RBI Governor Rajan on Wednesday said significant progress made in curbing current account deficit.
Shares are likely to remain volatile in the week ahead as uncertainty heightens over Syria.
Shares are likely to remain volatile in the week ahead as uncertainty heightens over Syria.
RBI governor is seen succeeding International Monetary Fund (IMF) chief executive officer, Christine Lagarde, next year.
RBI governor and new FM could hog all the limelight.
Consumer price inflation touched a nine-month high of 11.24 per cent last month.
India has been assigned the lowest investment grade rating with a high risk profile by various global agencies.
Two successive reports, one by Percy Mistry in 2007 and the other by Raghuram Rajan in 2008 had provided the RBI and the finance ministry with blueprints of what to do next. Both reports, unfortunately, was put on ice. The global meltdown saved the RBI. It also saved the finance ministry from having to work on the two reports.
While the rest of India marches towards the promised destiny of 'progress', Bihar - the heart of India- is doomed to poverty and the injustices of a caste-based society.
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The truth is the government and the Reserve Bank enjoy a free, frank and cordial relationship.
As the global economy sways into uncertain territories and domestic prices almost certain to rise, Raghuram Rajan's ideas would have come in handy.
The Indian currency was tracking the non-deliverable forwards while lower stock futures also hurt sentiment.
Prasad told the IIM-team how he changed the old dictums like raising of goods and passenger fares to minimise cost and increase trade, reduced wagons turnaround time from seven to five days and raised carrying capacity of goods trains.
The rupee was at 62.08/12 versus Thursday's close of 61.77/78.
RBI kas hiked short-term lending (repo) rate by 0.25 per cent to 7.5 per cent.
In his first monetary policy review since taking office on September 4, RBI Governor Raghuram Rajan increased the repo rate by 25 basis points to 7.50 per cent.
Reserve Bank of India Governor Raghuram Rajan, who will present his maiden policy on September 20, held discussions on Tuesday with Prime Minister Manmohan Singh and Finance Minister P Chidambaram on the macro-economic situation.
The former Union minister alleged that the government is "intolerant to the slightest criticism".
It took three years of collective fiscal profligacy and policy mismanagement to cause this crisis.
Raghuram Rajan said the passage of the GST Bill augurs well for the growing political consensus for economic reforms.
Raghuram Rajan, a former chief economist at the International Monetary Fund, takes charge at the RBI as the country faces its worst economic crunch since a balance of payments crisis two decades ago.
Top bankers on Wednesday exuded confidence that Raghuram Govind Rajan, who today took over as the 23rd Governor of the Reserve Bank, has the intellectual prowess to wade through the present difficulties facing the economy and wished him all success for the stint at Mint Road.
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Rajan, the academic-turned-central banker who is credited with predicting the global financial crisis, said that voicing of views will have positive effects.
He doesn't expect banks to raise interest rates, as they'd not reduced these after the policy rate cuts in May and March.
The future action on rate change will depend on data said the RBI Chief.
In its quarterly macroeconomic review on Monday, the central bank said it expects inflation to remain near current elevated levels for the remainder of the fiscal year that ends in March.
He also said that he stands by Modi as he admires his spine but took a dig at journalists planting "deliberately false stories" to provoke him.
Although this may not be music to Raghuram Rajan and Viral Acharya's ears, the real reason in my estimation for their quitting is expatriate over-sensitivity, intolerance or arrogance, argues B S Raghavan, the distinguished civil servant.
Rajan says, this is a time where countries should be focusing on getting the macro stability in order
'Should the government be in the business of running banks?' 'Particularly when it does not have the fiscal strength to continuously infuse capital into such banks?'
Rajan, further said, the government was not contemplating more steps to curb gold import, and significant reduction was likely in June.
The Finance Ministry on Tuesday exuded confidence that recent initiatives of the government will push economic growth rate in the current fiscal and made a case for quick passage of reforms legislations like the GST and insurance bill to improve investor confidence.
RBI Governor Raghuram Rajan plans to write on 'academic issues' after leaving the Reserve Bank.
Modi will also need to reconcile market demands with those from forces within his own administration
Rajan said the central bank has used up all its "space available" to cut interest rates
He used an old rule to cut the expenditure allotted to various ministries.
The Sensex fell nearly 2 per cent on Friday after a surprise rate hike by the RBI led to a slide in rate-sensitives like banking and auto shares.
All eyes are on new Reserve Bank Governor Raghuram Rajan who will come out with his maiden monetary policy review on Friday amid conflicting demands for rate cut and an urgent need to contain inflation which soared to 6-month high of 6.1 per cent in August.
RBI governor Raghuram Rajan is concernedabout the rupee votality.
Rajan has already warned he does not have a 'magic wand' to deal with India's economic crisis.
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