Foreign journalists shunned by RBI from press conference is outrageous

Stanley Pignal, The Economist’s Mumbai-based correspondent, was barred from entering a press conference conducted by the Reserve Bank of India on its policy and interest rates announcements, causing major uproar on social and mainstream media today.

Pignal tweeted:

Amazing stuff: @theeconomist us no longer invited to RBI policy meeting press conferences. Won't let me in. Sad day for transparency.

— Stanley Pignal (@spignal) December 7, 2016

This “shunning” of The Economist, a worldwide respected journal of British origin, with matters concerning the political economy and economic policies getting special attention, as its title suggests, comes right after the magazine carried two scathing articles of the now month-long demonetisation drive, first announced by Prime Minister Narendra Modi on November 8 this year.

Pignal expressed his shock, dismay and distress on Twitter in the following words, drawing attention to the peerless irony that the RBI spokeswoman herself assured him that decision to leave him out of the press conference had nothing to do with those less than flattering pieces.

RBI spokeswoman says decision to exclude me has nothing to do with @TheEconomist (critical) coverage of demonetisation.

— Stanley Pignal (@spignal) December 7, 2016

I've been critical of new governor not speaking to press, did not expect RBI to freeze us out of press conference. It's their call obviously

— Stanley Pignal (@spignal) December 7, 2016

Amazing to go from being granted interviews of @RBI governor in June to excluded from press conferences in November, no warning/explanation

— Stanley Pignal (@spignal) December 7, 2016

It must be noted that The Economist is not alone in being left out from the RBI good books. Even BBC complained that its journalist were kept out from the press conference, as were some Indian media houses that have been “critical” of the recent RBI faux pas, particularly its galling silence under Governor Urjit Patel, even as the Modi government bungled from one fiasco to another in order to plug the gaping hole that’s demonetisation.

RBI kept the repo rate unchanged at 6.25 per cent, but “cautioned” India that “temporary setbacks” would be felt, in terms of job losses and lower growth rate for a while.

It is interesting that exactly when the PM announces that India intends to make global strides in expanding the economy, and does photo-ops with British PM Theresa May, trying to get a bargain for obtaining a permanent seat at the United Nations Security Council, the country’s central bank rubs one of the most prestigious British magazine the wrong way. Is this move the right way to assure foreign investors, we wonder.

As expected Twitter went on an overdrive to criticise this move.

RBI throws out the economist. Not for the first time this year. ????

— Aisi Taisi Democracy (@AisiTaisiDemo) December 7, 2016

Journalists from various media organisations not allowed to attend the @RBI press conference including the BBC.

— Sameer Hashmi (@sameerhashmi) December 7, 2016

So not just @TheEconomist but also @BBC & others were barred from @RBI press conference? Why? What is going on? RBI must address this. https://t.co/47guj3FSBi

— Salman Anees Soz (@SalmanSoz) December 7, 2016

Why has @TheEconomist been barred from @RBI press conferences? Without transparency, trust will decline in India's financial institutions

— Adam Roberts (@ARobertsjourno) December 7, 2016

BBC and Economist not allowed at the RBI press conference today. Anyone knows if FT and WSJ were similarly disallowed? @DavidKeo @AmyKazmin

— Anupam Gupta (@b50) December 7, 2016

Also read - Bank deposit surge may end up derailing demonetisation