Less transparency in economic policy

Abstract

Finance Ministry and Reserve Bank publications no longer explain in detail, the official view on the economy The monetary policy of June 2017 threw up an interesting development. The RBI Governor announced that members of the Monetary Policy Committee (MPC) had refused an invitation from the Ministry of Finance for a private briefing. Why was the ministry attempting to engage with the members of MPC? What did it want to share with the MPC which was not already available in the public domain? The answer probably is the official analysis of the data. Why was this analysis not put out in the public domain, but instead parcelled aside for sharing behind closed doors with a few elite policy makers? The fact of the matter is that there is no longer a robust communications policy; besides, there is inadequate economic research emanating from official and institutional sources. Read more at: https://www.thehindubusinessline.com/opinion/less-transparency-in-economic-policy/article9737569.ece