Speeches - Monetary Policy - आरबीआई - Reserve Bank of India
भाषण
सितंबर 23, 2012
खाद्य मुद्रास्फीति और कृषि आपूर्ति शृखंला प्रबंधन हारून आर.खान
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
श्री हरुण आर खान, उप गवर्नर, भारतीय रिज़र्व बैंक
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
पीडीएफ (
सितंबर 11, 2012
वित्तीय स्थिरता: 2007 से 2012 तक-पांच वर्ष आनंद सिन्हा
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
श्री आनंद सिन्हा, उप गवर्नर, भारतीय रिज़र्व बैंक
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
सितंबर 03, 2012
CRR is a cost, manage it: Chakrabarty tells SBI
Dr. K.C. Chakrabarty, Deputy Governor, Reserve Bank of India
अगस्त 20, 2012
गोवा से गोवा तक - भारतीय विदेशी मुद्रा बाजार का परिवर्तित ढांचा - नई वास्तविकताएं और प्राथमिकताएं जी. पद्मनाभन
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
श्री जी पद्मनाभन, कार्यपालक निदेशक, रिज़र्व बैंक ऑफ इंडिया
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
जुलाई 30, 2012
न्यू नॉर्मल में मुद्रा जोखिम का प्रबंध करना जी.पद्मनाभन
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
श्री जी पद्मनाभन, कार्यपालक निदेशक, रिज़र्व बैंक ऑफ इंडिया
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
जुलाई 19, 2012
डॉ. आई. जी पटेल की पुस्तक के विमोचन के अवसर पर दिया गया भाषण दुव्वुरी सुब्बाराव
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
डॉ. डी. सुब्बाराव, गवर्नर, भारतीय रिज़र्व बैंक
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
जून 27, 2012
कीमतों की स्थिरता और वित्तीय स्थिरताः एक उभरता बाजार परिदृश्य दीपक मोहन्ती
“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
श्री दीपक मोहंती, कार्यपालक निदेशक, रिज़र्व बैंक ऑफ इंडिया
“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
अप्रैल 11, 2012
फेडाई, विदेशी मुद्रा बाजार और भारतीय रुपये पर चिंतन हारून आर. खान
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
श्री हरुण आर खान, उप गवर्नर, भारतीय रिज़र्व बैंक
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
मार्च 28, 2012
गतिशील कर्ज़ बाज़ारों की ओर- 7आई फेमवर्क हारून आर. खान
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
श्री हरुण आर खान, उप गवर्नर, भारतीय रिज़र्व बैंक
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
फ़रवरी 17, 2012
सुशासन की कमी और वित्तीय संकट जी.पद्मनाभन
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
श्री जी पद्मनाभन, कार्यपालक निदेशक, रिज़र्व बैंक ऑफ इंडिया
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
फ़रवरी 02, 2012
समापक भाषण दीपक मोहंती
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.
श्री दीपक मोहंती, कार्यपालक निदेशक, रिज़र्व बैंक ऑफ इंडिया
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.
फ़रवरी 01, 2012
स्वागत भाषण सुबीर गोकर्ण
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
डॉ. सुबीर गोकर्ण, उप गवर्नर, भारतीय रिज़र्व बैंक
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
फ़रवरी 01, 2012
मूल्य स्थिरता, वित्तीय स्थिरता और सरकारी ऋण की वहनीयता: नयी त्रिविधा से नीतिगत चुनौतियां दुव्वुरी सुब्बाराव
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
डॉ. डी. सुब्बाराव, गवर्नर, भारतीय रिज़र्व बैंक
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
जनवरी 30, 2012
वैश्विक पूंजी प्रवाह और भारतीय अर्थव्यवस्था:अवसर और चुनौतियां दीपक मोहंती
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
श्री दीपक मोहंती, कार्यपालक निदेशक, रिज़र्व बैंक ऑफ इंडिया
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
जनवरी 21, 2012
वैश्विक वित्तीय संकट: नई जागरुकता बी.महापात्रा
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
श्री बी. महापात्र, कार्यपालक निदेशक, रिज़र्व बैंक ऑफ इंडिया
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
जनवरी 16, 2012
एक दूसरे से जुड़े बाज़ारो में संकट का मुकाबला करने की तैयारी - इलाज करने से बेहतर है रोकथाम के.सी. चक्रवर्ती
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
डॉ. के.सी. चक्रवर्ती, उप गवर्नर, भारतीय रिज़र्व बैंक
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
जनवरी 09, 2012
मुद्रा का घटता मूल्य और भारतीय रिज़र्व बैंक की मौद्रिक नीति एच.आर. खान
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
श्री हरुण आर खान, उप गवर्नर, भारतीय रिज़र्व बैंक
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
जनवरी 06, 2012
वित्तीय बाजार की अस्थिरता और जोखिम प्रबंधन की अनिवार्यता वी.के.शर्मा
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
श्री वी.के. शर्मा, कार्यपालक निदेशक, रिज़र्व बैंक ऑफ इंडिया
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
दिसंबर 13, 2011
खाद्य मुद्रास्फीति इस बार यह भिन्न है सुबीर गोकर्ण
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
डॉ. सुबीर गोकर्ण, उप गवर्नर, भारतीय रिज़र्व बैंक
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
दिसंबर 03, 2011
हाल की समष्टि आर्थिक घटनाओं का मूल्यांकन सुबीर गोकर्ण
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
डॉ. सुबीर गोकर्ण, उप गवर्नर, भारतीय रिज़र्व बैंक
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
दिसंबर 01, 2011
भारत में मौद्रिक नीति का बदलता स्वरूप : दीपक मोहन्ती
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
श्री दीपक मोहंती, कार्यपालक निदेशक, रिज़र्व बैंक ऑफ इंडिया
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
नवंबर 22, 2011
खाद्यान्न मुद्रास्फीति की चुनौती : दुव्वुरी सुब्बाराव
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
डॉ. डी. सुब्बाराव, गवर्नर, भारतीय रिज़र्व बैंक
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
नवंबर 14, 2011
संकट के उपरान्त: एक नव सामान्य : के.सी.चक्रवर्ती
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
डॉ. के.सी. चक्रवर्ती, उप गवर्नर, भारतीय रिज़र्व बैंक
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
नवंबर 03, 2011
वृद्धि, लचीलापन तथा सुधार: संकटोत्तर नीतिगत चुनौतियों पर अनुचिंतन : सुबीर गोकर्ण
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
डॉ. सुबीर गोकर्ण, उप गवर्नर, भारतीय रिज़र्व बैंक
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
अक्तूबर 19, 2011
वैश्विक बाजारों में प्रणालीगत जोखिम की पहचान करना - संकट से सीखे गये सबक: एशियाई विनियामकों के विचार कि उन्होंने भविष्य में दुबारा संकट नहीं होने देने के लिए प्रणालीगत जोखिम को रोकने के क्या उपाय किये हैं : वी. के. शर्मा
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
श्री वी.के. शर्मा, कार्यपालक निदेशक, रिज़र्व बैंक ऑफ इंडिया
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
अक्तूबर 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
अक्तूबर 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
सितंबर 27, 2011
मौद्रिक नीति की दुविधाएँ : कुछ आरबीआई परिप्रेक्ष्य : दुव्वुरी सुब्बाराव
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
डॉ. डी. सुब्बाराव, गवर्नर, भारतीय रिज़र्व बैंक
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
सितंबर 24, 2011
आइएमएफ की बैठक में वक्तव्य : दुव्वुरी सुब्बाराव
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
डॉ. डी. सुब्बाराव, गवर्नर, भारतीय रिज़र्व बैंक
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
सितंबर 03, 2011
भारत में हाल की मुद्रास्फीति के लिए मौद्रिक नीति उपाय : दीपक मोहंती
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
श्री दीपक मोहंती, कार्यपालक निदेशक, रिज़र्व बैंक ऑफ इंडिया
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
अगस्त 13, 2011
भारत में मुद्रास्फीति का बदलता गतिसिद्धांत : दीपक मोहंती
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
श्री दीपक मोहंती, कार्यपालक निदेशक, रिज़र्व बैंक ऑफ इंडिया
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
अगस्त 12, 2011
भारत में बैंकों का कारपोरेट संचालन: श्रेष्ठ उत्पादकता की खोज में : दीपक मोहंती
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
श्री दीपक मोहंती, कार्यपालक निदेशक, रिज़र्व बैंक ऑफ इंडिया
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
जुलाई 07, 2011
भारत में वृद्धि और मुद्रास्फीति के बीच संतुलन रखना : सुबीर गोकर्ण
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
डॉ. सुबीर गोकर्ण, उप गवर्नर, भारतीय रिज़र्व बैंक
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
जून 23, 2011
भारत और वैश्विक वित्तीय संकट:हमने क्या सीखा? : दुव्वुरी सुब्बाराव
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
डॉ. डी. सुब्बाराव, गवर्नर, भारतीय रिज़र्व बैंक
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
जून 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
मई 10, 2011
अंत: सहबद्ध वैश्विक अर्थव्यवस्था में नीति अनुशासन और भारी जमाव : दुव्वुरी सुब्बाराव
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
डॉ. डी. सुब्बाराव, गवर्नर, भारतीय रिज़र्व बैंक
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
अप्रैल 05, 2011
आर्थिक वृद्धि की निरंतरता और मुद्रास्फीति का नियंत्रण : भावी दिशाएं-सुबीर गोकण
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
डॉ. सुबीर गोकर्ण, उप गवर्नर, भारतीय रिज़र्व बैंक
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
अप्रैल 01, 2011
वैश्विक वित्तीय संकट से मौद्रिक नीति के सबक:उभरते बाजार का परिदृश्य-दीपक मोहंती
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
श्री दीपक मोहंती, कार्यपालक निदेशक, रिज़र्व बैंक ऑफ इंडिया
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
फ़रवरी 21, 2011
पूंजी खाता प्रबंध के प्रति दृष्टिकोण -बदलता स्वरूप?-श्यामला गोपीनाथ
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
श्रीमती श्यामला गोपीनाथ, उप गवर्नर, भारतीय रिज़र्व बैंक
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
जनवरी 31, 2011
केंद्रीय बैंक के तुलन-पत्र के विस्तार का असर*-दुव्वुरी सुब्बाराव
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
डॉ. डी. सुब्बाराव, गवर्नर, भारतीय रिज़र्व बैंक
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
जनवरी 07, 2011
केंद्रीय बैंक संप्रेषण में दुविधा की स्थिति : आधारित कुछ विचार*-दुव्वुरी सुब्बाराव
First of all my thanks to Business Standard, and to my good friends T.N. Ninan and Sanjaya Baru, for inviting me to deliver this second Business Standard Annual lecture. This is an honour to which I attach a lot of value. Central Bank Communication 2. As a part of my job, I accept several speaking commitments, and often I struggle to determine the topic for my speech and the key message I should be delivering. From that perspective, deciding on a topic for this lectur
डॉ. डी. सुब्बाराव, गवर्नर, भारतीय रिज़र्व बैंक
First of all my thanks to Business Standard, and to my good friends T.N. Ninan and Sanjaya Baru, for inviting me to deliver this second Business Standard Annual lecture. This is an honour to which I attach a lot of value. Central Bank Communication 2. As a part of my job, I accept several speaking commitments, and often I struggle to determine the topic for my speech and the key message I should be delivering. From that perspective, deciding on a topic for this lectur
दिसंबर 16, 2010
एएसइएम सम्मेलन में स्वागत भाषण*-दीपक मोहंती
1. Mr. Peter Bekx, Director, European Commission. Mr. Subir Gokarn, Deputy Governor. Mr. Moreno Bertoldi, Head of Unit, European Commission. Ms. Valerie Rouxel-Laxton, Head of Sector, European Commission. Distinguished representatives from the ASEM member countries. Esteemed colleagues of central banks, representatives from multilateral organisations, think-tanks and academia, distinguished experts and friends. I am really privileged to have this pleasant opportunity
श्री दीपक मोहंती, कार्यपालक निदेशक, रिज़र्व बैंक ऑफ इंडिया
1. Mr. Peter Bekx, Director, European Commission. Mr. Subir Gokarn, Deputy Governor. Mr. Moreno Bertoldi, Head of Unit, European Commission. Ms. Valerie Rouxel-Laxton, Head of Sector, European Commission. Distinguished representatives from the ASEM member countries. Esteemed colleagues of central banks, representatives from multilateral organisations, think-tanks and academia, distinguished experts and friends. I am really privileged to have this pleasant opportunity
दिसंबर 09, 2010
संकट के बाद मौद्रिक नीति पर विचार:व्यवहारकर्ताओं का दृष्टिकोण*-सुबीर गोकर्ण
Introduction I would like to thank the Ministry of Finance and the National Institute of Public Finance and Policy for inviting me to speak at this International Conference on Economic Policies for Inclusive Development. We tend to associate the process of inclusive growth and development with structural factors and the roles that they play in accelerating growth, enhancing labour productivity, creating human capital, providing access to safety nets and essential publ
डॉ. सुबीर गोकर्ण, उप गवर्नर, भारतीय रिज़र्व बैंक
Introduction I would like to thank the Ministry of Finance and the National Institute of Public Finance and Policy for inviting me to speak at this International Conference on Economic Policies for Inclusive Development. We tend to associate the process of inclusive growth and development with structural factors and the roles that they play in accelerating growth, enhancing labour productivity, creating human capital, providing access to safety nets and essential publ
दिसंबर 08, 2010
मिंट रोड माइलस्टोन*- दुव्वुरी सुब्बाराव
1. I am delighted to inaugurate this Newsibition of the Reserve Bank in this City of Joy. 2. Last year, the Reserve Bank celebrated our Platinum Jubilee. As part of the celebrations, we documented the 75 years of the Reserve Bank's history in the form of a book - Mint Road Milestones. Milestones is rich treasure trove of archival material including, photographs, news clippings, documents along with a commentary which weaves them all together in an interesting narrativ
डॉ. डी. सुब्बाराव, गवर्नर, भारतीय रिज़र्व बैंक
1. I am delighted to inaugurate this Newsibition of the Reserve Bank in this City of Joy. 2. Last year, the Reserve Bank celebrated our Platinum Jubilee. As part of the celebrations, we documented the 75 years of the Reserve Bank's history in the form of a book - Mint Road Milestones. Milestones is rich treasure trove of archival material including, photographs, news clippings, documents along with a commentary which weaves them all together in an interesting narrativ
नवंबर 01, 2010
G-20 After the Crisis: An Indian Perspective
Introduction I would like to thank the organizers of this event for inviting me to deliver this keynote address. While the title of the session is "What India expects from the G-20", I think it would be extremely presumptuous of me to speak on behalf of the country as a whole. I have, of course, been involved with the G-20 process as the Central Bank deputy and, in that capacity have had the opportunity to contribute to the shaping of the Indian position on various is
Dr. Subir Gokarn, Deputy Governor, Reserve Bank of India
Introduction I would like to thank the organizers of this event for inviting me to deliver this keynote address. While the title of the session is "What India expects from the G-20", I think it would be extremely presumptuous of me to speak on behalf of the country as a whole. I have, of course, been involved with the G-20 process as the Central Bank deputy and, in that capacity have had the opportunity to contribute to the shaping of the Indian position on various is
अक्तूबर 27, 2010
Frontier Issues on the Global Agenda Need for Global Cooperation
First of all, my thanks to the organizers of this conference - ICRIER, the German Development Institute (DIE) and InWent - for inviting me to inaugurate this conference on: “Policies for Growth and Financial Stability Beyond the Crisis - the Scope for Global Cooperation”. Having just returned from a meeting of G-20 Finance Ministers and Central Bank Governors in Korea over this weekend, I am deeply sensitive to the value of generating a wider debate on issues that the
Dr. D. Subbarao, Governor, Reserve Bank of India
First of all, my thanks to the organizers of this conference - ICRIER, the German Development Institute (DIE) and InWent - for inviting me to inaugurate this conference on: “Policies for Growth and Financial Stability Beyond the Crisis - the Scope for Global Cooperation”. Having just returned from a meeting of G-20 Finance Ministers and Central Bank Governors in Korea over this weekend, I am deeply sensitive to the value of generating a wider debate on issues that the
अक्तूबर 26, 2010
The Price of Protein
Introduction It is a great pleasure for me to be speaking at this seminar to celebrate the 75th birthday of Prof. Kirit Parikh. During the time that I spent at IGIDR under his leadership, I had the opportunity to work on a number of issues, on all of which I received enormous support and encouragement from him, which has continued even after first I and then he moved on to other institutions. My years at IGIDR provided me firm foundations in individual and collective
Dr. Subir Gokarn, Deputy Governor, Reserve Bank of India
Introduction It is a great pleasure for me to be speaking at this seminar to celebrate the 75th birthday of Prof. Kirit Parikh. During the time that I spent at IGIDR under his leadership, I had the opportunity to work on a number of issues, on all of which I received enormous support and encouragement from him, which has continued even after first I and then he moved on to other institutions. My years at IGIDR provided me firm foundations in individual and collective
अक्तूबर 26, 2010
Presentation by Dr. Subir Gokarn, DG, RBI - The Price of Protein - at IGIDR, Mumbai
Dr. Subir Gokarn, Deputy Governor, Reserve Bank of India
अक्तूबर 05, 2010
Managing the Growth-Inflation Balance in India : Current Considerations and Long-term Perspectives
Introduction I would like to thank the Private Equity International India Forum for inviting me to deliver this Keynote Address. I believe that channels of finance like venture capital will play an increasingly significant role in India. Sustaining the current growth momentum over a long period of time will clearly depend heavily on the ability of new business ideas to first, find start-up funding and then, grow to scales at which traditional funding sources can be ac
Dr. Subir Gokarn, Deputy Governor, Reserve Bank of India
Introduction I would like to thank the Private Equity International India Forum for inviting me to deliver this Keynote Address. I believe that channels of finance like venture capital will play an increasingly significant role in India. Sustaining the current growth momentum over a long period of time will clearly depend heavily on the ability of new business ideas to first, find start-up funding and then, grow to scales at which traditional funding sources can be ac
अक्तूबर 05, 2010
Presentation by Dr. Subir Gokarn, DG, RBI - Managing the Growth-Inflation Balance in India : Current Considerations and Long-term Perspectives, Mumbai
Dr. Subir Gokarn, Deputy Governor, Reserve Bank of India
आरबीआई मोबाइल एप्लीकेशन इंस्टॉल करें और लेटेस्ट न्यूज़ का तुरंत एक्सेस पाएं!
पृष्ठ अंतिम बार अपडेट किया गया: मई 08, 2025
