Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 73
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::printArticle() - APP/Controller/ArtileDetailController.php, line 73
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 74
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::printArticle() - APP/Controller/ArtileDetailController.php, line 74
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 88
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Code Context
            if (Configure::read('debug')) {

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-Newsclick.in&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;The Modi government has been trying to cut the RBI down to size for quite some time.&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
The Modi government&amp;rsquo;s penchant for subverting institutions has now extended to the Central Bank of the country. Not content with eliminating the Planning Commission; decimating the finest universities in India; crippling the premier public sector unit of the country, the ONGC, by interfering in its decision making; bringing the nationalised banks to grief by nudging them into sanctioning dubious loans; making a mockery of the Central Bureau of Investigation through crony appointments; and destroying the statistical system built up diligently by P C Mahalanobis which was the envy of&amp;nbsp; countries across the world; it has now turned its attention to the Reserve Bank of India.&lt;br /&gt;
&lt;br /&gt;
The Modi government has been trying to cut the RBI down to size for quite some time. When Raghuram Rajan was, for all practical purposes, shown the door, his more accommodative successor not only was not allowed to have a say on the question of demonetisation, but was not even allowed to announce the measure, as his responsibility demanded; instead, Modi jumped in to make the announcement after a cabinet meeting hurriedly summoned a few hours earlier for rubber-stamping it. But even accommodativeness has its limits, as became clear when after much procrastination the Reserve Bank of India finally revealed the fact that virtually the entire demonetised cash had returned to the banking system, thus exposing the utter hollowness of the government&amp;rsquo;s claim that the measure had crippled the black economy. Besides, the matter does not relate to just one RBI governor; the idea is to bring the institution to its knees.&lt;br /&gt;
&lt;br /&gt;
We should beware of not getting trapped into a false dichotomy here. The World Bank and the IMF have always been demanding that in every country the Central Bank should be made &amp;ldquo;autonomous&amp;rdquo;, which basically means that it should be taken out of the jurisdiction of the country concerned and be handed over to Fund-Bank employees, or ex-employees, to run, so that it can fully serve the interests of international finance capital. Such a demand for &amp;ldquo;autonomy&amp;rdquo; has always been fiercely resisted by the Left and democratic movement, not only in our country but all over the world, for it amounts to an abridgement of what remains of national sovereignty in order to suit the needs of international finance capital.&lt;br /&gt;
&lt;br /&gt;
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The Modi government has been trying to cut the RBI down to size for quite some time.

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&lt;br /&gt;
We should beware of not getting trapped into a false dichotomy here. The World Bank and the IMF have always been demanding that in every country the Central Bank should be made &amp;ldquo;autonomous&amp;rdquo;, which basically means that it should be taken out of the jurisdiction of the country concerned and be handed over to Fund-Bank employees, or ex-employees, to run, so that it can fully serve the interests of international finance capital. Such a demand for &amp;ldquo;autonomy&amp;rdquo; has always been fiercely resisted by the Left and democratic movement, not only in our country but all over the world, for it amounts to an abridgement of what remains of national sovereignty in order to suit the needs of international finance capital.&lt;br /&gt;
&lt;br /&gt;
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The Modi government has been trying to cut the RBI down to size for quite some time.

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The Modi government has been trying to cut the RBI down to size for quite some time.

The Modi government&rsquo;s penchant for subverting institutions has now extended to the Central Bank of the country. Not content with eliminating the Planning Commission;..."/>
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                <strong>Subverting the Central Bank -Prabhat Patnaik</strong></h1>
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                <div align="justify">-Newsclick.in<br /><br /><em>The Modi government has been trying to cut the RBI down to size for quite some time.<br /></em><br />The Modi government&rsquo;s penchant for subverting institutions has now extended to the Central Bank of the country. Not content with eliminating the Planning Commission; decimating the finest universities in India; crippling the premier public sector unit of the country, the ONGC, by interfering in its decision making; bringing the nationalised banks to grief by nudging them into sanctioning dubious loans; making a mockery of the Central Bureau of Investigation through crony appointments; and destroying the statistical system built up diligently by P C Mahalanobis which was the envy of&nbsp; countries across the world; it has now turned its attention to the Reserve Bank of India.<br /><br />The Modi government has been trying to cut the RBI down to size for quite some time. When Raghuram Rajan was, for all practical purposes, shown the door, his more accommodative successor not only was not allowed to have a say on the question of demonetisation, but was not even allowed to announce the measure, as his responsibility demanded; instead, Modi jumped in to make the announcement after a cabinet meeting hurriedly summoned a few hours earlier for rubber-stamping it. But even accommodativeness has its limits, as became clear when after much procrastination the Reserve Bank of India finally revealed the fact that virtually the entire demonetised cash had returned to the banking system, thus exposing the utter hollowness of the government&rsquo;s claim that the measure had crippled the black economy. Besides, the matter does not relate to just one RBI governor; the idea is to bring the institution to its knees.<br /><br />We should beware of not getting trapped into a false dichotomy here. The World Bank and the IMF have always been demanding that in every country the Central Bank should be made &ldquo;autonomous&rdquo;, which basically means that it should be taken out of the jurisdiction of the country concerned and be handed over to Fund-Bank employees, or ex-employees, to run, so that it can fully serve the interests of international finance capital. Such a demand for &ldquo;autonomy&rdquo; has always been fiercely resisted by the Left and democratic movement, not only in our country but all over the world, for it amounts to an abridgement of what remains of national sovereignty in order to suit the needs of international finance capital.<br /><br />Please <a href="https://www.newsclick.in/subverting-central-bank?fbclid=IwAR2rJPs55QTby20mLBkmplG66nFKHzzmSRQ7AXdcI_OJ3Lvxso1AsS86v1E" title="https://www.newsclick.in/subverting-central-bank?fbclid=IwAR2rJPs55QTby20mLBkmplG66nFKHzzmSRQ7AXdcI_OJ3Lvxso1AsS86v1E">click here</a> to read more. <br /></div>               </font>
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    <link rel="canonical" href="https://im4change.in/<pre class="cake-error"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr6801e364ee87d-trace').style.display = (document.getElementById('cakeErr6801e364ee87d-trace').style.display == 'none' ? '' : 'none');"><b>Notice</b> (8)</a>: Undefined variable: urlPrefix [<b>APP/Template/Layout/printlayout.ctp</b>, line <b>8</b>]<div id="cakeErr6801e364ee87d-trace" class="cake-stack-trace" style="display: none;"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr6801e364ee87d-code').style.display = (document.getElementById('cakeErr6801e364ee87d-code').style.display == 'none' ? '' : 'none')">Code</a> <a href="javascript:void(0);" onclick="document.getElementById('cakeErr6801e364ee87d-context').style.display = (document.getElementById('cakeErr6801e364ee87d-context').style.display == 'none' ? '' : 'none')">Context</a><pre id="cakeErr6801e364ee87d-code" class="cake-code-dump" style="display: none;"><code><span style="color: #000000"><span style="color: #0000BB"></span><span style="color: #007700">&lt;</span><span style="color: #0000BB">head</span><span style="color: #007700">&gt;
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-Newsclick.in&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;The Modi government has been trying to cut the RBI down to size for quite some time.&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
The Modi government&amp;rsquo;s penchant for subverting institutions has now extended to the Central Bank of the country. Not content with eliminating the Planning Commission; decimating the finest universities in India; crippling the premier public sector unit of the country, the ONGC, by interfering in its decision making; bringing the nationalised banks to grief by nudging them into sanctioning dubious loans; making a mockery of the Central Bureau of Investigation through crony appointments; and destroying the statistical system built up diligently by P C Mahalanobis which was the envy of&amp;nbsp; countries across the world; it has now turned its attention to the Reserve Bank of India.&lt;br /&gt;
&lt;br /&gt;
The Modi government has been trying to cut the RBI down to size for quite some time. When Raghuram Rajan was, for all practical purposes, shown the door, his more accommodative successor not only was not allowed to have a say on the question of demonetisation, but was not even allowed to announce the measure, as his responsibility demanded; instead, Modi jumped in to make the announcement after a cabinet meeting hurriedly summoned a few hours earlier for rubber-stamping it. But even accommodativeness has its limits, as became clear when after much procrastination the Reserve Bank of India finally revealed the fact that virtually the entire demonetised cash had returned to the banking system, thus exposing the utter hollowness of the government&amp;rsquo;s claim that the measure had crippled the black economy. Besides, the matter does not relate to just one RBI governor; the idea is to bring the institution to its knees.&lt;br /&gt;
&lt;br /&gt;
We should beware of not getting trapped into a false dichotomy here. The World Bank and the IMF have always been demanding that in every country the Central Bank should be made &amp;ldquo;autonomous&amp;rdquo;, which basically means that it should be taken out of the jurisdiction of the country concerned and be handed over to Fund-Bank employees, or ex-employees, to run, so that it can fully serve the interests of international finance capital. Such a demand for &amp;ldquo;autonomy&amp;rdquo; has always been fiercely resisted by the Left and democratic movement, not only in our country but all over the world, for it amounts to an abridgement of what remains of national sovereignty in order to suit the needs of international finance capital.&lt;br /&gt;
&lt;br /&gt;
Please &lt;a href=&quot;https://www.newsclick.in/subverting-central-bank?fbclid=IwAR2rJPs55QTby20mLBkmplG66nFKHzzmSRQ7AXdcI_OJ3Lvxso1AsS86v1E&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;
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The Modi government has been trying to cut the RBI down to size for quite some time.

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&lt;em&gt;The Modi government has been trying to cut the RBI down to size for quite some time.&lt;br /&gt;
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The Modi government&amp;rsquo;s penchant for subverting institutions has now extended to the Central Bank of the country. Not content with eliminating the Planning Commission; decimating the finest universities in India; crippling the premier public sector unit of the country, the ONGC, by interfering in its decision making; bringing the nationalised banks to grief by nudging them into sanctioning dubious loans; making a mockery of the Central Bureau of Investigation through crony appointments; and destroying the statistical system built up diligently by P C Mahalanobis which was the envy of&amp;nbsp; countries across the world; it has now turned its attention to the Reserve Bank of India.&lt;br /&gt;
&lt;br /&gt;
The Modi government has been trying to cut the RBI down to size for quite some time. When Raghuram Rajan was, for all practical purposes, shown the door, his more accommodative successor not only was not allowed to have a say on the question of demonetisation, but was not even allowed to announce the measure, as his responsibility demanded; instead, Modi jumped in to make the announcement after a cabinet meeting hurriedly summoned a few hours earlier for rubber-stamping it. But even accommodativeness has its limits, as became clear when after much procrastination the Reserve Bank of India finally revealed the fact that virtually the entire demonetised cash had returned to the banking system, thus exposing the utter hollowness of the government&amp;rsquo;s claim that the measure had crippled the black economy. Besides, the matter does not relate to just one RBI governor; the idea is to bring the institution to its knees.&lt;br /&gt;
&lt;br /&gt;
We should beware of not getting trapped into a false dichotomy here. The World Bank and the IMF have always been demanding that in every country the Central Bank should be made &amp;ldquo;autonomous&amp;rdquo;, which basically means that it should be taken out of the jurisdiction of the country concerned and be handed over to Fund-Bank employees, or ex-employees, to run, so that it can fully serve the interests of international finance capital. Such a demand for &amp;ldquo;autonomy&amp;rdquo; has always been fiercely resisted by the Left and democratic movement, not only in our country but all over the world, for it amounts to an abridgement of what remains of national sovereignty in order to suit the needs of international finance capital.&lt;br /&gt;
&lt;br /&gt;
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The Modi government has been trying to cut the RBI down to size for quite some time.

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The Modi government has been trying to cut the RBI down to size for quite some time.

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                <strong>Subverting the Central Bank -Prabhat Patnaik</strong></h1>
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                <div align="justify">-Newsclick.in<br /><br /><em>The Modi government has been trying to cut the RBI down to size for quite some time.<br /></em><br />The Modi government&rsquo;s penchant for subverting institutions has now extended to the Central Bank of the country. Not content with eliminating the Planning Commission; decimating the finest universities in India; crippling the premier public sector unit of the country, the ONGC, by interfering in its decision making; bringing the nationalised banks to grief by nudging them into sanctioning dubious loans; making a mockery of the Central Bureau of Investigation through crony appointments; and destroying the statistical system built up diligently by P C Mahalanobis which was the envy of&nbsp; countries across the world; it has now turned its attention to the Reserve Bank of India.<br /><br />The Modi government has been trying to cut the RBI down to size for quite some time. When Raghuram Rajan was, for all practical purposes, shown the door, his more accommodative successor not only was not allowed to have a say on the question of demonetisation, but was not even allowed to announce the measure, as his responsibility demanded; instead, Modi jumped in to make the announcement after a cabinet meeting hurriedly summoned a few hours earlier for rubber-stamping it. But even accommodativeness has its limits, as became clear when after much procrastination the Reserve Bank of India finally revealed the fact that virtually the entire demonetised cash had returned to the banking system, thus exposing the utter hollowness of the government&rsquo;s claim that the measure had crippled the black economy. Besides, the matter does not relate to just one RBI governor; the idea is to bring the institution to its knees.<br /><br />We should beware of not getting trapped into a false dichotomy here. The World Bank and the IMF have always been demanding that in every country the Central Bank should be made &ldquo;autonomous&rdquo;, which basically means that it should be taken out of the jurisdiction of the country concerned and be handed over to Fund-Bank employees, or ex-employees, to run, so that it can fully serve the interests of international finance capital. Such a demand for &ldquo;autonomy&rdquo; has always been fiercely resisted by the Left and democratic movement, not only in our country but all over the world, for it amounts to an abridgement of what remains of national sovereignty in order to suit the needs of international finance capital.<br /><br />Please <a href="https://www.newsclick.in/subverting-central-bank?fbclid=IwAR2rJPs55QTby20mLBkmplG66nFKHzzmSRQ7AXdcI_OJ3Lvxso1AsS86v1E" title="https://www.newsclick.in/subverting-central-bank?fbclid=IwAR2rJPs55QTby20mLBkmplG66nFKHzzmSRQ7AXdcI_OJ3Lvxso1AsS86v1E">click here</a> to read more. <br /></div>               </font>
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&lt;em&gt;The Modi government has been trying to cut the RBI down to size for quite some time.&lt;br /&gt;
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The Modi government&amp;rsquo;s penchant for subverting institutions has now extended to the Central Bank of the country. Not content with eliminating the Planning Commission; decimating the finest universities in India; crippling the premier public sector unit of the country, the ONGC, by interfering in its decision making; bringing the nationalised banks to grief by nudging them into sanctioning dubious loans; making a mockery of the Central Bureau of Investigation through crony appointments; and destroying the statistical system built up diligently by P C Mahalanobis which was the envy of&amp;nbsp; countries across the world; it has now turned its attention to the Reserve Bank of India.&lt;br /&gt;
&lt;br /&gt;
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&lt;br /&gt;
We should beware of not getting trapped into a false dichotomy here. The World Bank and the IMF have always been demanding that in every country the Central Bank should be made &amp;ldquo;autonomous&amp;rdquo;, which basically means that it should be taken out of the jurisdiction of the country concerned and be handed over to Fund-Bank employees, or ex-employees, to run, so that it can fully serve the interests of international finance capital. Such a demand for &amp;ldquo;autonomy&amp;rdquo; has always been fiercely resisted by the Left and democratic movement, not only in our country but all over the world, for it amounts to an abridgement of what remains of national sovereignty in order to suit the needs of international finance capital.&lt;br /&gt;
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&lt;em&gt;The Modi government has been trying to cut the RBI down to size for quite some time.&lt;br /&gt;
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The Modi government&amp;rsquo;s penchant for subverting institutions has now extended to the Central Bank of the country. Not content with eliminating the Planning Commission; decimating the finest universities in India; crippling the premier public sector unit of the country, the ONGC, by interfering in its decision making; bringing the nationalised banks to grief by nudging them into sanctioning dubious loans; making a mockery of the Central Bureau of Investigation through crony appointments; and destroying the statistical system built up diligently by P C Mahalanobis which was the envy of&amp;nbsp; countries across the world; it has now turned its attention to the Reserve Bank of India.&lt;br /&gt;
&lt;br /&gt;
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&lt;br /&gt;
We should beware of not getting trapped into a false dichotomy here. The World Bank and the IMF have always been demanding that in every country the Central Bank should be made &amp;ldquo;autonomous&amp;rdquo;, which basically means that it should be taken out of the jurisdiction of the country concerned and be handed over to Fund-Bank employees, or ex-employees, to run, so that it can fully serve the interests of international finance capital. Such a demand for &amp;ldquo;autonomy&amp;rdquo; has always been fiercely resisted by the Left and democratic movement, not only in our country but all over the world, for it amounts to an abridgement of what remains of national sovereignty in order to suit the needs of international finance capital.&lt;br /&gt;
&lt;br /&gt;
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The Modi government has been trying to cut the RBI down to size for quite some time.

The Modi government&amp;rsquo;s penchant for subverting institutions has now extended to the Central Bank of the country. Not content with eliminating the Planning Commission;...&#039;
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                <strong>Subverting the Central Bank -Prabhat Patnaik</strong></h1>
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                <div align="justify">-Newsclick.in<br /><br /><em>The Modi government has been trying to cut the RBI down to size for quite some time.<br /></em><br />The Modi government&rsquo;s penchant for subverting institutions has now extended to the Central Bank of the country. Not content with eliminating the Planning Commission; decimating the finest universities in India; crippling the premier public sector unit of the country, the ONGC, by interfering in its decision making; bringing the nationalised banks to grief by nudging them into sanctioning dubious loans; making a mockery of the Central Bureau of Investigation through crony appointments; and destroying the statistical system built up diligently by P C Mahalanobis which was the envy of&nbsp; countries across the world; it has now turned its attention to the Reserve Bank of India.<br /><br />The Modi government has been trying to cut the RBI down to size for quite some time. When Raghuram Rajan was, for all practical purposes, shown the door, his more accommodative successor not only was not allowed to have a say on the question of demonetisation, but was not even allowed to announce the measure, as his responsibility demanded; instead, Modi jumped in to make the announcement after a cabinet meeting hurriedly summoned a few hours earlier for rubber-stamping it. But even accommodativeness has its limits, as became clear when after much procrastination the Reserve Bank of India finally revealed the fact that virtually the entire demonetised cash had returned to the banking system, thus exposing the utter hollowness of the government&rsquo;s claim that the measure had crippled the black economy. Besides, the matter does not relate to just one RBI governor; the idea is to bring the institution to its knees.<br /><br />We should beware of not getting trapped into a false dichotomy here. The World Bank and the IMF have always been demanding that in every country the Central Bank should be made &ldquo;autonomous&rdquo;, which basically means that it should be taken out of the jurisdiction of the country concerned and be handed over to Fund-Bank employees, or ex-employees, to run, so that it can fully serve the interests of international finance capital. Such a demand for &ldquo;autonomy&rdquo; has always been fiercely resisted by the Left and democratic movement, not only in our country but all over the world, for it amounts to an abridgement of what remains of national sovereignty in order to suit the needs of international finance capital.<br /><br />Please <a href="https://www.newsclick.in/subverting-central-bank?fbclid=IwAR2rJPs55QTby20mLBkmplG66nFKHzzmSRQ7AXdcI_OJ3Lvxso1AsS86v1E" title="https://www.newsclick.in/subverting-central-bank?fbclid=IwAR2rJPs55QTby20mLBkmplG66nFKHzzmSRQ7AXdcI_OJ3Lvxso1AsS86v1E">click here</a> to read more. <br /></div>               </font>
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-Newsclick.in<br />
<br />
<em>The Modi government has been trying to cut the RBI down to size for quite some time.<br />
</em><br />
The Modi government&rsquo;s penchant for subverting institutions has now extended to the Central Bank of the country. Not content with eliminating the Planning Commission; decimating the finest universities in India; crippling the premier public sector unit of the country, the ONGC, by interfering in its decision making; bringing the nationalised banks to grief by nudging them into sanctioning dubious loans; making a mockery of the Central Bureau of Investigation through crony appointments; and destroying the statistical system built up diligently by P C Mahalanobis which was the envy of&nbsp; countries across the world; it has now turned its attention to the Reserve Bank of India.<br />
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<br />
We should beware of not getting trapped into a false dichotomy here. The World Bank and the IMF have always been demanding that in every country the Central Bank should be made &ldquo;autonomous&rdquo;, which basically means that it should be taken out of the jurisdiction of the country concerned and be handed over to Fund-Bank employees, or ex-employees, to run, so that it can fully serve the interests of international finance capital. Such a demand for &ldquo;autonomy&rdquo; has always been fiercely resisted by the Left and democratic movement, not only in our country but all over the world, for it amounts to an abridgement of what remains of national sovereignty in order to suit the needs of international finance capital.<br />
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<em>The Modi government has been trying to cut the RBI down to size for quite some time.<br />
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The Modi government&rsquo;s penchant for subverting institutions has now extended to the Central Bank of the country. Not content with eliminating the Planning Commission; decimating the finest universities in India; crippling the premier public sector unit of the country, the ONGC, by interfering in its decision making; bringing the nationalised banks to grief by nudging them into sanctioning dubious loans; making a mockery of the Central Bureau of Investigation through crony appointments; and destroying the statistical system built up diligently by P C Mahalanobis which was the envy of&nbsp; countries across the world; it has now turned its attention to the Reserve Bank of India.<br />
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The Modi government has been trying to cut the RBI down to size for quite some time. When Raghuram Rajan was, for all practical purposes, shown the door, his more accommodative successor not only was not allowed to have a say on the question of demonetisation, but was not even allowed to announce the measure, as his responsibility demanded; instead, Modi jumped in to make the announcement after a cabinet meeting hurriedly summoned a few hours earlier for rubber-stamping it. But even accommodativeness has its limits, as became clear when after much procrastination the Reserve Bank of India finally revealed the fact that virtually the entire demonetised cash had returned to the banking system, thus exposing the utter hollowness of the government&rsquo;s claim that the measure had crippled the black economy. Besides, the matter does not relate to just one RBI governor; the idea is to bring the institution to its knees.<br />
<br />
We should beware of not getting trapped into a false dichotomy here. The World Bank and the IMF have always been demanding that in every country the Central Bank should be made &ldquo;autonomous&rdquo;, which basically means that it should be taken out of the jurisdiction of the country concerned and be handed over to Fund-Bank employees, or ex-employees, to run, so that it can fully serve the interests of international finance capital. Such a demand for &ldquo;autonomy&rdquo; has always been fiercely resisted by the Left and democratic movement, not only in our country but all over the world, for it amounts to an abridgement of what remains of national sovereignty in order to suit the needs of international finance capital.<br />
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The Modi government has been trying to cut the RBI down to size for quite some time.

The Modi government&rsquo;s penchant for subverting institutions has now extended to the Central Bank of the country. Not content with eliminating the Planning Commission;...'
$disp = '<div align="justify">-Newsclick.in<br /><br /><em>The Modi government has been trying to cut the RBI down to size for quite some time.<br /></em><br />The Modi government&rsquo;s penchant for subverting institutions has now extended to the Central Bank of the country. Not content with eliminating the Planning Commission; decimating the finest universities in India; crippling the premier public sector unit of the country, the ONGC, by interfering in its decision making; bringing the nationalised banks to grief by nudging them into sanctioning dubious loans; making a mockery of the Central Bureau of Investigation through crony appointments; and destroying the statistical system built up diligently by P C Mahalanobis which was the envy of&nbsp; countries across the world; it has now turned its attention to the Reserve Bank of India.<br /><br />The Modi government has been trying to cut the RBI down to size for quite some time. When Raghuram Rajan was, for all practical purposes, shown the door, his more accommodative successor not only was not allowed to have a say on the question of demonetisation, but was not even allowed to announce the measure, as his responsibility demanded; instead, Modi jumped in to make the announcement after a cabinet meeting hurriedly summoned a few hours earlier for rubber-stamping it. But even accommodativeness has its limits, as became clear when after much procrastination the Reserve Bank of India finally revealed the fact that virtually the entire demonetised cash had returned to the banking system, thus exposing the utter hollowness of the government&rsquo;s claim that the measure had crippled the black economy. Besides, the matter does not relate to just one RBI governor; the idea is to bring the institution to its knees.<br /><br />We should beware of not getting trapped into a false dichotomy here. The World Bank and the IMF have always been demanding that in every country the Central Bank should be made &ldquo;autonomous&rdquo;, which basically means that it should be taken out of the jurisdiction of the country concerned and be handed over to Fund-Bank employees, or ex-employees, to run, so that it can fully serve the interests of international finance capital. Such a demand for &ldquo;autonomy&rdquo; has always been fiercely resisted by the Left and democratic movement, not only in our country but all over the world, for it amounts to an abridgement of what remains of national sovereignty in order to suit the needs of international finance capital.<br /><br />Please <a href="https://www.newsclick.in/subverting-central-bank?fbclid=IwAR2rJPs55QTby20mLBkmplG66nFKHzzmSRQ7AXdcI_OJ3Lvxso1AsS86v1E" title="https://www.newsclick.in/subverting-central-bank?fbclid=IwAR2rJPs55QTby20mLBkmplG66nFKHzzmSRQ7AXdcI_OJ3Lvxso1AsS86v1E">click here</a> to read more. <br /></div>'
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Subverting the Central Bank -Prabhat Patnaik

-Newsclick.in The Modi government has been trying to cut the RBI down to size for quite some time. The Modi government’s penchant for subverting institutions has now extended to the Central Bank of the country. Not content with eliminating the Planning Commission; decimating the finest universities in India; crippling the premier public sector unit of the country, the ONGC, by interfering in its decision making; bringing the nationalised banks to grief by nudging them into sanctioning dubious loans; making a mockery of the Central Bureau of Investigation through crony appointments; and destroying the statistical system built up diligently by P C Mahalanobis which was the envy of  countries across the world; it has now turned its attention to the Reserve Bank of India. The Modi government has been trying to cut the RBI down to size for quite some time. When Raghuram Rajan was, for all practical purposes, shown the door, his more accommodative successor not only was not allowed to have a say on the question of demonetisation, but was not even allowed to announce the measure, as his responsibility demanded; instead, Modi jumped in to make the announcement after a cabinet meeting hurriedly summoned a few hours earlier for rubber-stamping it. But even accommodativeness has its limits, as became clear when after much procrastination the Reserve Bank of India finally revealed the fact that virtually the entire demonetised cash had returned to the banking system, thus exposing the utter hollowness of the government’s claim that the measure had crippled the black economy. Besides, the matter does not relate to just one RBI governor; the idea is to bring the institution to its knees. We should beware of not getting trapped into a false dichotomy here. The World Bank and the IMF have always been demanding that in every country the Central Bank should be made “autonomous”, which basically means that it should be taken out of the jurisdiction of the country concerned and be handed over to Fund-Bank employees, or ex-employees, to run, so that it can fully serve the interests of international finance capital. Such a demand for “autonomy” has always been fiercely resisted by the Left and democratic movement, not only in our country but all over the world, for it amounts to an abridgement of what remains of national sovereignty in order to suit the needs of international finance capital. Please click here to read more.