Finance Minister P Chidambaram at the Group of 24 Meeting of the Ministers at the International Monetary Fund headquarters in Washington, DC on Thursday.
India was, relatively, less affected, as the central bank here did not allow the banks to speculate with people's money on the market.
Reserve Bank of India Governor Y V Reddy has been awarded an honorary fellowship by the prestigious London School of Economics and Political Science for his contribution to the cause of the under-privileged.
Reserve Bank of India Governor Y V Reddy on Tuesday admitted that inflation in India's food prices is much higher than the country's 'tolerance limit' necessitating a comprehensive review of the situation. In response to another question on whether from a monetary policy standpoint he was going to be taking actions to try to counter food price inflation, Reddy said in terms of monetary policy actions they will be governed by lot more desegregated analysis of the situation.
While India has in no way contributed to global financial imbalances, it has a huge stake in the process of unwinding of these imbalances and its impact on exchange rates, former Reserve Bank of India governor Y V Reddy has said. He was speaking at the Indian Council for Research on International Economic Relations.
The Reserve Bank of India Governor Y V Reddy has said the higher level of headline inflation may be difficult to avoid in the short term though central banks across the globe are according a top priority to "calm the nerves".
Calling the present level of inflation unacceptably high, Reserve Bank of India Governor Y V Reddy on Monday said that the Central bank is ready to take steps to cool prices. "Any decision to act has to carefully assess this extremely complex situation... We have a range of instruments available with us to manage liquidity and we do not hesitate in using them. Liquidity management has to be consistent with monetary policy and with management of aggregate demand," Reddy said.
Reserve Bank of India governor Y V Reddy defended his decision to keep the rates unchanged by saying that all stakeholders should pay an uncertainty premia during uncertain times.
"Purely from a management point of view, it is far easier to manage a liberalised capital account than a capital account controlled. We have to recognise that trade is getting more and more open, and if we have more and more open trade, more and more current account, it is very difficult to manage the capital. We have to recognise that," Reddy said.
Y V Reddy, outlined certain key milestones in the Indian economy's growth story and envisioned the future trajectory
The exchange rate policy has served us very well in the last so many years and the exchange rate has been commended all around, says RBI Governor Y V Reddy.
With the five-year term of Reserve Bank of India Governor Y V Reddy coming to an end soon, names of his deputy Rakesh Mohan and Planning Commission Deputy Chairman Montek Singh Ahluwalia are emerging as potential successors, a media report said in London.
Reserve Bank of India Governor Y V Reddy on Tuesday said the Indian economy is largely insulated from episodes of global financial instability and the country has built resilience to shocks and is less vulnerable to output volatility.\n\n
The country must thank God and the previous Reserve Bank of India Governor Y V Reddy for safeguarding the banking system in India from the global financial meltdown, Punjab National Bank's chairman and managing-director K C Chakrabarty said on Sunday.
China's savings rate is above 40 percent, while India's is in the range of 20 to 30 percent.
Reserve Bank of India Governor, Y V Reddy presented the Monetary and Credit Policy for 2006-07 on Tuesday.
GDP growth for the current year is expected to be about 8.5 per cent while inflation likely to be below five per cent, Reserve Bank of India Governor Y V Reddy said in Chennai on Friday. "For the current year, though subject to review, current expectations is GDP growth will be 8.5 per cent.Inflation would be below five percent," he said at a management seminar conducted by the Great Lakes Institute of Management.
Reserve Bank of India Governor Y V Reddy has said the country needs to put in place 'special defences' to face the prospect of volatile capital flows.
Finance Minister Jaswant Singh will not attend the spring meeting of International Monetary Fund and World Bank, starting in Washington on March 20.
The Reserve Bank of India Governor Y V Reddy expects credit to pick up. When credit demand picks up, adequate liquidity will be provided, he said.
Inflation tolerance level in India is low relative to many developing countries because of democratic pressures, said the Reserve Bank of India Governor Y V Reddy.
The Rajasthan high court has issued contempt notices to Reserve Bank of India Governor Y V Reddy and three State Bank of India officials for failing to comply with a court order.
The interest rates that we have now, including the interest rate measure that we have announced, should be treated as benign.
Maintaining that the Indian economy was resilient to oil price shocks, Reserve Bank of India Governor Y V Reddy on Wednesday said the oil prices needed to be closely monitored, though it is not a disturbing factor.
The softer interest rate regime and boom in housing, retail and infrastructure sectors boosted credit of banks by Rs 1,19,684 crore (Rs 1,196.84 billion) last fiscal.
Reserve Bank of India Governor Y V Reddy on Thursday said the central bank is keeping a "close watch" on inflation, which is expected to be well below 5.0-5.5 per cent at the end of the current fiscal.
'For the RBI, for a central bank, reputational risk is the worst risk.' 'Credibility is the worst risk,'
Prime Minister Narendra Modi's idea of cooperative federalism is expected to be on display in the 2015-16 Budget.
With the creation of the state of Telangana, additions were made to ToRs of the 14th Finance Commission to make recommendations for the newly created states after the reorganisation of Andhra Pradesh.
