Speeches - ఆర్బిఐ - Reserve Bank of India
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Speeches
మార్చి 25, 2013
Efficacy of Monetary Policy Rules in India
I thank Professor Pami Dua for the opportunity to interact with this distinguished gathering of professors and young scholars.The Delhi School of Economics has a formidable reputation world over in teaching and research in economics. I will be speaking on the subject of monetary policy rules, not only because it relates to my area of work, but it offers considerable scope for research. My scheme of presentation is as follows. First, I begin by giving you a snapshot of
Shri Deepak Mohanty,
Executive Director, Reserve Bank of India
I thank Professor Pami Dua for the opportunity to interact with this distinguished gathering of professors and young scholars.The Delhi School of Economics has a formidable reputation world over in teaching and research in economics. I will be speaking on the subject of monetary policy rules, not only because it relates to my area of work, but it offers considerable scope for research. My scheme of presentation is as follows. First, I begin by giving you a snapshot of
మార్చి 13, 2013
India’s Macroeconomic Challenges Some Reserve Bank Perspectives
First of all many thanks to the London School of Economics for inviting me to deliver the fifth I.G. Patel Memorial Lecture. It is an honour to which I attach immense value. Dr. I.G. Patel 2. Dr. I.G. Patel represents a special bond between our two institutions - the Reserve Bank which I represent and the LSE where this lecture is instituted. Dr. Patel led both these institutions with great dignity and distinction, and is loved and respected by both our institutions.
Dr. D. Subbarao,
Governor, Reserve Bank of India
First of all many thanks to the London School of Economics for inviting me to deliver the fifth I.G. Patel Memorial Lecture. It is an honour to which I attach immense value. Dr. I.G. Patel 2. Dr. I.G. Patel represents a special bond between our two institutions - the Reserve Bank which I represent and the LSE where this lecture is instituted. Dr. Patel led both these institutions with great dignity and distinction, and is loved and respected by both our institutions.
మార్చి 08, 2013
Is There a New Normal for Inflation?
India recovered from the global financial crisis ahead of most other countries, but inflation too caught up with us sooner than elsewhere. As measured by the wholesale price index (WPI), inflation went marginally into negative territory for a few months into the crisis in 2009 and started rising sharply thereafter, clocking a peak rate of 10.9 per cent in April 20102. Average WPI inflation was 9.6 per cent in fiscal year 2010/11, 8.9 per cent in 2011/12 and 7.5 per ce
Dr. D. Subbarao,
Governor, Reserve Bank of India
India recovered from the global financial crisis ahead of most other countries, but inflation too caught up with us sooner than elsewhere. As measured by the wholesale price index (WPI), inflation went marginally into negative territory for a few months into the crisis in 2009 and started rising sharply thereafter, clocking a peak rate of 10.9 per cent in April 20102. Average WPI inflation was 9.6 per cent in fiscal year 2010/11, 8.9 per cent in 2011/12 and 7.5 per ce
జన 31, 2013
Indian Inflation Puzzle
Respected dignitaries on the dais: Advocate V. R. Parnerkar, Advocate Laxmikant Parnerkar, Shri Pradip Palnitkar, Shri Mohan Tanksale, Justice Mhase, Dr. S. N. Pathan and Dr. Ashutosh Raravikar; Ladies and Gentlemen. It is indeed my honour that Late Dr. Ramchandra Parnerkar Outstanding Economics Award for 2013 has been bestowed upon me. I thank the Poornawad Charitable Trust and its Life Management Institute for this recognition. It is heartening to see that over the
Shri Deepak Mohanty,
Executive Director, Reserve Bank of India
Respected dignitaries on the dais: Advocate V. R. Parnerkar, Advocate Laxmikant Parnerkar, Shri Pradip Palnitkar, Shri Mohan Tanksale, Justice Mhase, Dr. S. N. Pathan and Dr. Ashutosh Raravikar; Ladies and Gentlemen. It is indeed my honour that Late Dr. Ramchandra Parnerkar Outstanding Economics Award for 2013 has been bestowed upon me. I thank the Poornawad Charitable Trust and its Life Management Institute for this recognition. It is heartening to see that over the
జన 03, 2013
Welcome Remarks by Dr. Duvvuri Subbarao, Governor, Reserve Bank of India at the 15th C. D. Deshmukh Memorial Lecture delivered by Prof. Joseph Stiglitz
On behalf of the Reserve Bank of India, I have great pleasure in welcoming Prof. Joseph E. Stiglitz, who will shortly be delivering the C.D. Deshmukh Memorial Lecture. Also, a warm welcome to Mrs. Anya Stiglitz who has accompanied him. I am delighted to acknowledge the presence here of the family members of Sir Chintaman Deshmukh - Shri Atul Deshmukh, Smt. Sheetala Deshmukh, and their children, Ashish and Priyanka, Prof. Sunita Chitnis and her son Dr. Ajay Chitnis. Yo
Dr. D. Subbarao,
Governor, Reserve Bank of India
On behalf of the Reserve Bank of India, I have great pleasure in welcoming Prof. Joseph E. Stiglitz, who will shortly be delivering the C.D. Deshmukh Memorial Lecture. Also, a warm welcome to Mrs. Anya Stiglitz who has accompanied him. I am delighted to acknowledge the presence here of the family members of Sir Chintaman Deshmukh - Shri Atul Deshmukh, Smt. Sheetala Deshmukh, and their children, Ashish and Priyanka, Prof. Sunita Chitnis and her son Dr. Ajay Chitnis. Yo
జన 03, 2013
The 15th C. D. Deshmukh Memorial Lecture on "A Revolution in Monetary Policy : Lessons in the Wake of the Global Financial Crisis" delivered by Joseph E. Stiglitz at Taj Mahal Palace, Mumbai on January 3, 2013
It is a real pleasure for me to be able to deliver this lecture in memory of the Reserve Bank of India's first Indian Governor, who set an example and a tradition which has resulted in the Reserve Bank of India being viewed as one of the exemplars of central banks around the world. As I shall comment later, one could not help but notice this in the aftermath of the 2008 Global Financial Crisis—which to a very large extent was brought about by failures of central banks
Joseph E. Stiglitz,
Guest Speaker
It is a real pleasure for me to be able to deliver this lecture in memory of the Reserve Bank of India's first Indian Governor, who set an example and a tradition which has resulted in the Reserve Bank of India being viewed as one of the exemplars of central banks around the world. As I shall comment later, one could not help but notice this in the aftermath of the 2008 Global Financial Crisis—which to a very large extent was brought about by failures of central banks
జన 03, 2013
Vote of thanks by Shri Deepak Mohanty, Executive Director, Reserve Bank of India, on the occasion of the 15th C D Deshmukh Memorial Lecture on January 3, 2013
Honourable Professor Joseph Stiglitz, Governor Dr. Subbarao, distinguished guests and colleagues from the Reserve Bank. Central banks have come under severe intellectual scrutiny ever since the global crisis, even as they have crossed all conventional barriers in responding to the crisis. Monetary policy was partly blamed for the genesis of the crisis, and it continues to be blamed for ineffectiveness in giving us a durable recovery. We need nothing short of a revolut
Shri Deepak Mohanty,
Executive Director, Reserve Bank of India
Honourable Professor Joseph Stiglitz, Governor Dr. Subbarao, distinguished guests and colleagues from the Reserve Bank. Central banks have come under severe intellectual scrutiny ever since the global crisis, even as they have crossed all conventional barriers in responding to the crisis. Monetary policy was partly blamed for the genesis of the crisis, and it continues to be blamed for ineffectiveness in giving us a durable recovery. We need nothing short of a revolut
డిసెం 17, 2012
Money Market and Monetary Operations in India
I thank Mr. G. Mahalingam for the opportunity to share my thoughts in this distinguished panel on money market. This forum which brings together the Reserve Bank and practitioners in the financial market, is important not only from the perspective of market development but also for fostering a better understanding of monetary operations. Money market is at the heart of monetary operations. Over the last decade, there has been substantial development in the Indian mone
Shri Deepak Mohanty,
Executive Director, Reserve Bank of India
I thank Mr. G. Mahalingam for the opportunity to share my thoughts in this distinguished panel on money market. This forum which brings together the Reserve Bank and practitioners in the financial market, is important not only from the perspective of market development but also for fostering a better understanding of monetary operations. Money market is at the heart of monetary operations. Over the last decade, there has been substantial development in the Indian mone
నవం 09, 2012
The Importance of Inflation Expectations
‘‘Each possesses within himself two antagonistic and foolish counsellors, whom we call by the names of pleasure and pain…besides these two, each man possesses opinions about the future, which go by the general name of ‘expectations’; and of these, that which precedes pain bears the special name of ‘fear’, and that which precedes pleasure the special name of ‘confidence’.” Plato, 360 BC I thank Dr. Sesha Iyer and Dr. Pattnaik for the invitation to address this young au
Shri Deepak Mohanty,
Executive Director, Reserve Bank of India
‘‘Each possesses within himself two antagonistic and foolish counsellors, whom we call by the names of pleasure and pain…besides these two, each man possesses opinions about the future, which go by the general name of ‘expectations’; and of these, that which precedes pain bears the special name of ‘fear’, and that which precedes pleasure the special name of ‘confidence’.” Plato, 360 BC I thank Dr. Sesha Iyer and Dr. Pattnaik for the invitation to address this young au
అక్టో 18, 2012
Managing Currency and Interest Rate Risks – New Challenges for Banks & Corporates
It is a pleasure to be here at the 2nd FT-Yes Bank International Banking Summit amidst a very distinguished set of panellists and audience. I must compliment the organisers for selecting a very wide range of subjects – subjects which are as varied as they are topical in the world as we live in today - for discussions. The subject for this session “Managing currency and interest rate risks – new challenges for banks and corporations” is very relevant in the post crisis
Shri Harun R Khan,
Deputy Governor, Reserve Bank of India
It is a pleasure to be here at the 2nd FT-Yes Bank International Banking Summit amidst a very distinguished set of panellists and audience. I must compliment the organisers for selecting a very wide range of subjects – subjects which are as varied as they are topical in the world as we live in today - for discussions. The subject for this session “Managing currency and interest rate risks – new challenges for banks and corporations” is very relevant in the post crisis
సెప్టెం 23, 2012
Food Inflation and Agricultural Supply Chain Management
1. Shri Kailash Singh, Managing Director, Tefla’s, Shri Ramesh Abhishek, Chairman, Forward Market Commission, Dr. D. Bhalla, Joint Secretary, Department of Food and Public Distribution, Government of India, Shri. Sushil Goenka and Vijay Datta of the Solvent Extractors’ Association of India, Shri. Sandeep Bajoria, Chairman, Globoil Organising Committee, Shri. Dinesh Shahra, Dr. B. V. Mehta and other leaders from the edible oil and agri-commodity trade industries, and d
Shri Harun R Khan,
Deputy Governor, Reserve Bank of India
1. Shri Kailash Singh, Managing Director, Tefla’s, Shri Ramesh Abhishek, Chairman, Forward Market Commission, Dr. D. Bhalla, Joint Secretary, Department of Food and Public Distribution, Government of India, Shri. Sushil Goenka and Vijay Datta of the Solvent Extractors’ Association of India, Shri. Sandeep Bajoria, Chairman, Globoil Organising Committee, Shri. Dinesh Shahra, Dr. B. V. Mehta and other leaders from the edible oil and agri-commodity trade industries, and d
సెప్టెం 11, 2012
Financial Stability: 2007 to 2012 - Five years on
Mr. D. Sarkar, CMD, Union Bank of India, Mr. Pratip Chaudhuri, Chairman, State Bank of India, senior members of the banking fraternity, delegates to the Conference, members of the print and electronic media and other distinguished guests. It is my privilege to be here in FIBAC 2012 whose theme is “Sustainable excellence through customer engagement, employee engagement and right use of technology”. FIBAC is an important forum for serious deliberations on banking sector
Shri Anand Sinha,
Deputy Governor, Reserve Bank of India
Mr. D. Sarkar, CMD, Union Bank of India, Mr. Pratip Chaudhuri, Chairman, State Bank of India, senior members of the banking fraternity, delegates to the Conference, members of the print and electronic media and other distinguished guests. It is my privilege to be here in FIBAC 2012 whose theme is “Sustainable excellence through customer engagement, employee engagement and right use of technology”. FIBAC is an important forum for serious deliberations on banking sector
సెప్టెం 03, 2012
CRR is a cost, manage it: Chakrabarty tells SBI
Dr. K.C. Chakrabarty,
Deputy Governor, Reserve Bank of India
ఆగ 20, 2012
Goa to Goa- Changed contours of the Indian Forex Markets- New realities and Priorities
It is indeed an honour to once again address the top professionals in the Indian forex market. It is exactly 15 years since Dr Y V Reddy, the then RBI Deputy Governor, heralded the beginning of a true forex market in India in this city through what has become famous as the "Goa Speech". Clearly the attempt of Dr Reddy that day, and I was present in the front row of the audience, was to drive home some rationale and sanity into the participating audience. The market to
Shri G Padmanabhan,
Executive Director, Reserve Bank of India
It is indeed an honour to once again address the top professionals in the Indian forex market. It is exactly 15 years since Dr Y V Reddy, the then RBI Deputy Governor, heralded the beginning of a true forex market in India in this city through what has become famous as the "Goa Speech". Clearly the attempt of Dr Reddy that day, and I was present in the front row of the audience, was to drive home some rationale and sanity into the participating audience. The market to
జులై 30, 2012
Managing currency risk in the new normal
Ladies and Gentlemen, I am happy to be here today and share with you my perspectives on this interesting theme of the Seminar. It does take a lot of courage to coin anything as "normal' these days. What is ‘New Normal’? Mr. Mohamed El-Erian and Mr. Bill Gross of Pacific Investment Management Company (PIMCO)coined the phrase ‘New Normal’ during early 2009 that basically signifies a downward shift in potential growth of the advanced economies post-crisis and the consequ
Shri G Padmanabhan,
Executive Director, Reserve Bank of India
Ladies and Gentlemen, I am happy to be here today and share with you my perspectives on this interesting theme of the Seminar. It does take a lot of courage to coin anything as "normal' these days. What is ‘New Normal’? Mr. Mohamed El-Erian and Mr. Bill Gross of Pacific Investment Management Company (PIMCO)coined the phrase ‘New Normal’ during early 2009 that basically signifies a downward shift in potential growth of the advanced economies post-crisis and the consequ
జులై 19, 2012
Remembering Dr. I G Patel
1. There are many privileges of being the Governor. Among them is releasing the books by former Governors. It is a privilege to which I attach a lot of value, something which I prize. Newton 2. Because the occasion demands it, I must repeat what I said at the Reserve Bank’s Platinum Jubilee. 3. Those of you who have had some exposure to the history of science would know that Sir Isaac Newton was an intellectually arrogant man. When his friend and rival, Robert Hooke w
Dr. D. Subbarao,
Governor, Reserve Bank of India
1. There are many privileges of being the Governor. Among them is releasing the books by former Governors. It is a privilege to which I attach a lot of value, something which I prize. Newton 2. Because the occasion demands it, I must repeat what I said at the Reserve Bank’s Platinum Jubilee. 3. Those of you who have had some exposure to the history of science would know that Sir Isaac Newton was an intellectually arrogant man. When his friend and rival, Robert Hooke w
జూన్ 27, 2012
Price Stability and Financial Stability An Emerging Market Perspective
“A system of credit which has slowly grown up as years went on, which has suited itself to the course of business, which has forced itself on the habits of men, will not be altered because theorists disapprove of it, or because books are written against it.” Walter Bagehot, Lombard Street,1873. It is indeed an honour for me to be addressing the distinguished members of the Board of Directors and Senior Management of the Central Bank of Nigeria. I thank Governor Sanusi
Shri Deepak Mohanty,
Executive Director, Reserve Bank of India
“A system of credit which has slowly grown up as years went on, which has suited itself to the course of business, which has forced itself on the habits of men, will not be altered because theorists disapprove of it, or because books are written against it.” Walter Bagehot, Lombard Street,1873. It is indeed an honour for me to be addressing the distinguished members of the Board of Directors and Senior Management of the Central Bank of Nigeria. I thank Governor Sanusi
ఏప్రి 11, 2012
Musings on FEDAI, Forex Market and Indian Rupee
1. Dr. T V Nagendra Prasad, Charge d’ Affairs, Embassy of India, Mr. Phillipe Welti, former Ambassador of Switzerland to India & Bhutan, Mr. Beat Siegenthaler, Executive Director, UBS, Ms. Varsha Vasant Purandare, Chairperson, Foreign Exchange Dealers Association of India (FEDAI), Mr. D. G. Patwardhan, Chief Executive Officer, FEDAI, Mr. N. S. Venkatesh, Chairman, The Fixed Income Money Market and Derivatives Association of India (FIMMDA), Mr. C.E.S Azariah, Chief
Shri Harun R Khan,
Deputy Governor, Reserve Bank of India
1. Dr. T V Nagendra Prasad, Charge d’ Affairs, Embassy of India, Mr. Phillipe Welti, former Ambassador of Switzerland to India & Bhutan, Mr. Beat Siegenthaler, Executive Director, UBS, Ms. Varsha Vasant Purandare, Chairperson, Foreign Exchange Dealers Association of India (FEDAI), Mr. D. G. Patwardhan, Chief Executive Officer, FEDAI, Mr. N. S. Venkatesh, Chairman, The Fixed Income Money Market and Derivatives Association of India (FIMMDA), Mr. C.E.S Azariah, Chief
మార్చి 28, 2012
Towards Vibrant Debt Markets – A 7iFramework
Presentation 1. It is a great pleasure to be here amidst you all for the 9th Annual meeting of the Fixed Income Money Market Derivatives Association (FIMMDA) and the Primary Dealers Association of India (PDAI) in this enchanting and energetic city of Kuala Lumpur. Relations between our two great nations, India and Malaysia, date back to ancient times. Indeed the name Malaysia is believed to have been derived from the Sanskrit root Malayadvipa which means “peninsula of
Shri Harun R Khan,
Deputy Governor, Reserve Bank of India
Presentation 1. It is a great pleasure to be here amidst you all for the 9th Annual meeting of the Fixed Income Money Market Derivatives Association (FIMMDA) and the Primary Dealers Association of India (PDAI) in this enchanting and energetic city of Kuala Lumpur. Relations between our two great nations, India and Malaysia, date back to ancient times. Indeed the name Malaysia is believed to have been derived from the Sanskrit root Malayadvipa which means “peninsula of
ఫిబ్ర 17, 2012
Governance deficit and financial crisis
1. It is always a pleasure to return to one's home state, that too if the state is God's own country. Thank you for inviting me to address this august gathering of the cream of professionals and management experts of the state under the common banner of Kerala Management Association. I was however slightly apprehensive of what I should talk at a gathering like this. This apprehension started bordering worry when I saw the list of illustrious speakers who have addresse
Shri G Padmanabhan,
Executive Director, Reserve Bank of India
1. It is always a pleasure to return to one's home state, that too if the state is God's own country. Thank you for inviting me to address this august gathering of the cream of professionals and management experts of the state under the common banner of Kerala Management Association. I was however slightly apprehensive of what I should talk at a gathering like this. This apprehension started bordering worry when I saw the list of illustrious speakers who have addresse
ఫిబ్ర 02, 2012
New Trilemma in Central Banking
We have had one and half days of intellectually stimulating discussions on a range of critical central banking issues revolving around the New Trilemma that has been defined by this Conference. While we may not have clear solutions, expectations from central banks are very high. The deliberations in this Conference, I believe, make some contributions in guiding policy and spurring further research. Given the time constraint, I have to be quite selective in summing up.
Shri Deepak Mohanty,
Executive Director, Reserve Bank of India
We have had one and half days of intellectually stimulating discussions on a range of critical central banking issues revolving around the New Trilemma that has been defined by this Conference. While we may not have clear solutions, expectations from central banks are very high. The deliberations in this Conference, I believe, make some contributions in guiding policy and spurring further research. Given the time constraint, I have to be quite selective in summing up.
ఫిబ్ర 01, 2012
International Research Conference and its Relevance
Members of the central banking fraternity, participants from the financial, academic and media communities, other distinguished guests: on behalf of the Reserve Bank of India, let me welcome you all to this Second International Research Conference. Genesis of the Conference The Reserve Bank of India’s First International Research Conference was held in 2010. In that year, The Reserve Bank, which commenced operations on April 1, 1935, entered its 75th year. A series of
Dr. Subir Gokarn,
Deputy Governor, Reserve Bank of India
Members of the central banking fraternity, participants from the financial, academic and media communities, other distinguished guests: on behalf of the Reserve Bank of India, let me welcome you all to this Second International Research Conference. Genesis of the Conference The Reserve Bank of India’s First International Research Conference was held in 2010. In that year, The Reserve Bank, which commenced operations on April 1, 1935, entered its 75th year. A series of
ఫిబ్ర 01, 2012
Price Stability, Financial Stability and Sovereign Debt Sustainability Policy Challenges from the New Trilemma
I have great pleasure in welcoming you all to the Reserve Bank’s Second International Research Conference (SIRC). 2. We held our first international conference two years ago, in February 2010, as a flagship event of our Platinum Jubilee celebrations. Many of you who had attended that conference complimented us for its quality and urged us to repeat it. As much as we were flattered by those compliments, I also suspect that the urging for a repeat was at least partly mo
Dr. D. Subbarao,
Governor, Reserve Bank of India
I have great pleasure in welcoming you all to the Reserve Bank’s Second International Research Conference (SIRC). 2. We held our first international conference two years ago, in February 2010, as a flagship event of our Platinum Jubilee celebrations. Many of you who had attended that conference complimented us for its quality and urged us to repeat it. As much as we were flattered by those compliments, I also suspect that the urging for a repeat was at least partly mo
జన 30, 2012
Global Capital Flows and the Indian Economy: Opportunities and Challenges
I thank the Indian Institute of Technology, Kanpur and Shri Suyash Baderiya for this opportunity to interact with such a talented gathering of young minds. As you know, capital flows have played a major role in the process of globalization. While these flows bring several benefits, they pose certain risks. How in India we have handled this issue to enhance the sustainability of our external sector, is the topic of my deliberation today. Capital flows pose a puzzle bot
Shri Deepak Mohanty,
Executive Director, Reserve Bank of India
I thank the Indian Institute of Technology, Kanpur and Shri Suyash Baderiya for this opportunity to interact with such a talented gathering of young minds. As you know, capital flows have played a major role in the process of globalization. While these flows bring several benefits, they pose certain risks. How in India we have handled this issue to enhance the sustainability of our external sector, is the topic of my deliberation today. Capital flows pose a puzzle bot
జన 21, 2012
The Global Financial Crisis : New Awakening
Shri Shirish Choudhary, Honorary Secretary, Chetana Trust, Dr. Ashok Choudhury, Trustee Member, Smt. Madhumita Patil, Chief Executive Officer, Dr. M. V. Deshpande, Director, Chetana’s Institute of Management & Research (CMIR), other eminent dignitaries on the dias, guests, and distinguished faculty members, graduating students, relieved parents and family members: It is a great pleasure for me to deliver the convocation address today for the batch of 2011 at
Shri B. Mahapatra,
Executive Director, Reserve Bank of India
Shri Shirish Choudhary, Honorary Secretary, Chetana Trust, Dr. Ashok Choudhury, Trustee Member, Smt. Madhumita Patil, Chief Executive Officer, Dr. M. V. Deshpande, Director, Chetana’s Institute of Management & Research (CMIR), other eminent dignitaries on the dias, guests, and distinguished faculty members, graduating students, relieved parents and family members: It is a great pleasure for me to deliver the convocation address today for the batch of 2011 at
జన 16, 2012
Crisis Preparedness in Interconnected Markets - Prevention is Better than Cure
Mrs. Usha Thorat, Director, CAFRAL, learned faculty members of Toronto Centre, Canada, Chief Executives and Executive Directors of banks, Principal, Jawaharlal Nehru Institute of Development Banking, Hyderabad, participants, distinguished ladies and gentlemen. 1. Over the last five years, a word became very popular around the world. It dominated discourses amongst policy makers. It consumed innumerable hours of prime time on television. It spanned across meetings in o
Dr. K.C. Chakrabarty,
Deputy Governor, Reserve Bank of India
Mrs. Usha Thorat, Director, CAFRAL, learned faculty members of Toronto Centre, Canada, Chief Executives and Executive Directors of banks, Principal, Jawaharlal Nehru Institute of Development Banking, Hyderabad, participants, distinguished ladies and gentlemen. 1. Over the last five years, a word became very popular around the world. It dominated discourses amongst policy makers. It consumed innumerable hours of prime time on television. It spanned across meetings in o
జన 09, 2012
The Shrinking Money and RBI’s Monetary Policy
1. When I received the invitation to speak in a seminar having the theme titled “The Shrinking Money: Combating Debt Crises and Inflation”, I took some time trying to understand what exactly “shrinking money” could mean? In the global context, shrinking money could possibly be related to advanced countries’ fiscal excesses which have been fully accommodated by their respective central banks in conducting monetary policies. In other words, despite inflationary risks in
Shri Harun R Khan,
Deputy Governor, Reserve Bank of India
1. When I received the invitation to speak in a seminar having the theme titled “The Shrinking Money: Combating Debt Crises and Inflation”, I took some time trying to understand what exactly “shrinking money” could mean? In the global context, shrinking money could possibly be related to advanced countries’ fiscal excesses which have been fully accommodated by their respective central banks in conducting monetary policies. In other words, despite inflationary risks in
జన 06, 2012
Financial Market Volatility and the Risk Management Imperative
1. First of all, I would wish to thank Bangalore Chamber of Industry and Commerce for giving me this honour and privilege to address this very distinguished and august audience. I must congratulate and compliment Bangalore Chamber of Industry and Commerce (BCIC) on conceiving, and organizing, this contextually, and topically, most appropriate and relevant Interactive Session on Forex Risk Management. What with the cataclysmic and apocalyptic events like the US downgra
Shri V.K. Sharma,
Executive Director, Reserve Bank of India
1. First of all, I would wish to thank Bangalore Chamber of Industry and Commerce for giving me this honour and privilege to address this very distinguished and august audience. I must congratulate and compliment Bangalore Chamber of Industry and Commerce (BCIC) on conceiving, and organizing, this contextually, and topically, most appropriate and relevant Interactive Session on Forex Risk Management. What with the cataclysmic and apocalyptic events like the US downgra
డిసెం 13, 2011
Food Inflation: This Time it's Different*
1. I would like to thank Prof. Parchure for inviting me to deliver this year’s Kale Memorial Lecture. The lecture has been instituted to honour Rao Saheb R. R. Kale, who was instrumental in setting up this great institution, the Gokhale Institute of Economics and Politics. Despite his professional achievements as a lawyer, he was apparently a rather modest and humble person. Given his financial contribution to the establishment of the institution, it would have seemed
Dr. Subir Gokarn,
Deputy Governor, Reserve Bank of India
1. I would like to thank Prof. Parchure for inviting me to deliver this year’s Kale Memorial Lecture. The lecture has been instituted to honour Rao Saheb R. R. Kale, who was instrumental in setting up this great institution, the Gokhale Institute of Economics and Politics. Despite his professional achievements as a lawyer, he was apparently a rather modest and humble person. Given his financial contribution to the establishment of the institution, it would have seemed
డిసెం 03, 2011
An assessment of recent macroeconomic developments
Introduction Thank you for inviting me to share my thoughts at the Annual CII CFO Summit. In recent weeks, the macroeconomic environment has become particularly turbulent. Global conditions have contributed to a significant rebalancing of portfolios as a result of rapidly changing risk perceptions and appetites. This has led to increased instability and volatility in financial markets, particularly currency markets. On the domestic front, growth is decelerating while
Dr. Subir Gokarn,
Deputy Governor, Reserve Bank of India
Introduction Thank you for inviting me to share my thoughts at the Annual CII CFO Summit. In recent weeks, the macroeconomic environment has become particularly turbulent. Global conditions have contributed to a significant rebalancing of portfolios as a result of rapidly changing risk perceptions and appetites. This has led to increased instability and volatility in financial markets, particularly currency markets. On the domestic front, growth is decelerating while
డిసెం 01, 2011
Changing Contours of Monetary Policy in India
I thank the Royal Monetary Authority of Bhutan and Governor H.E. Daw Tenzin for inviting me to address such a distinguished gathering. I thought of speaking on monetary policy in India for four reasons. First, the currencies of Bhutan and India, i.e., Ngultrum and Rupee are closely linked. Hence, monetary policy developments in India have implications for monetary policy in Bhutan. Second, in October 2011, the Reserve Bank deregulated savings deposit interest rate of
Shri Deepak Mohanty,
Executive Director, Reserve Bank of India
I thank the Royal Monetary Authority of Bhutan and Governor H.E. Daw Tenzin for inviting me to address such a distinguished gathering. I thought of speaking on monetary policy in India for four reasons. First, the currencies of Bhutan and India, i.e., Ngultrum and Rupee are closely linked. Hence, monetary policy developments in India have implications for monetary policy in Bhutan. Second, in October 2011, the Reserve Bank deregulated savings deposit interest rate of
నవం 22, 2011
The Challenge of Food Inflation
First of all, my thanks to the Indian Society of Agricultural Marketing, particularly to Prof. Radhakrishna, the President, and Prof. Satyanarayana, Secretary of the Society for inviting me to address this conference. Speaking to a gathering of distinguished agricultural economists is an opportunity to which I attach a lot of value. Whenever I am invited to speak, I struggle to determine a topic that is relevant to the organizers, and is also within the domain of the
Dr. D. Subbarao,
Governor, Reserve Bank of India
First of all, my thanks to the Indian Society of Agricultural Marketing, particularly to Prof. Radhakrishna, the President, and Prof. Satyanarayana, Secretary of the Society for inviting me to address this conference. Speaking to a gathering of distinguished agricultural economists is an opportunity to which I attach a lot of value. Whenever I am invited to speak, I struggle to determine a topic that is relevant to the organizers, and is also within the domain of the
నవం 14, 2011
Post-Crisis: The New Normal
The aftermath of the recent global financial crisis bears testimony to the fact that impact of the turmoil is severe and the recovery therefrom is protracted, resulting in significant losses in output and employment for an extended period of time. Even two-years after the recent crisis, there are lingering apprehensions that global economy in general and advanced economies in particular may suffer double-dip recession. 2. There is a perception that advanced countries
Dr. K.C. Chakrabarty,
Deputy Governor, Reserve Bank of India
The aftermath of the recent global financial crisis bears testimony to the fact that impact of the turmoil is severe and the recovery therefrom is protracted, resulting in significant losses in output and employment for an extended period of time. Even two-years after the recent crisis, there are lingering apprehensions that global economy in general and advanced economies in particular may suffer double-dip recession. 2. There is a perception that advanced countries
నవం 03, 2011
Growth, Resilience and Reform: Reflections on Post-crisis Policy Challenges*
Introduction It is a privilege and a pleasure for me to be delivering the 45th A. D. Shroff Memorial Lecture. The list of speakers who preceded me reads like an honour roll of the business and policy establishment in our country and I am proud to be a part of this very distinguished set of people. I am also very glad that the venue of the lecture is the Indian Merchants’ Chamber. 2011 marks the 20th anniversary of the reform initiative of 1991. Early that year, IMC an
Dr. Subir Gokarn,
Deputy Governor, Reserve Bank of India
Introduction It is a privilege and a pleasure for me to be delivering the 45th A. D. Shroff Memorial Lecture. The list of speakers who preceded me reads like an honour roll of the business and policy establishment in our country and I am proud to be a part of this very distinguished set of people. I am also very glad that the venue of the lecture is the Indian Merchants’ Chamber. 2011 marks the 20th anniversary of the reform initiative of 1991. Early that year, IMC an
అక్టో 19, 2011
Inflation | Decoding the Dynamics
In India, we have multiple price gauges—six consumer price indices (CPIs) and a Wholesale Price Index (WPI). While the Reserve Bank of India (RBI) examines all the price indices, both at aggregate and disaggregated levels, changes in WPI are taken as the headline inflation for policy articulation. Within WPI, non-food manufactured products inflation is considered the core inflation—an indicator of demand condition. Going by any measure of inflation, India comes out as
Shri Deepak Mohanty,
Executive Director, Reserve Bank of India
In India, we have multiple price gauges—six consumer price indices (CPIs) and a Wholesale Price Index (WPI). While the Reserve Bank of India (RBI) examines all the price indices, both at aggregate and disaggregated levels, changes in WPI are taken as the headline inflation for policy articulation. Within WPI, non-food manufactured products inflation is considered the core inflation—an indicator of demand condition. Going by any measure of inflation, India comes out as
అక్టో 19, 2011
Identifying Systemic Risk in Global Markets – Lessons learned from the crisis
In my considered opinion, systemic risks in the global markets can be best identified and measured by looking at some select key parameters which, between them, indicate the extent of asset bubbles and the corresponding under-pricing of risks. In other words, it is not so much high volatility, which is the ‘effect’, that should be a cause for concern as persistent and excessively low volatility, which is the ‘cause’, and was the hallmark of the pre-crisis period. In p
Shri V.K. Sharma,
Executive Director, Reserve Bank of India
In my considered opinion, systemic risks in the global markets can be best identified and measured by looking at some select key parameters which, between them, indicate the extent of asset bubbles and the corresponding under-pricing of risks. In other words, it is not so much high volatility, which is the ‘effect’, that should be a cause for concern as persistent and excessively low volatility, which is the ‘cause’, and was the hallmark of the pre-crisis period. In p
అక్టో 10, 2011
Monetary Policy: Key factors Shaping Trajectory
Subir Gokarn, Deputy Governor, Reserve Bank of India. Published in the www.livemint.com on September 22, 2011. For energy-importing economies such as China and India, monetary policy is going to be influenced by global oil price movements as long as oil remains the predominant incremental source of energy The core objectives of monetary policy in the future will remain what they have been in the past. The primary objective of monetary policy is a low and stable inflat
Dr. Subir Gokarn,
Deputy Governor, Reserve Bank of India
Subir Gokarn, Deputy Governor, Reserve Bank of India. Published in the www.livemint.com on September 22, 2011. For energy-importing economies such as China and India, monetary policy is going to be influenced by global oil price movements as long as oil remains the predominant incremental source of energy The core objectives of monetary policy in the future will remain what they have been in the past. The primary objective of monetary policy is a low and stable inflat
సెప్టెం 27, 2011
Monetary Policy Dilemmas: Some RBI Perspectives
I value this opportunity of speaking at the Stern School to an academic community interested in central bank issues. Over the last decade, the profile of central banks has gone up. First, we had the Great Moderation - a period of extraordinary benign macroeconomic environment globally, characterized by steady growth in advanced economies and accelerated growth in emerging economies, and low and stable inflation all around. Central banks took credit for this, believed
Dr. D. Subbarao,
Governor, Reserve Bank of India
I value this opportunity of speaking at the Stern School to an academic community interested in central bank issues. Over the last decade, the profile of central banks has gone up. First, we had the Great Moderation - a period of extraordinary benign macroeconomic environment globally, characterized by steady growth in advanced economies and accelerated growth in emerging economies, and low and stable inflation all around. Central banks took credit for this, believed
సెప్టెం 24, 2011
Intervention by Dr. D. Subbarao, Governor, Reserve Bank of India at IMF Meeting on September 23, 2011
The messages that we heard are sharp, specific and candid. If I were asked to pick the headline message of the presentation, it is that we are rapidly running out of time, and may therefore be running out of solutions. 2. The two big flashpoints are: renewed anxiety in the US about recession, and the deepening of the sovereign debt crisis in the Euro area. Each is by itself a big risk, but the bigger risk is that both could materialize simultaneously, and interact wit
Dr. D. Subbarao,
Governor, Reserve Bank of India
The messages that we heard are sharp, specific and candid. If I were asked to pick the headline message of the presentation, it is that we are rapidly running out of time, and may therefore be running out of solutions. 2. The two big flashpoints are: renewed anxiety in the US about recession, and the deepening of the sovereign debt crisis in the Euro area. Each is by itself a big risk, but the bigger risk is that both could materialize simultaneously, and interact wit
సెప్టెం 03, 2011
Monetary Policy Response to Recent Inflation in India
I thank the Indian Institute of Technology (IIT), Guwahati and Mr. Ankit Khemka, Convenor, Techniche 2011, for inviting me to address such a talented and bright group of youngsters . I propose to speak to you about inflation which is a matter of concern to all of us. It has been about two years since October 2009 that the Reserve Bank of India announced its exit from the crisis-driven accommodative monetary policy stance. However, inflation continues to remain elevate
Shri Deepak Mohanty,
Executive Director, Reserve Bank of India
I thank the Indian Institute of Technology (IIT), Guwahati and Mr. Ankit Khemka, Convenor, Techniche 2011, for inviting me to address such a talented and bright group of youngsters . I propose to speak to you about inflation which is a matter of concern to all of us. It has been about two years since October 2009 that the Reserve Bank of India announced its exit from the crisis-driven accommodative monetary policy stance. However, inflation continues to remain elevate
ఆగ 13, 2011
Changing Inflation Dynamics in India
I thank the Motilal Nehru National Institute of Technology (MNNIT) for giving me this opportunity to address this distinguished gathering. I propose to speak on inflation which is a matter of concern to all of us. What is inflation? Simply put, inflation is the sustained increase in the overall price level. Relative change in prices of goods and services is a desirable attribute of market economy as it reflects productivity changes as well as demand and supply conditi
Shri Deepak Mohanty,
Executive Director, Reserve Bank of India
I thank the Motilal Nehru National Institute of Technology (MNNIT) for giving me this opportunity to address this distinguished gathering. I propose to speak on inflation which is a matter of concern to all of us. What is inflation? Simply put, inflation is the sustained increase in the overall price level. Relative change in prices of goods and services is a desirable attribute of market economy as it reflects productivity changes as well as demand and supply conditi
ఆగ 12, 2011
How does the Reserve Bank of India Conduct its Monetary Policy?
I thank the Indian Institute of Management (IIM), Lucknow for inviting me to address this distinguished gathering. I do see many bright young prospective managers in the audience. As you step out of the portals of the Institute, you will be faced with the challenge of managing some or the other key aspect of our economy, be it agriculture, industry or services. This evening, let me give you a flavour of how do we manage monetary policy in the Reserve Bank of India? In
Shri Deepak Mohanty,
Executive Director, Reserve Bank of India
I thank the Indian Institute of Management (IIM), Lucknow for inviting me to address this distinguished gathering. I do see many bright young prospective managers in the audience. As you step out of the portals of the Institute, you will be faced with the challenge of managing some or the other key aspect of our economy, be it agriculture, industry or services. This evening, let me give you a flavour of how do we manage monetary policy in the Reserve Bank of India? In
జులై 07, 2011
Striking the Balance between Growth and Inflation in India
Striking the Balance between Growth and Inflation in India* I. Introduction The Indian economy recovered relatively quickly from the financial crisis of 2008, but inflationary pressures emerged even in the early stages of the recovery in late 2009. Over the past year and a half, the challenge for monetary policy has been to contain these inflationary pressures without disrupting the recovery. The economy grew by 8.5 per cent in the fiscal year 2010-11, which is close
Dr. Subir Gokarn,
Deputy Governor, Reserve Bank of India
Striking the Balance between Growth and Inflation in India* I. Introduction The Indian economy recovered relatively quickly from the financial crisis of 2008, but inflationary pressures emerged even in the early stages of the recovery in late 2009. Over the past year and a half, the challenge for monetary policy has been to contain these inflationary pressures without disrupting the recovery. The economy grew by 8.5 per cent in the fiscal year 2010-11, which is close
జూన్ 23, 2011
India and the Global Financial Crisis What Have We Learnt?
Thank you for inviting me to deliver the 2011 K R Narayanan Oration. It is an honour to which I attach a lot of value. President Narayanan 2. Late President Narayanan was a distinguished diplomat, a reputed parliamentarian, a capable minister and above all an erudite scholar. Born at the very bottom of India’s social pyramid, he rose on to occupy the highest office in the country with no assets other than hard work, integrity and humility. ‘A working President’, as he
Dr. D. Subbarao,
Governor, Reserve Bank of India
Thank you for inviting me to deliver the 2011 K R Narayanan Oration. It is an honour to which I attach a lot of value. President Narayanan 2. Late President Narayanan was a distinguished diplomat, a reputed parliamentarian, a capable minister and above all an erudite scholar. Born at the very bottom of India’s social pyramid, he rose on to occupy the highest office in the country with no assets other than hard work, integrity and humility. ‘A working President’, as he
జూన్ 10, 2011
Monetary policy in a world with macroprudential policy
Introduction Ladies and gentlemen, it is a privilege to be able to speak today to this distinguished group of Governors. As for my subject, I will focus on how monetary policy might need to adjust to the implementation of new macroprudential frameworks. To speak on this topic in India is almost presumptuous, given that the Reserve Bank of India is among those central banks, mainly Asian ones, that have successfully combined both monetary policy and macroprudential mea
Jaime Caruana,
General Manager, Bank for International Settlements
Introduction Ladies and gentlemen, it is a privilege to be able to speak today to this distinguished group of Governors. As for my subject, I will focus on how monetary policy might need to adjust to the implementation of new macroprudential frameworks. To speak on this topic in India is almost presumptuous, given that the Reserve Bank of India is among those central banks, mainly Asian ones, that have successfully combined both monetary policy and macroprudential mea
మే 10, 2011
Policy Discipline and Spillovers in an Inter-connected Global Economy
The interconnected world is not new. We have been living in it for some time. For half a century, exports, international capital flows, and foreign direct investment have been growing much faster than GDP, binding economies ever more tightly together. In many ways, this process has been a tremendous force for good. My own country, India, is testament to that. Integration with the world contributed to growth, lifting hundreds of millions of people out of poverty. But i
Dr. D. Subbarao,
Governor, Reserve Bank of India
The interconnected world is not new. We have been living in it for some time. For half a century, exports, international capital flows, and foreign direct investment have been growing much faster than GDP, binding economies ever more tightly together. In many ways, this process has been a tremendous force for good. My own country, India, is testament to that. Integration with the world contributed to growth, lifting hundreds of millions of people out of poverty. But i
ఏప్రి 05, 2011
Sustainability of Economic Growth and Controlling Inflation: The Way Forward
It is my pleasure to speak at FICCI’s National Executive Committee Meeting this year. As many observers have been highlighting, after a relatively long phase of benign, growth-friendly macroeconomic conditions, things have begun to look somewhat hostile on the macroeconomic front. The most significant manifestation of this is the acceleration of inflation, a trend that was visible even before the impact of the financial crisis was felt in late 2008, but which very qui
Dr. Subir Gokarn,
Deputy Governor, Reserve Bank of India
It is my pleasure to speak at FICCI’s National Executive Committee Meeting this year. As many observers have been highlighting, after a relatively long phase of benign, growth-friendly macroeconomic conditions, things have begun to look somewhat hostile on the macroeconomic front. The most significant manifestation of this is the acceleration of inflation, a trend that was visible even before the impact of the financial crisis was felt in late 2008, but which very qui
ఏప్రి 01, 2011
Lessons for Monetary Policy from the Global Financial Crisis : An Emerging Market Perspective
The global financial crisis has challenged the conventional views on the role of monetary policy. Post-crisis, the weight of arguments tilts towards acceptance of financial stability as an objective of central bank or monetary policy. However, the key challenge is to evolve a consistent framework for implementation. While interest rate can continue as the dominant instrument for implementing monetary policy, supplementing it with other quantity or macro-prudential ins
Shri Deepak Mohanty,
Executive Director, Reserve Bank of India
The global financial crisis has challenged the conventional views on the role of monetary policy. Post-crisis, the weight of arguments tilts towards acceptance of financial stability as an objective of central bank or monetary policy. However, the key challenge is to evolve a consistent framework for implementation. While interest rate can continue as the dominant instrument for implementing monetary policy, supplementing it with other quantity or macro-prudential ins
ఫిబ్ర 21, 2011
Approach to Capital Account Management - Shifting Contours
1. Thank you for inviting me to this forum once again and that too in these sublime environs. Only in such sublimity could the deeply spiritual concept of “Gross National Happiness” have been crystallised into a national policy mission. The theory of Gross National Happiness (GNH) established by His Majesty the King of Bhutan in 1972, defines Bhutan’s development objective as improvement in the happiness and satisfaction of the people rather than growth of Gross Natio
Smt. Shyamala Gopinath,
Deputy Governor, Reserve Bank of India
1. Thank you for inviting me to this forum once again and that too in these sublime environs. Only in such sublimity could the deeply spiritual concept of “Gross National Happiness” have been crystallised into a national policy mission. The theory of Gross National Happiness (GNH) established by His Majesty the King of Bhutan in 1972, defines Bhutan’s development objective as improvement in the happiness and satisfaction of the people rather than growth of Gross Natio
జన 31, 2011
Implications of the Expansion of Central Bank Balance Sheets
1. At the outset, let me congratulate the BIS for bringing out a very analytical and comprehensive paper on the subject. The topic for the session has been thrown into prominence by the experience of the recent financial crisis when many central banks were forced to adopt an expansionary stance of monetary policy. The expansion of balance sheets of central banks has important monetary and financial implications. In normal times, a central bank’s balance sheet attracts
Dr. D. Subbarao,
Governor, Reserve Bank of India
1. At the outset, let me congratulate the BIS for bringing out a very analytical and comprehensive paper on the subject. The topic for the session has been thrown into prominence by the experience of the recent financial crisis when many central banks were forced to adopt an expansionary stance of monetary policy. The expansion of balance sheets of central banks has important monetary and financial implications. In normal times, a central bank’s balance sheet attracts
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