Andy Mukherjee, Columnist

Don’t Cry for India? A Central Bank’s Lament

The deputy governor invoking Argentina betrays worsening discord between the monetary authority and the government.

October 29, 2018 at 6:48 AM UTC

Andy Mukherjee is a Bloomberg Opinion columnist covering industrial companies and financial services in Asia. Previously, he worked for Reuters, the Straits Times and Bloomberg News.

Sour note.
Photographer: Anindito Mukherjee/Bloomberg

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Long-simmering discord between the Indian central bank and the government is turning into a very public brawl. The timing couldn’t be more awful for markets.

In a hard-hitting speech Friday on central-bank independence, Reserve Bank of India Deputy Governor Viral Acharya startled his audience by invoking Argentina of 2010.