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Stable prices will lead to sturdy exchange rate: Rangarajan

Former Reserve Bank of India governor Dr C Rangarajan believes that domestic price stability is the key to maintaining stability in the exchange rate system.

Dr Rangarajan, now governor of Andhra Pradesh, was speaking at a function honouring him as India's 'financial man of the decade' by the Bombay Management Association at the Indian Merchant's Chamber in Bombay.

The recent reforms in the financial sector, Dr Rangarajan said, were aimed at improving the efficiency of the economy. Referring specificially to financial institutions, the financial whiz said they needed to improve delivery systems and customer servicing.

Dr Rangarajan felt the reforms would create a financial system capable of responding automatically to changes in the global environment.

Chief guest Kumaramangalam Birla, chairman of the Aditya Birla Group, in his turn spoke of core competencies, with special reference to how his own group had put in place core competencies in the area of project management.