The RBI has been applauded for its policy decisions based on structural reforms, while being supported and guided by the current Modi Government. However, I believe that the RBI has a greater role to play in these conditions than just tame inflation:
1. Can we make senior RBI person a member of NITI Ayog while taking policy decisions?
2. Can there be a team member from the RBI in the state level policy implementation and release of funds?
3. Can recent technology advancement happening in India and the world be taken care of by the RBI- especially while framing technology based policies?
4. Currency circulation based on geographical pockets- can this code be deciphered to understand the money circulation across the country as a guide to assess rise in inflation?
5. RBI seniors as a part of law making & implementation process at a policy level, as a part of the roll-out of new laws and processes, can this happen?
Overall, I bat & bet for a evolutionary figure of the RBI & more discretionary powers lent to them by the government for taking & implementing decisions with regards to policies at the ground level. Can we revisit the acts and work jurisdiction of the RBI?