RBI was completely blindsided on GDP numbers, forcing it to pare FY20 growth forecast by 0.8% points. RBI is also battling concerns that its regulatory supervision is lax after PMC Bank crisis. Central bank of one of the world’s largest economies must do better to retain people’s trust in it.
5 recusals in Gautam Navlakha case deserves an explanation from the judges
Judges are bound to avoid conflict of interest but five recusals in a single case deserve to be justified. The Gautam Navlakha case recusals are a fresh blow to judicial transparency after episodes of sealed envelopes and controversial transfers. The judges should explain their decision, not feed the judicial grapevine.
Bombay HC’s decision to allow felling of trees is the right one. Mumbai needs the Metro
The Bombay High Court’s dismissal of petitions to stop felling of 2,600 trees of Aarey Colony is the right call, and taken quickly. Because, Mumbai needs better infrastructure and much of the Metro has already been built — with clearances from the NGT, environment ministry, high court and the Supreme Court.
Loss of green cover is not good news. Mumbai badly needs better infrastructure and environment-friendly and safe means of transport such as Metro. However, the selection of Aarey colony as a site for Metro car shed is a decision which can be debated. The Aarey colony case has brought into spotlight the ‘classic’ development-environment trade-off. The answers are not easy. One can only hope that efficient and successful implementation of the Metro project in the city neutralizes the damage done at Aarey in the long run.
One does not know how the reserves of the RBI are meant – statutorily – to be used. Presumably, to hand out umbrellas on a rainy day. Suppose in this case, the cooperative bank needs an immediate bailout of 5,000 crores, to be disbursed to its panic stricken depositors, and that it holds matching assets that can be realised with a time gap. If the RBI had not written out a cheque for 1.676 trillion, that would have been easier to do. Itna bada banking system hai, pahaad jitne NPAs hain, how could any reasonable person ever say the RBI has “ too much of reserves “ …
How could the RBI have been “ blindsided “ by something that was blowin’ in the wind, for at least three years now ? The uncharitable inference some are drawing is that it was deferring the bad news till the election was over. It is not just on cutting rates, whose futility has been noted today by Dalal Street. There is no longer any respectable distance between Delhi and Bombay. What one desires, the other delivers. By pure telepathy, no invocation of Section 7. Not good for the economy.
The bar for environmental clearances / concerns of citizens being addressed has to be set very high. Occasionally, a project of singular national importance like the Navi Mumbai airport justifies major relaxations. However, the mere fact that a development is a government project – like the Coastal Road – should not entitle it to matter of course exemptions. 2. In this case, the citizens of Bombay have made their voices heard, placed their concerns on record. That should continue.