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speeches
																		നവം 12,
																		2009
																		
																
																
																	
																		
																			Global Financial Crisis and Monetary Policy Response in India
																		
																		
																			
																			
																	
																	
																
																
																					I thank ICRIER and InWEnt for giving me this opportunity to speak to you this morning. In my talk, I will try to address the following set of questions: How and why was India impacted by the global financial crisis? How did monetary policy respond to the crisis? What was the impact of the policy on the Reserve Bank’s balance sheet? How did monetary transmission work? I will conclude by highlighting the challenges of exit from monetary easing. The subprime crisis that 
																			
																			
																		
																	Shri Deepak Mohanty, 
																	Executive Director, Reserve Bank of India 
																
																
																		I thank ICRIER and InWEnt for giving me this opportunity to speak to you this morning. In my talk, I will try to address the following set of questions: How and why was India impacted by the global financial crisis? How did monetary policy respond to the crisis? What was the impact of the policy on the Reserve Bank’s balance sheet? How did monetary transmission work? I will conclude by highlighting the challenges of exit from monetary easing. The subprime crisis that 
																
																
																
																
																
																
																
																
																
																		ഒക്ടോ 16,
																		2009
																		
																
																
																	
																		
																			Learning from Crises
																		
																		
																			
																			
																	
																	
																
																
																					Ladies and Gentlemen, The late John Kenneth Galbraith, Harvard Economics Professor Emeritus, attributed the longevity of his book The Great Crash 1929 – published in 1955 and never since out of print – to the tendency of history to threaten a repeat. "Each time it has been about to pass from bookstores," he wrote in a later foreword, "another speculative episode – another bubble or the ensuing misfortune – has stirred interest in the history of this, the great modern 
																			
																			
																		
																	Smt. Usha Thorat, 
																	Deputy Governor, Reserve Bank of India 
																
																
																		Ladies and Gentlemen, The late John Kenneth Galbraith, Harvard Economics Professor Emeritus, attributed the longevity of his book The Great Crash 1929 – published in 1955 and never since out of print – to the tendency of history to threaten a repeat. "Each time it has been about to pass from bookstores," he wrote in a later foreword, "another speculative episode – another bubble or the ensuing misfortune – has stirred interest in the history of this, the great modern 
																
																
																
																
																
																
																
																
																
																		ഒക്ടോ 05,
																		2009
																		
																
																
																	
																		
																			Emerging Market Concerns: An Indian Perspective
																		
																		
																			
																			
																	
																	
																
																
																					1. From the perspective of Emerging Market Economies (EMEs) and particularly for that of India, I will highlight five concerns. These are: first, timing of exit from the accommodative monetary policy in the context of rising food price-led inflation but still weak growth; second, the possibility of another surge in capital flows, especially if we turn out to be an outlier in withdrawal of monetary stimulus; third, monetary transmission mechanism as it is evolving from
																			
																			
																		
																	Dr. D. Subbarao, 
																	Governor, Reserve Bank of India 
																
																
																		1. From the perspective of Emerging Market Economies (EMEs) and particularly for that of India, I will highlight five concerns. These are: first, timing of exit from the accommodative monetary policy in the context of rising food price-led inflation but still weak growth; second, the possibility of another surge in capital flows, especially if we turn out to be an outlier in withdrawal of monetary stimulus; third, monetary transmission mechanism as it is evolving from
																
																
																
																
																
																
																
																
																
																		സെപ്റ്റം 29,
																		2009
																		
																
																
																	
																		
																			Global Crisis: Genesis, Challenges and Opportunities Unleashed
																		
																		
																			
																			
																	
																	
																
																
																					Mr. Ajith Nivard Cabraal, Governor, Central Bank of Sri Lanka; Mr. Ajantha Madurapperuma, President, Association of Professional Bankers – Sri Lanka; Distinguished guests and members of the Association of Professional Bankers, Ladies and Gentlemen: It is a great pleasure and privilege for me to be here today for this 21st Anniversary Convention of the Association of Professional Bankers of Sri Lanka. At the outset, I would like to thank Mr. Ajantha Madurapperuma, the 
																			
																			
																		
																	Dr. K.C. Chakrabarty, 
																	Deputy Governor, Reserve Bank of India 
																
																
																		Mr. Ajith Nivard Cabraal, Governor, Central Bank of Sri Lanka; Mr. Ajantha Madurapperuma, President, Association of Professional Bankers – Sri Lanka; Distinguished guests and members of the Association of Professional Bankers, Ladies and Gentlemen: It is a great pleasure and privilege for me to be here today for this 21st Anniversary Convention of the Association of Professional Bankers of Sri Lanka. At the outset, I would like to thank Mr. Ajantha Madurapperuma, the 
																
																
																
																
																
																
																
																
																
																		സെപ്റ്റം 11,
																		2009
																		
																
																
																	
																		
																			Sustaining growth potential – Focus on key Sectors
																		
																		
																			
																			
																	
																	
																
																
																					I am privileged to speak before this learned audience at this conclave on the theme of 'Top priorities of the new regime – Growth strategies'. The topic is of special relevance for emerging economies like ours, particularly in the current context. As is well recognised, the Indian economy has enormous growth potential, and can be one of the economic powerhouses in the current millennium. The economic dominance of India along with China looks all the more likely in vie
																			
																			
																		
																	Smt. Usha Thorat, 
																	Deputy Governor, Reserve Bank of India 
																
																
																		I am privileged to speak before this learned audience at this conclave on the theme of 'Top priorities of the new regime – Growth strategies'. The topic is of special relevance for emerging economies like ours, particularly in the current context. As is well recognised, the Indian economy has enormous growth potential, and can be one of the economic powerhouses in the current millennium. The economic dominance of India along with China looks all the more likely in vie
																
																
																
																
																
																
																
																
																
																		സെപ്റ്റം 04,
																		2009
																		
																
																
																	
																		
																			Policy Lessons from the Global Financial Crisis
																		
																		
																			
																			
																	
																	
																
																
																					Shri Mukul Somany, Chairman, Confederation of Indian Industrty (Eastern Region), Shri S.S. Kohli, Chairman & Managing Director, India Infrastructure Finance Company Limited, Shri S.C. Gupta, Chairman & Managing Director, United Bank of India, Shri Ambarish Dasgupta, Executive Director, PwC, Shri R.K. Agrawal, Chairman, Economic Affairs, Finance & Taxation Subcommittee, CII (ER) and distinguished guests and invitees, members of the electronic and print medi
																			
																			
																		
																	Shri V.K. Sharma, 
																	Executive Director, Reserve Bank of India 
																
																
																		Shri Mukul Somany, Chairman, Confederation of Indian Industrty (Eastern Region), Shri S.S. Kohli, Chairman & Managing Director, India Infrastructure Finance Company Limited, Shri S.C. Gupta, Chairman & Managing Director, United Bank of India, Shri Ambarish Dasgupta, Executive Director, PwC, Shri R.K. Agrawal, Chairman, Economic Affairs, Finance & Taxation Subcommittee, CII (ER) and distinguished guests and invitees, members of the electronic and print medi
																
																
																
																
																
																
																
																
																
																		ഓഗ 19,
																		2009
																		
																
																
																	
																		
																			V K Sharma: The International Financial Crisis and India – the Impact, Response and Outlook
																		
																		
																			
																			
																	
																	
																
																
																					His Excellency the High Commissioner of India Mr. Bhatia, Mr. Navdeep Suri, Consul General of India, Mr. Hari Bhartia, Vice-President of CII, Dr. Guma, Dy. Governor, South African Reserve Bank, Mr. Rudolf Gouws, Chief Economist, Rand Merchant Bank, distinguished invitees and delegates, First of all I would wish to thank His Excellency the High Commissioner of India for giving me the opportunity and privilege to address this distinguished and august audience. Second, I
																			
																			
																		
																	Shri V.K. Sharma, 
																	Executive Director, Reserve Bank of India 
																
																
																		His Excellency the High Commissioner of India Mr. Bhatia, Mr. Navdeep Suri, Consul General of India, Mr. Hari Bhartia, Vice-President of CII, Dr. Guma, Dy. Governor, South African Reserve Bank, Mr. Rudolf Gouws, Chief Economist, Rand Merchant Bank, distinguished invitees and delegates, First of all I would wish to thank His Excellency the High Commissioner of India for giving me the opportunity and privilege to address this distinguished and august audience. Second, I
																
																
																
																
																
																
																
																
																
																		ജൂലൈ 31,
																		2009
																		
																
																
																	
																		
																			Global Financial Crisis Questioning the Questions
																		
																		
																			
																			
																	
																	
																
																
																					JRD Tata Thank you for inviting me to deliver this year’s JRD Tata Memorial Lecture. It is an honour to which I attach a lot of value. The man whose life this series of lectures commemorates, JRD Tata - or JRD, as he was known - left a great legacy as a visionary, as an industry leader, as a philanthropist, and above all as a humanist. 2. Two words capture JRD’s lasting contribution, nation builder. His commitment to India’s development was deep and abiding, and he wa
																			
																			
																		
																	Dr. D. Subbarao, 
																	Governor, Reserve Bank of India 
																
																
																		JRD Tata Thank you for inviting me to deliver this year’s JRD Tata Memorial Lecture. It is an honour to which I attach a lot of value. The man whose life this series of lectures commemorates, JRD Tata - or JRD, as he was known - left a great legacy as a visionary, as an industry leader, as a philanthropist, and above all as a humanist. 2. Two words capture JRD’s lasting contribution, nation builder. His commitment to India’s development was deep and abiding, and he wa
																
																
																
																
																
																
																
																
																
																		ജൂൺ 29,
																		2009
																		
																
																
																	
																		
																			Sub-national Fiscal Reforms and Debt Management - Indian Experience
																		
																		
																			
																			
																	
																	
																
																
																					It gives me great pleasure to be here amongst you and address the World Bank Sub-national Fiscal Reform and Debt Management Forum. There is more than one reason on my part to accept this invitation, but more importantly, to share with you the turnaround story at the sub-national level in India. The relevance of fiscal reforms and creation of fiscal space even at the sub-national level can hardly be over-emphasised in the context of the on-going slowdown the world over
																			
																			
																		
																	Smt. Shyamala Gopinath, 
																	Deputy Governor, Reserve Bank of India 
																
																
																		It gives me great pleasure to be here amongst you and address the World Bank Sub-national Fiscal Reform and Debt Management Forum. There is more than one reason on my part to accept this invitation, but more importantly, to share with you the turnaround story at the sub-national level in India. The relevance of fiscal reforms and creation of fiscal space even at the sub-national level can hardly be over-emphasised in the context of the on-going slowdown the world over
																
																
																
																
																
																
																
																
																
																		മേയ് 22,
																		2009
																		
																
																
																	
																		
																			Risk Management in the Midst of the Global Financial Crisis
																		
																		
																			
																			
																	
																	
																
																
																					Thank you for inviting me to be the keynote speaker at this Financial Management Summit. The global economy is passing through its deepest financial and economic crisis of our time. Protecting the Indian economy from the worst impact of the crisis has been a big challenge for the government and the Reserve Bank. Equally, I am conscious of the fact that industry, business and investors gathered here today have had to make very challenging adjustments in these difficult
																			
																			
																		
																	Dr. D. Subbarao, 
																	Governor, Reserve Bank of India 
																
																
																		Thank you for inviting me to be the keynote speaker at this Financial Management Summit. The global economy is passing through its deepest financial and economic crisis of our time. Protecting the Indian economy from the worst impact of the crisis has been a big challenge for the government and the Reserve Bank. Equally, I am conscious of the fact that industry, business and investors gathered here today have had to make very challenging adjustments in these difficult
																
																
																
																
																
																
																
																
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