Morning News from India - November 1, 2018

Markets & Economy

  • Sensex, Nifty end flat; IT, pharma stocks drag (Livemint)
  • Urjit Patel: the yes-man who finally said no to Indian PM Modi (Financial Times)

    Although the RBI enjoys functional autonomy, New Delhi can order the central bank to do its bidding under Article 7 of the colonial-era RBI act, which permits the government to issue instructions that it “may consider necessary in the public interest”.

    Analysts said it was New Delhi’s threat to invoke Article 7 — never used since India’s independence — that led Viral Acharya, deputy governor of the RBI, to warn of the “potentially catastrophic” effect of the government’s intensifying efforts to influence central bank policy.

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