Approach:

Introduction: Describe CBI in brief, mention some recent remarks about its credibility

Body: Highlight reasons for its declining credibility and also mention steps to be taken by the central government.

Conclusion: Establish how the restoration of the credibility of the CBI would help establish the trust of the masses and ensure the credibility of the government itself.

Answer:

The Central Bureau of Investigation (CBI) is the premier investigation agency in India, responsible for investigating major economic offenses, corruption cases, and other high-profile crimes. However, its credibility has been questioned such as by former Chief justice of India N V Ramanna in April 2022.

Reasons for CBI’s declining credibility:

1. Political involvement: The current administration's political intervention and influence have harmed the integrity and independence of the CBI. For instance, concerns about political influence were raised in 2018 when CBI head Alok Verma was fired.
2. Lack of transparency: It has been criticized for operating in an opaque manner and for lacking transparency in its inquiry process. For instance, the 2015 Vyapam scam investigation's management came under fire for its lack of transparency.
3. Efficiency: Slow in wrapping its investigations and bringing charges against the accused. For instance, the inquiry into the 2020 AugustaWestland fraud was condemned for moving slowly and being ineffective.
4. Corruption: The CBI has been the target of several charges of corruption, and its employees have been charged with accepting bribes. In May 2022, CBI arrested its four officials for corruption charges. 
5. Lack of resources: It lacks the facilities and staff necessary to conduct investigations efficiently.  Lack of adequate housing discourages officers from states to join the CBI which is facing a staff crunch, a parliamentary panel report stated in 2017.
6. Legal issues: The CBI has encountered legal issues that have questioned its integrity, including claims of prejudice and erroneous arrests. For instance, the CBI's probe into the Malegaon bombings in 2008 came under fire for making erroneous arrests.
7. The appointment of CBI directors has become politicized, which harms the agency's reputation and independence.
8. Lack of accountability: lack of oversight procedures, and employees being charged for acting outside the bounds of the law. For instance, the way the investigation into Sushant Singh Rajput's death in 2020 was handled was condemned for lacking accountability.
9. Poor coordination: CBI's coordination with other law enforcement agencies is poor, which causes delays and inefficiency in investigations. For instance, the 2012 Nirbhaya gang rape case handling received criticism for lacking collaboration.
10. Concerns are raised about CBI due to its inconsistent approach to investigations and prosecution. One instance of inconsistent handling was the disproportionate asset lawsuit against former Tamil Nadu Chief Minister J Jayalalithaa.

Steps need to be taken:

1. Non-Intervention: The central government should refrain from meddling with the CBI's investigations and operations in order to stop the central bureau of inquiry in India from losing credibility. The Supreme court also asked the government to give the CBI additional autonomy in 2019.
2. Process of appointment: The CBI director's appointment procedure has to be more open and merit-based.
3. Adequate funding: The central government must give the CBI enough money to cover the cost of its facilities, staff, and other resources. For instance, the CBI received funding for a new headquarters building in 2018.
4. Accountability: The national government must make sure that any misbehaviour by CBI agents is punished.
5. Legal framework: To ensure the CBI's independence and openness, the central government should tighten its laws. As an illustration, the Lokpal and Lokayuktas Act, 2013, which created a separate anti-corruption authority, was passed.
6. Process streamlining: To avoid delays, the CBI should be encouraged to streamline its investigation and prosecution procedures.
7. Specialized training: To improve the skills and capabilities of CBI officials, the central government should offer them specialized training. The CBI should start an ongoing online training program for its officers.
8. Collaboration: The central government should promote better CBI-other law enforcement agency coordination.
9. Public confidence: The central government should endeavour to restore public confidence in the CBI by guaranteeing accountability and transparency. For instance, the CBI should start a fresh campaign to educate the public about corruption and related crimes.
10. Implementation of recommendations: To enhance effectiveness, the government should implement the recommendations of various committees and commissions into practice.

The CBI should regain its credibility to enhance its effectiveness in fighting crimes. This would lead to increased public confidence in the agency's ability to bring the guilty to justice, deter others from engaging in corrupt activities and improve law and order. It would also help restore the credibility of the Indian government, as the CBI is a key agency in ensuring accountability and transparency in public institutions.