Tuesday, 4 October, 2022
Home50-Word EditWar in Karnataka BJP has affected governance. High command's silence a message...

War in Karnataka BJP has affected governance. High command’s silence a message for Yediyurappa

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Karnataka minister KS Eshwarappa’s complaint to the governor against CM BS Yediyurappa highlights the internecine war in BJP that has debilitated governance. Yediyurappa faces a crisis of credibility, with scandals defining his government and corruption cases returning to haunt him. BJP high command’s silence has a loud message for him.

By rolling back small savings rate cuts, Modi govt has damaged its image as a bold reformer

Modi government has greatly damaged its self-image and commitment to reform whatever the political risks. Holding back labour codes after farm laws means two boldest reforms are frozen. Now, by rolling back small savings rate cuts, it has behaved like any other government on election-eve, not a particularly strong one.

Modi govt retaining 2-6% inflation target is wise. RBI now must balance growth and inflation

Modi government’s decision to retain the 2-6% inflation target for RBI for five more years is wise. Flexible inflation targeting has worked well in its first five years and prevented high and volatile inflation. The task for RBI now is to ensure the right balance between growth and inflation control.

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  1. Viewed objectively, the honourable CMs of Karnataka, Punjab and Bihar have served their states with diligence and sincerity. They really have nothing left to prove. As happens on the Serengeti, the prides need to be led by new dominant males.

  2. The other side of the story is that India has practically no Social Security. In a greying society, where many households depend a lot on interest income, and with a long record of high inflation, savers should get a fair deal. An inflation indexed bank deposit would be a welcome financial instrument. Zeenat Aman used to say, Peace of mind is money in the bank. That was decades before the NPA crisis.

  3. Moderate inflation is one important attribute of a developed economy. In fact, it is the poor who get hurt the most by near double digit inflation. So it is good that the reasonable target of four per cent retail inflation has been set as a mandate for the RBI. That allows an interest rate regime which supports growth in a sustainable manner. The government could complete its own immense borrowing programme in the year of the pandemic at a weighted average cost of about 5.5%. 2. Inflation is making a comeback due to the fiscal support many governments – not so much ours – are providing to households and businesses. The RBI would be fully alive to the risks. When there is a serious trade off, its Dharma should incline it to prioritise fighting inflation over goosing up growth.

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