Sir,
Anjan Roy’s article “Ruling Power’s Battle with Central Bank on Interest Rate is common in many Countries” (April 27) rightly highlights the recurring tensions between Governments and central banks. Political leaders often seek quick fixes through softer monetary policies, overlooking long-term economic stability.
However, central banks, guided by technical expertise and data-driven insights, act as crucial safeguards against populist pressures. India’s experiences with governors like Raghuram Rajan, Urjit Patel, and now Shaktikanta Das show that when central bank autonomy is compromised, economic management risks become short-sighted.
Global examples, from the US to Turkey and Argentina, further reinforce that respecting central bank independence is not just tradition but economic necessity. Policy expediency must never override sound economic judgment.
Ajay Negi
Jammu
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