No, not to you
The bureaucratic tribe or the serving tribe to the
government and its institution are supposed to be yes boys. Their reply to the
political bosses must be in affirmative mode at least it must sound affirmative.
Reply in no to the political boss means closing your own way ahead. So an
incumbent official to the institution are not only suppose to work with
positive attitude and passion they are also suppose to reply in positive nod.
Officials are always at their toe when it comes to draft
the business rule which directly acknowledge the view of political executive
i.e. the (Government). In this regard they the officials are in dilemma throughout
their tenure of service, and when it comes to governor of RBI it become much
complicated. Besides maintaining the sovereignty of respective institution and
chair which the RBI governor holds they also have to uphold the economic
promises made by the government. Though the entire economic activity is the
collective business of duos (RBI & Government) but both are contrary to
each other in their dealings. In one hand government has to appease the
spontaneous outburst of public, coming out of inflation or some other economic
crisis but in other hand RBI being the custodian of economy always looks upon
long term economic stability as its prime business.
The newly appointed 24TH RBI governor Urjit
Patel has to face more dynamic situation than his predecessor Raghuram Rajan.
When Raghuram Rajan came in office his prime target was to bring down the
inflation rate and to provide economic stability despite all odds in which he
succeeded to greater extent in a time bound period. Rajan is only second
governor after 1990 to hold office for just three years. Though there in nothing
new in it in a multi party political system. But the certain bench mark which
Rajan sat in his working style will definitely create issue. He throughout his
tenure has been known for working without any pressure and political
consideration, from time to time we have seen visionary conflict between him
and government and he always remains firm to his attitude at least in public
gaze.
Politically the incumbent government was in its early
days during Rajan’s tenure so it was in position to negotiate with certain pro
public and pro industrialist approach but with the new governor the government
of the day has to face next Loksabha election i.e. government has to show its
report card to the common people who have not much to do with foreign policy
and economic relation with SAARC, ASEAN and so on. Common people only
acknowledge the development which they observe at ground and next time they
will not vote for Gujarat model of development they will vote for their
indigenous development.
Government too has changed its step, now it play deciding
role among RBI think tank which was not so during Rajan’s period. Passing of
GST proved big success for government but its implementation from next
financial year would be a greater question as the experiences globally shows
the gestation period of GST is long and in beginning it shows rise in inflation
rate and by that time next general election will be in hand too. Obviously the
government too is aware of fact but the upcoming time for new RBI governor is
not as rosy as it seems. Will Urjit Patel say no to government at policy end
and succeed in maintaining sovereignty which Rajan dare to say and maintained.
Because any downfall in economy will not only question government policy but
also question Patel’s appointment it is mainly because of manner in which Rajan
left the office and personal criticism of him by top brass of BJP though PM
himself take cognizance of it but it was little bit late and damage has already
been done.