Urjit Patel Quotes
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The monetary policy committee could either keep rates constant, increase them, or bring them down. There are three options possible compared to when it is accommodative.
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If one sees far, structural changes that come with temporary disruptions can be growth - and efficiency-augmenting in the medium to long term.
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The staff members of all banks have worked very hard, and we all owe them our gratitude.
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I think that it is important that one grows a thick skin fast in this business, and I think we have done that.
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Yes, 4% is the government-mandated target to the MPC. The plus/minus 2 percentage-point upper and lower bands are the tolerance levels specified by the government. If we breach those for three consecutive quarters, we need to inform the government of why that happened and what we propose to do to bring inflation within the two bands.
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I think it is important that we should be on the side of keeping borders open with respect to trade and movement of factors of production.
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Very few countries grow at high rate if inflation is high and volatile. I think, in a way, we are doing our bit to support a higher growth rate, but on a durable basis.
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Enhanced transparency has helped to reinforce the stability of India's financial system.
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What is important is that in a capital-scarce country like India, the real interest rate needs to be positive enough to encourage healthy growth of financial savings; we get into macro difficulties when real rates on financial savings become negative for a length of time.
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Growth is always there in the MPC's scheme of things; we don't lose sight of that, but not at the cost of inflation.
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It is easy and quick to fritter away gains regarding macroeconomic stability.
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This is a once in a lifetime event. It is very rare to remove 86% of the currency in circulation in one go. The logistics of such an operation are mammoth.
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People were holding high denomination notes to keep tax unaccounted for money. Some sectors like real estate were using cash to avoid tax.
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Large credit guarantees also impede optimal allocation of financial resources and increase moral hazard.
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We have been mandated by the government, backed by legislation, that we have to have an inflation target of about 4%.
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There are tens of thousands of bank branches and 4,000 currency chests. We need to be careful and try that this is a number which is not a mere estimate but a verified number both physically and in the accounting sense.