Our thoughts on the MPC shambles

The last-minute postponement of the RBI's policy meeting scheduled for this week is because of the failure to find replacements for the three external MPC members whose terms ended after the last meeting in August. The blame for this lies largely with the government, who has responsibility for appointing external members. And the entire debacle is a reflection of the government’s broader mismanagement of the COVID-19 crisis that threatens to undermine the recovery.