Policy Environment Shifting For The Better

INDIA - Report 04 Sep 2013 by Ila Patnaik and Ajay Shah

In recent months, a series of special reports have sketched the failures of economic policy formulation including at the Ministry of Finance and RBI. These failures have been particularly disappointing given that when P. Chidambaram returned to MoF, a sharp increase in competence was expected. With the benefit of hindsight, we see that the damage to the Ministry of Finance as an institution under his predecessor was not easily reversed. The difficulties peaked in the misguided defense of the rupee. This was not a battle that was worth picking; it was fought ineptly; the government lost. The...

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