Dialogue of the Deaf explores the often tense and complex relationship between the Government of India and its central bank, the Reserve Bank of India (RBI). Drawing on decades of economic history, T.C.A. Srinivasa Raghavan presents a detailed account of how the two institutions have navigated power struggles, policy disagreements, and institutional autonomy since India’s independence. Through both historical analysis and contemporary insights, the book examines how these frictions have shaped India’s economic policy and financial system.

Raghavan dives into key episodes that highlight the evolving balance of power, including currency management, interest rate debates, and issues of fiscal dominance. The book sheds light on how political compulsions, differing mandates, and personalities of key figures—such as RBI governors and finance ministers—have led to repeated clashes and uneasy compromises. His analysis is both informative and accessible, offering readers a front-row view into the policymaking process.

With clarity and authority, Dialogue of the Deaf demystifies one of India’s most critical institutional dynamics. It is essential reading for anyone interested in economics, governance, and the often unseen tensions that influence India’s financial stability and growth.