Mentor’s comment-
- https://indianexpress.com/
article/opinion/columns/rbi- policy-india-inflation-rate- 7987392/ - In the intro, mention the importance of transparency in the functioning of inflation targeting central ban.=k.
- In the body mention the challenges such as lack of consultation with the stakeholders, lack of solutions provided in the consultation papers of the RBI, etc. Also mention the judicial scrutiny due to issues in the regulatory governance.
- In the suggestions mention the need for consultation with the stakeholders and implementing the Regulations Review Authority 2.0 (RRA) suggestions
Id – 217112573522
Akshada
Good attempt, most of the points have been covered and the answer is content rich.
Introduction is fine.
is grappling*
In 2nd point, it is not only lack of implementation but the number of solutions itself are less (usually presented only one solution and did not offer merits and demerits of multiple possible solutions). Some examples could also be included in regulatory governance issues such as alleged use of informal nudges to restrict a foreign player’s access to the Indian payment ecosystem goes against an adverse Supreme Court ruling. Other points are good.
Next two parts are fine too. In way forward RRA’s advocacy for skill development in regulatory drafting inside the RBI could also be mentioned.
Conclusion is fine.
Keep practicing. 🙂
5.5/10
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Simranjeet
Introduction is fine, however you can mention that RBI is subject to appropriate accountability mechanisms.
Issues mentioned are fine, some more recent ones can be mentioned- appears to be targeting exchange rate rather than inflation, broader regulatory governance challenge such as alleged use of informal nudges to restrict a foreign player’s access to the Indian payment ecosystem, consultation papers usually presented only one solution and did not offer merits and demerits etc. Points no 2 &3 can be combined to show judiciary is having to scrutinise RBI regulations.
Other points are fine.
Steps that can be taken and way forward are basically same things, can combine them under one subheading. Points mentioned are good. Some generic points such as internal separation of powers and judicial review could be added.
Conclusion is good.
Overall nice attempt with good content.
Keep practicing. 🙂
579211
Payal
Good attempt.
Introduction is too long, you can make it a bit crisp, just mention the role of central bank in one line and then the need to be transparent and accountable.
Challenges mentioned are fine. In point no. 5 you could mention the broader challenge of discrepancies in master circulars of the RBI which has necessitated judicial scrutiny of late.
Suggestions are good, some generic ones such as internal separation of powers; a well-structured regulation making process overseen by the board; regular reporting requirements; and judicial review could be mentioned too.
Conclusion is good.
Keep practicing. 🙂
#0000572698
Naveen
Introduction is good.
In challenges mentioned, some points are missing, for example in recent times there has been allegations of exchange rate targeting rather than inflation targeting; broader regulatory governance challenges (alleged use of informal nudges to restrict a foreign player’s access to the Indian payment ecosystem); least responsive in comparison to three other regulators – SEBI, TRAI and AERA; consultation papers usually present only one solution and do not offer merits and demerits; discrepancies in master circulars which has necessitated judicial scrutiny( crypto ban, wilful defaulter issue).
Rest of the points are fine, in govt. interference if you could substantiate with some example it would be better.
Suggestions are okay, in point no. 2 you could incorporate some of the suggestions of RRA.
Also, one line conclusion could be written.
Although, you have tried well, the answer overall is a bit short on content.
Keep practicing. 🙂