The Narendra Modi government appears to have an aversion to the advice of specialists but two former players in the regulatory system have offered useful prescriptions on reforming public sector banks, without which it is widely recognised a sustainable recovery from the pandemic-induced slowdown is impossible. A paper co-authored by former Reserve Bank of India governor Raghuram Rajan and former deputy governor Viral Acharya offer a calibrated approach that the government would do well to consider, says the top edit here
. Other views focus on the efficacy of higher import tariffs, securities regulatory enforcement and the politicisation of the Indian police. sums them up.
The government has steadily raised import duties to protect domestic industry but, as A K Bhattacharya shows here
, the results have been mixed and will impact India’s manufacturing competitiveness in the long run.