Will Rao join the FM in the walk-back hand-in-hand with each other? Subbarao, the former RBI governor fired some salvos as a parting gift to the current FM last Thursday. That it took him 5 years to take a broadside at the FM on the last working day of his career, shows how little spine the Central Banker had been left with.
More importantly, it brings to the open certain disturbing signs that were spoken off in hushed tones but are now visible in the open. The lobby of students who have read Economics at school and who now run what else-but the national media and newspapers lapped up Rao's speech. But who's responsibility was Rao alluding to when he raved and ranted over the North Block interference and pressures. The fact that he highlighted that RBI was manned by the over 50s tribe, which had no knowledge of financial markets and he himself came from the IAS with a bare-bone graduate degree and past designation as Finance Secretary shows how poorly the educated in this country are treated. There is a segment of jobless PhDs who seek pastures overseas and there is the graduate lobby that has to it's credit the achievement of having passed the IAS entrance exam but except for a 2-3 month training in Simla have not even the smithers of a professional knowledge. These are the people who run the nation's finances. Instead of taking jibes at the stubborn, stoic, sullen and arrogant FM the RBI Governor should have explained why having seen the Exports and CAD deteriorate for 3 years they did nothing and then destroyed all Debt funds overnight by raising interest rates by 4 per cent and limiting access to repo. Why did the central bank continue to push for banking licences when half of the private banks are available at 0.3 times book and the PSU set up is virtually bankrupt. The long march alone, that Rao was alluding to might not be limited to the FM. It may well be applied to Rao, when he thinks in hindsight-"not thank god there is an RBI", but "Why is there an RBI in place.". -- -- For Anything related with Stock market be Online at http://www.niftyviews.com/ Get free updates on your mobile phone. Sms "Join TSR " and send to 09223492234 FOR TRIAL STOCK/NIFTY/OPTION CALLS You received this message because you are subscribed to Google Group "STOCKRESEARCHER" group. To post to this group, send an email to [email protected] To unsubscribe email [email protected] for more info visit http://groups.google.com/group/STOCKRESEARCHER?hl=en-GB . This is Not a Spam Mail. Disclaimer :- "The opinions expressed by the members on this board are based on their individual experience and perceptions and to share information with other members with the best of intentions to help fellow members in investment decisions as equity investment is a risky venture." --- You received this message because you are subscribed to the Google Groups "TEAM STOCKRESEARCHERS" group. To unsubscribe from this group and stop receiving emails from it, send an email to [email protected]. For more options, visit https://groups.google.com/groups/opt_out.
