“THE RBI GOVERNOR HAS TO UNDERSTAND HIS ROLE, AND KNOW IT OCCASIONALLY ENTAILS WARNING OF MACROECONOMIC RISKS FROM GOVERNMENT ACTIONS OR SAYING ‘NO!’ FIRMLY”
There are still some things to do. Of course, structural reforms are ongoing. The government is engaged in bringing out a new bankruptcy code. There is goods and services tax on the anvil. But there is a lot of exciting stuff which is already happening. For example, just last week, I was fortunate to inaugurate a platform which allows mobile-to-mobile transfers from any bank account to any other bank account in the country. It is a public platform, so anybody can participate. It is not owned by any one company, unlike Apple Pay or Android Pay or whatever. I think it is the first of its kind. So technological developments are happening and making for a more, hopefully, reasonable life for a lot of people. Let’s see how it goes.
On any fair read of my entire answer, one would conclude that I was optimistic about India, not downplaying what was going on, even while recognising we had work to do. But social media went to town after plucking just the following words out of the answer: ‘We have this saying, “in the land of the blind, the one-eyed man is king.” We’re a little bit that way.’ A couple of ministers, fed this quote, commented adversely on what I said. I was finally fed up of the perhaps motivated search for controversy. So I picked the National Institute of Bank Management Convocation on 20 April 2016 to say the following, cautioning on euphoria and ending by emphasising once again the need for mutual respect and tolerance.