"Don't Want RBI To Become Extension Of Government": Ex CEA Arvind Subramanian

As the Reserve Bank of India (RBI) raised its outlook for inflation to 6.7 per cent for the current fiscal, up from its previous projection of 5.7 per cent, former chief economic adviser Arvind Subramanian said that the central bank has reacted late to rising prices. In a freewheeling chat with NDTV over a host of issues ranging from global economy, importance of social harmony, India's investment climate as well as on the need for institutional freedom, Mr Subramanian, while reacting to RBI's outlook on inflation, expressed disappointment that though prices have been rising for almost three years, it was late in taking measures to check them, which showed "a certain loss of institutional independence".

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