The central government is facing a tough task ahead as it has to make four key appointments in the next four months. All these positions are high profile and contribute immensely to the performance of Modi government in the economic sphere. Finding replacement for people occupying crucial positions in the democratic set up may prove tricky as scheme of things may go haywire for the Modi government if one decision goes wrong. The four appointments to be made include Comptroller and Auditor General (CAG) of India, Reserve Bank of India (RBI) Governor, Chief Economic Adviser and Sebi chairperson.
First of all, the government has to find a replacement for G S Murmu as his term as CAG is coming to end in November. This position requires a trusted pro-government bureaucrat as the incumbent has to keep a watch over the Centre’s spending and accounts.
After CAG, the Modi government has to decide the fate of RBI Governor Shaktikanta Das, whose tenure is ending in December. The government may decide to give another term to him or look for a replacement. A former civil servant, Das was given a three-year term in December 2018 after Urjit Patel’s resignation following a standoff with the government. He got another three year term in 2021, which is coming to an end in December. Das is credited to have managed the financial sector well and has had a smooth relationship with the Centre, something which his predecessor failed to do.
The central government is faced with the similar situation as to whether to continue with Chief Economic Adviser V Anantha Nageswaran or not. This position acquires added significance at this juncture as the incumbent provides crucial technical inputs for the budget and also authors with others the Economic Survey in the finance ministry’s economic division. The fact that the budget exercise kicks off in the next few weeks, government has to decide earlier whether to retain its top economist with a fresh term or look for a fresh hand.
But the biggest dilemma for the government is posed by the fourth position, that of the Sebi chief, given the controversy around Madhabi Puri Buch, the first woman chief of the regulatory body. Puri Buch, who happens to be the first from the private sector to head this body, has faced allegations of impropriety and conflict of interest. These charges may lead the government to decide that civil servants are best suited to take up such regulatory assignments.
