Speeches - Monetary Policy - RBI - Reserve Bank of India
Speeches
Mar 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
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Jan 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
Jan 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
Jan 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
Jan 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
Dec 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
Nov 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
Oct 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
Sep 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
Sep 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
Sep 03, 2012
CRR is a cost, manage it: Chakrabarty tells SBI
Dr. K.C. Chakrabarty, Deputy Governor, Reserve Bank of India
Aug 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
Jul 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
Jul 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
Jun 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
Apr 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
Mar 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
Feb 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
Feb 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.
Feb 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
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