Holding RBI accountable

The time has come for accountability at the RBI. This institution makes decisions that affect the fortunes (lately misfortunes) of many Indians, rich and poor. By making its very predictable statement of no change in policy, on December 16, the RBI stands out alone in the entire world with its ultra-hawkish policy against inflation. This, when fear of very low growth and deflation is the problem facing most economies in the world, and India too — but the RBI does not seem to realise this. The real economy, when measured in terms of GDP, is growing at the lowest quarterly rate (July-September 2011) since the first quarter of 2004.

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