By giving important organisational positions to her brother and nephew, BSP chief Mayawati has put in place a succession plan. But she has mocked voters’ repeated expression of their dislike for and distrust in dynastic parties. It’s advantage BJP because opposition parties refuse to read the writing on the wall.
Viral Acharya’s exit is worrying. Govt must ensure RBI independence amid fears of fiscal slippage
RBI Deputy Governor Viral Acharya’s resignation, within six months of Governor Urjit Patel’s exit, once again raises the question of the central bank’s autonomy. The government should ensure the financial and operational independence of the RBI, especially amid fears of a looming financial crisis and fiscal slippage in the Budget.
After watching today’s excellent edition of Government Matters. The next big issue is on the RBI’s reserves. If these are used to fill up a hole in the fisc, one year or eighteen months later – depending on how much is hoovered out – the stress will re-emerge. Meaning no disrespect, but when a Committee is constituted, its recommendations are broadly along expected lines. With normal safeguards in terms of autonomy and healthy, constructive disagreements no longer in force, the compulsion to act with greater forethought in fact increases.
Oil is edging up to $ 66. It could get worse if things break down with Iran. Global investors are no longer enamoured of India. Despite wearing stilettos, the Governor himself is acknowledging that the economy is losing steam. At such a time, the economic team needs stars. People with global reputations. We may be underestimating the challenges that lie ahead.
Succession plans, especially for one (wo)man regional parties, need to be endorsed by the electorate. The AIADMK has not weathered the transition to a post Jayalalithaa era well. It has won one Lok Sabha seat despite being in power in the state. Its own survival – without even winning the customary vote of confidence – owes much to the kindness of Delhi. So it does seem a little presumptuous to nominate two close relatives – with the charisma of a door knob – to positions of prominence. The more cynically inclined would question what there is to succeed to, beyond the family fortune.