government has crossed the red line in recent times,
influenced in part by the mess its policies have created
and substantially by the need to win voter support
in the impending elections. This clearly is an area
where the RBIs willingness to stand up to the government's
demands needs appreciation, But these gestures should
not be treated as a spat in which the RBI is free
of blame and only the government is remiss. The central
bank too needs to shed its biased neoliberal perspective
and admit to responsibility for its past acts of commission
and omission that have also contributed to the current
mess in the economy.
This article was originally published in the Frontline
Print edition: December 7, 2018.