein Vrat-Friendly Foods to Stay Energised

    Fasting This Sawan 2025? Try These 6 High-Protein Vrat-Friendly Foods to Stay Energised

    say no to alcohol for 6 months

    How Quitting Alcohol for 6 Months Can Transform Your Health

    Mental Wellness Rituals to Stay Calm, Focused, and Balanced

    Mental Wellness Rituals to Stay Calm, Focused, and Balanced

    • 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 by 50 Basis Points to Boost Growth; Middle Class May Receive Loan Relief

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

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

Namibia Bets on Indian Tech: How UPI Will Revolutionise Its Economy and Boost India's Global Digital Clout
Analysis

Namibia Bets on Indian Tech: How UPI Will Revolutionise Its Economy and Boost India’s Global Digital Clout

10 July 2025

Namibia is poised to enter the next phase of its digital revolution by partnering with India to launch a...

Opportunities for Youth in a Changing India
Economy

Opportunities for Youth in a Changing India: Global Investment Expert Manu Seth Shares Insights

9 July 2025

While much of the world faces growing uncertainty- geopolitical tensions, economic sanctions, and social unrest; India is carving a...

Simple Legal Steps to Protect Your Brand in India
Business

Simple Legal Steps to Protect Your Brand in India

8 July 2025

Introduction A brand is not just a visual symbol - it refers to the belief in a business, credibility...

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

Hindu girl r@ped, burned with cigarettes and forced to convert to Islam

Hindu girl r@ped, burned with cigarettes and forced to convert to Islam

00:03:31

Delhi’s Trump Card: Kejriwal Wants a Nobel for Surviving Politics

00:05:03

Team B of DMK? The Truth About Actor Vijay’s Party

00:07:45

Rs 15,000 cr gone? Saif Ali Khan's crown crushed by enemy property law

00:04:40

Siddaramaiah Sparks Vaccine Theory to Hide Congress Chaos?

00:09:21
Facebook Twitter Instagram Youtube
tfipostTfipost.com
Right Wing | News Analysis | Indian Opinion
  • About us
  • Careers
  • Brand Partnerships
  • Terms of use
  • Privacy Policy
  • Sitemap
MASHABLE IS A GLOBAL, MULTI-PLATFORM MEDIA AND ENTERTAINMENT COMPANY. FOR MORE QUERIES AND NEWS, CONTACT US AT info@mashablepartners.com


©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