Speeches - Monetary Policy - RBI - Reserve Bank of India
Speeches
Feb 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
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Jan 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
Jan 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
Jan 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
Jan 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
Jan 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
Dec 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
Dec 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
Dec 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
Nov 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
Nov 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
Nov 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
Oct 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
Oct 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
Oct 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
Sep 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
Sep 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
Sep 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
Aug 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
Aug 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
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