The eternal dilemma that haunts central bankers ac
ross the globe is the choice between growth and inflation. The line that is drawn, goes on to reflecton the economic health of a nation in the long run. Alas, India seems to have drawn a line, which literally tears apart the possibility of growth, and most importantly, fair growth, across sectors and socio-economic classes...
What’s common between the infamous coach of the Indian cricket team, Greg Chappell, and the highly respected Governor of the Reserve Bank of India Y. V. Reddy? Both seem to be confusing Third World India as a First World powerhouse of performance. Chappell was convinced that ‘imposing’ an Australian coaching regime would transform Team India into world beaters. He failed miserably. Y. V. Reddy seems to think that imposing ‘American’ style monetary policy controls would tame inflation. There is a real danger of Reddy failing as spectacularly as Chappell. Chappell’s failure has enraged and inflamed cricket fans; but their wallets and livelihoods have not been affected. Reddy’s failure could have disastrous consequences for the economy.
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ross the globe is the choice between growth and inflation. The line that is drawn, goes on to reflecton the economic health of a nation in the long run. Alas, India seems to have drawn a line, which literally tears apart the possibility of growth, and most importantly, fair growth, across sectors and socio-economic classes...What’s common between the infamous coach of the Indian cricket team, Greg Chappell, and the highly respected Governor of the Reserve Bank of India Y. V. Reddy? Both seem to be confusing Third World India as a First World powerhouse of performance. Chappell was convinced that ‘imposing’ an Australian coaching regime would transform Team India into world beaters. He failed miserably. Y. V. Reddy seems to think that imposing ‘American’ style monetary policy controls would tame inflation. There is a real danger of Reddy failing as spectacularly as Chappell. Chappell’s failure has enraged and inflamed cricket fans; but their wallets and livelihoods have not been affected. Reddy’s failure could have disastrous consequences for the economy.
For Complete IIPM Article, Click on IIPM Article
Source : IIPM Editorial, 2007
An IIPM and Malaya Chaudhuri – Arindam Chaudhuri Initiative
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