India’s Central Bank Under Attack
So far, Reserve Bank of India Governor Urjit Patel has refused to cave in to government pressure for politically expedient but economically risky policy changes – a stance that has boosted the RBI's credibility. But that credibility could yet be destroyed if the government's attacks continue, especially if they lead to Patel's removal.
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ITHACA – Indian Prime Minister Narendra Modi’s government has launched an all-out political assault on the Reserve Bank of India, and the barrage of criticism is already taking a toll on the institution. This is an alarming development for India, because the RBI’s credibility and effectiveness have contributed substantially to macroeconomic and financial stability, thereby helping to sustain rapid GDP growth in recent years.