D. Subbarao’s (2008-11) yardstick for success will be this and it is unclear what one should make of a three-year term as opposed to a five-year one. Nor is it clear who might drive such reforms best — someone from North Block, an insider from RBI or a complete outsider. Once RBI is de-constructed, perhaps selection processes will become more transparent and one will have more answers than questions.
The writer is a noted economist
express@expressindia.com
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