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Democratic institutions in a heterogeneous country like India will struggle to survive if the government openly aligns exclusively with one religious majority, say the columnists.
Around the world, the educated taxpaying professional classes are normally the ones who bring values and convictions to a country’s politics, and who have the most direct stake in questions of what government can and cannot do.
The government and the RBI have been fighting for weeks over how much autonomy the RBI should have.
The rupee crashed below the 72-mark to end at a life-low of 72.45 against the US dollar.
Rajan said for four years -- 2012 to 2016 -- India was growing at a faster pace before it was hit by two major headwinds.
Tensions between the two sides came to the fore last month after a scathing speech by a top RBI official blew the lid off a fractious dispute between the bank and the government.
The Finance Ministry remained silent on whether it invoked the powers provided under Section 7, which allows the government to issue directions to the RBI in public interest.
The first sign of difficulties in India is often seen in foreign exchange. So far compared to other emerging markets our exchange rate has stayed quite stable, presumably from some support of the RBI, says the former RBI chief.
Emphasising on the importance of government relief or support in the given scenario, he pointed out that it is 'meagre' so far.
'Slowdown has led to a large number of factories shutting down in Maharashtra. The state is hit by a grave economic crises, but the government seems obsessed with trying to fix blame,' said Singh.
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