In the backdrop of radical reforms brought about by the dwindling UPA II government, Subba Rao is caught between the devil and the deep sea.
While the world expects him to cut key rates in RBI's monetary policy, he faces an uphill task of sticking on to the rates and make a valiant effort to control the demonic impact of inflation. Critics across the globe now wants him to loosen the string and sing the same tune as the government has started singing , or at least trying to proclaim that they are in favour of drastic policy changes on reforms. Subba Rao faces the same situation which Bhisma faced centuries ago in the epic of Mahabharat.
Twice in the epic, Bhisma choose to remain silent and not speak out his mind as had he spoken out in favour of justice and truth, the great war leading to chaos and destruction could have been avoided. When Dhritarashtra , the blind king of Hastinapur , dislodged the Pandavas of their kingdom and right to rule, Bhisma choose to remain a mute spectator, by taking refuge of Raj dharma.
Similarly, when Draupadi was dragged to the court by Dushasan , and was about to be disrobed by Duryodhan, Draupadi had asked a pertinent question to Bhisma. She had enquired that under any rules of the land, could a lady be subject to such ignominy, just because a man loses the game of dice and puts his wife on the altar.
Here again, Bhisma preferred to remain silent and the aftermath of the proceedings led to the devastative war.
Today, Subba Rao faces similar situation where he toes the line of his political bosses and go in for cuts in key rates thereby igniting the sleeping volcano of inflation or prefers to keep the key rates unchanged and give the so called growth engines of reforms a thumbs down. In both the cases, results will paint him villain of the piece and he will go down history as the "man responsible for pushing Indian economy into the gallows".
A pragmatic and balanced approach can see the languishing economy, at least trying to make some attempt for survival and at the same time sending out signals of optimism, if not instant growth .
While the world expects him to cut key rates in RBI's monetary policy, he faces an uphill task of sticking on to the rates and make a valiant effort to control the demonic impact of inflation. Critics across the globe now wants him to loosen the string and sing the same tune as the government has started singing , or at least trying to proclaim that they are in favour of drastic policy changes on reforms. Subba Rao faces the same situation which Bhisma faced centuries ago in the epic of Mahabharat.
Twice in the epic, Bhisma choose to remain silent and not speak out his mind as had he spoken out in favour of justice and truth, the great war leading to chaos and destruction could have been avoided. When Dhritarashtra , the blind king of Hastinapur , dislodged the Pandavas of their kingdom and right to rule, Bhisma choose to remain a mute spectator, by taking refuge of Raj dharma.
Similarly, when Draupadi was dragged to the court by Dushasan , and was about to be disrobed by Duryodhan, Draupadi had asked a pertinent question to Bhisma. She had enquired that under any rules of the land, could a lady be subject to such ignominy, just because a man loses the game of dice and puts his wife on the altar.
Here again, Bhisma preferred to remain silent and the aftermath of the proceedings led to the devastative war.
Today, Subba Rao faces similar situation where he toes the line of his political bosses and go in for cuts in key rates thereby igniting the sleeping volcano of inflation or prefers to keep the key rates unchanged and give the so called growth engines of reforms a thumbs down. In both the cases, results will paint him villain of the piece and he will go down history as the "man responsible for pushing Indian economy into the gallows".
A pragmatic and balanced approach can see the languishing economy, at least trying to make some attempt for survival and at the same time sending out signals of optimism, if not instant growth .
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