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<p id="1">This has been pointed out by former RBI governor and veteran policymaker C Rangarajan, who has also backed &ldquo;a spirit of dialogue and accommodation&rdquo; that must prevail between the two entities.</p>
<p id="2">&ldquo;As the developments in 2018 and 2019 have shown, the pressure of the government on the RBI can come on issues unrelated to monetary policy or even regulation,&rdquo; Rangarajan, who served as the central bank&rsquo;s governor from 1992-1997, says in his latest book &lsquo;Forks In The Road: My Days at RBI and Beyond&rsquo;.</p>
<p id="3">The government and the RBI were engaged in a bitter spat during this period, which ultimately led to the sudden resignation of the&nbsp;then governor Urjit Patel.</p>
<p>Rangarajan, who is one of&nbsp;the country&rsquo;s most respected policymakers, says it is not unreasonable to expect the government and the RBI to have differing views on monetary policy or regulation. &ldquo;But what is required is to demarcate in advance the areas in which each will have the final say. The new monetary policy framework is a good example,&rdquo; says the former RBI governor who has spent decades shaping policy in various capacities.</p>
<p id="6">Rangarajan, who was also&nbsp;the chairman of the Prime Minister&rsquo;s Economic Advisory Council (PMEAC) under Manmohan Singh, says Atmanirbhar should not result in pure import substitution. &ldquo;This is neither economically sound nor is it desirable. An open economy with some limitations is still the best route to follow,&rdquo; says Rangarajan.</p>
<p id="8">He also stressed on the need to focus on social cohesion and calm for promoting investments. &ldquo;Just as peace and harmony are needed globally for promoting international trade, it is equally true&nbsp;that domestically &lsquo;animal spirits&rsquo; favouring investment thrive only when there is social cohesion and calm. This is a non-economic factor that we should not ignore,&rdquo; says Rangarajan.</p>
<p id="10">The veteran also said the immediate focus of policymakers in India must be to raise the rate of growth of the economy. Stating that achievement of a $5-trillion economy is a good shortterm aspirational role, Rangarajan says this will take a minimum of five years of sustained 9% growth.</p>
<p id="11">&ldquo;Even then, at the end of it, India&rsquo;s per capita income will be only $3,472 and we will still be classified as a lower middle-income country. To be classified as a developed country, the per capita income will have to be at a much higher level and that will take more than two decades of strong growth to achieve it,&rdquo; says Rangarajan in his book.</p>
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Govt attempt to pressure RBI guv via board in '18-19 was unwise: Rangarajan

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