From social engineering to bearing the cost of COVID-19 treatment to financial reconstruction of Tamil Nadu's debt the debutant chief minister is emerging as a leader with a difference, says Shjne Jacob
Rajan also said the outlook for agriculture is subdued, in view of both rabi and kharif prospects being hit by monsoon vagaries.
India on Saturday favoured greater mobility of skilled labour
Reserve Bank of India Governor Raghuram Rajan, in a hurriedly called press conference, said that the central bank has now routed back most of the dollar demand from oil companies to the market.
The report said that "we believe, institutions are more important than individuals" and ultimately what is important is the credibility and the independence of any institution and nothing else.
India was less directly affected by the Chinese stock market rout and yuan devaluation that battered currencies and markets in the region.
In spite of Governor Raghuram Rajan's repeated concerns about inflation, many think there may still be a loosening of stance.
RBI Governor Raghuram Rajan in his maiden policy review, however, eased liquidity though a reduction in the marginal standing facility rate, at which banks borrow from the central bank, by 0.75 per cent to 9.5 per cent.
India's foreign exchange reserves declined by $685.1 million to $274.81 billion in the week ended August 30 due to a dip in the foreign currency assets, the Reserve Bank said.
Rajan also said weak results from India's corporate suggested final demand is yet to pick up strongly.
The pay hike has been made effective from January 1, 2016.
Kotak announced a 0.15 per cent cut in base rate to 9.85 per cent.
RBI's current Deputy Governor Urjit Patel got 3-year extension in January.
China's per capita GDP is about four times of India's, Raghuram Rajan said.
After a delayed start, the monsoon is advancing steadily.
The government's foreign policy lacks coherence, clarity and consistency, they said.
...but when they awaken, it's going to be overly optimistic to assume everybody will walk off the sleeping bed and come back to full life, Rajan noted.
'I often see people try to put down China.'
Stocks and rupee on Monday took an early morning plunge but soon recouped their losses.
A top Finance Ministry source, however, said no discussion has taken place in the government so far on whether to extend Rajan's tenure or not.
"I don't think this administrative subject should be an issue of interest to the media," Modi said.
RBI governor Raghuram Rajan, on Monday, said the current level of the rupee is "pretty reasonable" and any attempt to devalue it may lead to a surge in inflationary pressures and "offset any benefits"
He also made it clear that the pre-2005 notes will continue to be legal tender.
Rajan said he believes that capitalism is breaking down because it is not providing equal opportunities.
Rajan has ignored pressure to loosen policy.
Rajan says, this is a time where countries should be focusing on getting the macro stability in order
'We expect the Reserve Bank of India to deliver a 25 bps rate cut in April to support growth.'
The RBI expects inflation in 2015 to hover around 6 per cent -- its target for January 2016 -- and sees risks to the target evenly balanced.
'They are not tom-tomming what a great thing the Supreme Court decision is.' 'If they say it was a great thing, the public will react because people suffered and are still suffering.'
The HSBC Manufacturing Purchasing Managers' Index, compiled by Markit, fell to 52.4 in August from 53.0 in July but chalked up its tenth month above the 50 mark that divides growth from contraction.
The solution to this problem lies only in making the system more efficient, he said.
Nudging the RBI to cut interest rates to boost growth, Finance Minister Arun Jaitley on Sunday said he had already made his mind clear and hoped the central bank will take decision after taking into account various factors.
In December 2014, it was (-)0.50 per cent.
Rajan said in order to export, one needs to be able to import things that go into those exports as cheaply as it can.
Traders suspect The Reserve Bank of India (RBI) bought bonds and actively intervened in the rupee to support sentiment.
The RBI said that the impact of unseasonal rains is still unfolding.
"The issue in Iraq is still an area of uncertainty.
Finance Minister Arun Jaitley on Sunday said there is no 'disconnect' between the two.
Observing that it is not yet clear to him what the government means by 'Atmanirbhar Bharat', Rajan said if it is about creating an environment for production, then it is a re-branding of the Make in India initiative.
The Governor, who completes one year in RBI on Wednesday, has stabilised the rupee and is getting a fix on inflation.
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