Mah Choice

MANASI PHADKE | Updated on January 23, 2018


To choose to be different, to cut, or not to cut!

My repo, my CRR, my choice. Not to offer a rate cut, even if the corporate spirit roams unrevived.

My choice, to be size 7.5 per cent or size 4 per cent. They don’t have an optimum interest rate size, and they never will. To use CRR or the repo to trap inflation is to believe that you can halt the expansion of monsoon induced prices. Or capture growth in the palm of your hand.

Growth is caged, let it free. Interest rate is not, let it be. My choice. To cut or not to cut. To have a rate cut before policy review, out of review or not to review at all. My choice.

To cut temporarily, or to cut forever. My choice.

To use the CRR or the repo, or both. Remember, the cut is my choice. I am not your privilege. Capital account convertibility, setting up the Monetary Policy Review Committee, adding your inflation target to mine, they’re all ideas and can be replaced. My commitment to inflation control cannot, so treasure that.

My choice, to declare a review every month. Don’t be upset if I don’t do a review every month. Don’t be fooled if I give a review every week.

My choice, to support growth or not. To pick it up from 2 trillion dollars or not. So don’t get sassy. My inflation control might be your pain; my steadfast rates, your bane. My order, your anarchy. Your sins, my controls.

My choices are like my fingerprints. They make me unique.

I am the central bank of this country. I am the emerging market, not the globe. Wake up. Get out of the stagflation storm. I choose to empathise.

Never indifferent. I choose to be different.

I am currency. Infinite in every direction. This is my choice.

The writer is a Pune-based economist. This column looks at the funny side of the dismal science

Published on April 29, 2015

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