Now, allowing a inept RBI governor, who does not understand how much fire power to use, is a danger to any economy. Moreover, such recommendation to allow someone, whose track record of balancing the Inflation--growth conundrum is not so encouraging by the PM, is a pure case of favoritism.
Moreover, all the governors, do not seem to speak in one voice. While one says that inflation is the peg on which the interest rate cut would depend. The other says, there is room to cut rate. Huh!! This is the condition of the Apex Bank and its top office bearers. They themselves do not know, what to do or how much cloth to use for a man or a monkey!!
India never seems to learn from the neighbouring countries. There are already talks about China, that too much medicines to control the inflation, has already been used and is damaging hopes for an early rebound. It is to be noted that, inflation in China eased to a 29-month low of 2.2 percent in June. Does India want the same kind of hard landing?
Another jocker in the circus is Montek Singh Ahuluwalia. He is a like, the clapper boy in the street magic shows. He is best suited for saying, "Ha Ustad" or "Ha Hoga", etc. He had been talking of an 7-8% growth almost in the whole of FY12, but when it came below that, he found some issues to obfuscate the real problem. Mr.C. Rangarajan (or Chakravarthy Rangarajan) the former MP and Governor of the Reserve Bank of India and Currently, the Chairman of the Prime Minister's Economic Advisory Council is another one. I have never heard this person saying something extra-ordinary or something which shows his intelligence. The problem in India is what is shown in the movie, 3-Idiots. Here cramming and ramming masters are given fat government jobs, while the real intelligent ones either open their own enterprises or end up in good private sector companies.
To, speak the truth, after watching Mr.Jayram Ramesh, Dr.Bimal Jalan, Dr.Kaushik Basu, Dr.Omkar Goswami, Dr.Surjit Bhalla, and the likes, I find the present lot, to be best suited for my dust--bin.