1. Rumblings Within The RBI
The announcement of a monetary policy committee to curtail inflation has had an earthquake-like impact on the Reserve Bank of India. While the composition of the committee is not known—though RBI governor Raghuram Rajan will be part of it —the word on Shahid Bhagat Singh Marg (the Mumbai headquarters of the 80-year-old central bank) is that RBI is being stripped of its autonomy. The mood is despondent amongst the 18,000-odd employees of RBI. “At this rate, we’ll end up being only a government department, an appendage of the finance ministry,” says a senior RBI officer, bemoaning the demotion of a “transparent institution that was working”.
2. Approaching Storm For Cigarette Firms
India will be the most...