The government has extended the tenure of the 16th Finance Commission by one month till November 30. The 16th Finance Commission was constituted by the government on December 31, 2023, with former Niti Aayog vice-chairman Arvind Panagariya as its Chairman.
Tobin tax and a financial sector levy could be considered, says former RBI governor. India should manage its capital account irrespective of high or low inflows, Y V Reddy, former governor of the Reserve Bank of India (RBI), said.
Traditionally, Prime Minister picks the RBI Governor after consultation with the finance minister.
In fact, observers say ever since RBI moved to quarterly statements in 2005 during YV Reddy's term, the governor's life has become like that of a company chief executive -- both have to grapple with these quarterly statements, adding to the stress of an already hectic life.
As governor of the Reserve Bank of India (RBI) till September last year, YV Reddy was in-charge of monetary policy at a time when the economy grew at its fastest pace ever
Bankers and the markets on Monday read signals that the Reserve Bank of India was likely to continue its tight money policy in Governor YV Reddy's statement that India is vulnerable to oil and foodgrain price shocks.
The world economy has slipped into a state of stagflation, says Reddy.
Reserve Bank of India Governor YV Reddy has said that Indian financial market is not vulnerable to overseas development. The Indian financial sector is likely to be less affected by the contagion than most other emerging market economy (EMEs), in respect of first-round or direct effects. The Indian equity markets have been volatile in recent months and that has some impact on changing sentiments. He said India has not been contributing in the global macro economic imbalances.
The Sensex tumbled to its biggest fall in nearly seven weeks on concerns over deepening tensions between the Left parties and the Congress on the Indo-US civil nuclear deal.
RBI's current Deputy Governor Urjit Patel got 3-year extension in January.
The government was also faced with problems on its balance of payments. It took steps to conserve declining foreign exchange reserves, and began to regulate the production, supply and distribution of gold. It banned forward trading in the yellow metal in November 1962, and introduced gold bonds as well, reveals the RBI's annual report for the year ending June 1963.
The comments from Das assume importance as the government for two consecutive terms have missed its fiscal deficit targets by 10 bps
The evolving RBI-government relationship, a reversal in the interest rate cycle and return to profitability will dominate bankers' conversation this year, says Tamal Bandyopadhyay.
Thanks to Rajan we are an inflation-targeting country now
Rajan tells RBI colleagues he will be returning to academics
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