You don`t say!
Darius Nakhoonwala
Not being an expert on economics, I do not often read edits on the economy which, in any case, seem to be written by persons with hemorrhoids.
But I did last week because I was struck by the fact that so many newspapers had chosen to write on something when absolutely nothing had happened to justify such enthusiasm.
I am, of course, referring to what is still misleading called the credit policy when it should be called the interest rate policy.
Then, having read one, I read them all and another feature struck me: there really wasn`t much difference in the quality (or the lack of it) of edits between the general and the pink papers. So are the pinkos guilty of posturing?
The Hindu took the prize for verbiage - after all, the space had to be filled even if nothing had happened. "Without altering any of the traditional interest rate signals — the bank rate, repo rates, and the cash reserve ratio — the central bank has sought to rein in the explosive growth in certain categories of retail loans, especially mortgage loans and advances against shares." And on and on and on about what was basically a poor summary of the statement made by the RBI. The only view the paper managed to enunciate was "the RBI has managed to convey its specific economic concerns without having to signal interest rate hikes. The latter course would have been politically unpopular, although justified in the current upward interest rate cycle."
The Telegraph was critical. "The Reserve Bank of India `s decision to hold interest rates steady at a time when asset prices are soaring is, to say the least, intriguing... It would have been prudent of the central bank to raise the policy rate. " I am sure it would have said the same thing if interest rates had been increased. You can`t please a leader writer, I think.
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The Hindustan Times was succinct because its edits are so short. And, it covered its flanks beautifully, a real expert that leader must be. "The significance of the new policy lies as much in what has not been done as by what has been done." Wonderful. The oldest trick in the book, and yet always effective. |
keeping inflation under control and sustaining the investment boom the Reserve The Deccan Herald waffled in a genteel bleat. "Faced with the twin tasks of Bank of India (RBI) has sought to strike a balance by maintaining stability in the interest rate through a status quo approach." Then it lost its way in mundane details that interest no one at all.
Business Line was mournfully reproachful. "Perhaps the most significant feature… is that the central bank has not done what it was expected to do… it is remarkable for that very reason." What a load of rubbish, as the subsequent prolixity showed.
The Financial Express said it was "a mix of the rough with the smooth." Hahaha…Then it just wrote and kept on writing, hoping that something sensible might emerge at the end. It didn`t.
I could not find the Business Standard editorial on the paper`s website which, in any case, is a clunky user-unfriendly one.
The Pioneer was the most savvy of all. It simply ignored the subject.
Contact: Darius.Nakhoonwala@gmail.com