Good morning to you all! In the Indian tradition, Namaskar, which means I salute the divinity in you. It is always fulfilling to be here at the Annual Central Banking Seminar of the Federal Reserve Bank of New York. Over the years the seminar has become a landmark forum for the intermingling and cross-fertilisation of ideas and experiences among central bankers from all over the world. It is no wonder, therefore, that it has come to be regarded as a favoured stamping ground where practitioners of the profession rub shoulders and learn from each other about the ‘soiling of the hands’ in topically relevant issues in central banking.

I am grateful to Dr. Kapila Vatsayayan and Shri N.N. Vohra for inviting me to deliver the Dr. C.D.Deshmukh Memorial Lecture today. This annual Lecture in memory of one of India’s most distinguished thinkers and policy makers is a highly prestigious occasion, and one of the highlights of the India International Centre (IIC) calendar of events. When I was first asked, I must confess that I was reluctant as I was not sure whether matters which dominate my professional li

Mr. Chairman and friends, At the outset I wish to compliment the Asian Development Bank Institute and others who are sponsoring this policy Conference. The Conference is rightly addressing the policy issues as well as practical skills involved in examining and improving the pension systems in South Asian countries. The approach of enabling of sharing of experiences and views among South Asian countries and, with multilateral institutions is commendable. My comments to