, Columnist
India’s Moving Fast and Breaking the Wrong Things
Government overreach has brought relations with the central bank to a low point, and that will hurt the country.
Patel: Under pressure.
Photographer: Dhiraj Singh/BloombergThis article is for subscribers only.
India’s government and the central bank have had disagreements, but the relationship has never looked so irretrievably broken as it does now.
Before the global financial crisis, the finance ministry saw the Reserve Bank of India as an incompetent regulator, one that managed the state-dominated banking industry by keeping it puny and primitive.