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.
His team has projected a higher growth of 6.1-6.7 per cent in the next fiscal.
The RBI kept its key policy repo rate unchanged at 8.0 percent in its recent monetary policy.
Raghuram Rajan said a six-member monetary policy committee will decide on interest rates.
Former President A P J Abdul Kalam felicitated the six winners.
Raghuram Rajan, who was Chief Economic Advisor in the Finance Ministry before taking over as RBI Governor on September 4, is scheduled to announce the next mid-quarter policy review on December 18.
Speaking at the Delhi Economic Conclave in New Delhi, Reserve Bank of India Governor Raghuram Rajan said the central bank will come out with a discussion paper next week with regard to distressed borrowers and rising non-performing assets.
The government kept its nerve in the face of a massive shock. It chose not to resort to a massive fiscal stimulus. It focused instead on providing liquidity support and easing restrictions on movement in stages, observes T T Ram Mohan.
Rajan is an acknowledged academic, author and intellectual. He spoke on issues which are in the public domain, said Chidambaram
RBI chief Raghuram Rajan said Asia's third-largest economy is being hampered by a drop in public and private investments.
Rajan says, this is a time where countries should be focusing on getting the macro stability in order
Chief Minister MK Stalin has shown that he is cut from a different cloth when it comes to embracing what is current, modern and absolutely necessary. Thus, even while retaining the spirit and content of the pan-Tamil, Dravidian socio-political and socio-economic ideology to the 't', his government has also acknowledged the need to accepting scientifically-proven facts in operational matters, says N Sathiya Moorthy.
RBI Governor Raghuram Rajan's decision to not seek a second term is a "personal one" which everybody should respect, Chanda Kochhar MD & CEO, ICICI Bank said.
The mid-year analysis lowered the growth projection for the current financial year to 5.7-5.9 per cent from 7.6 per cent estimated earlier.
The core inflation is down and there is a need to push growth.
Finance Minister expects rate cut by RBI.
The rupee on Monday ended lower by 23 paise to close at an over two-week low of 67.31 against the US currency.
Former Finance Minister P Chidambaram had said he was "disappointed and profoundly saddened" by Rajan's decision.
The RBI targets inflation at 6 percent by January 2016 and 4 percent for 2017/18.
Reserve Bank of India Governor Raghuram Rajan had said recently that there was "no need" to set up a separate bad bank to deal with stressed assets of public sector lenders.
'The finance ministry and public sector banks have tried to keep the names of wilful defaulters secret.' 'Secrecy and concealing information are inbred among banks and even the RBI,' observes Debashis Basu, editor, www.moneylife.in.
Financial services firm AnandRathi analysed the key points of the policy soon after it was announced.
Arun Jaitley had proposed to set up a Public Debt and Management Agency.
Rajan has a great track record abroad.
At Vigyan Bhavan, Prime Minister Manmohan Singh sat with silent stillness as a key economic advisor and the head of India's central bank discussed the legacy of his reforms - a legacy that speakers said was under threat because of complacency.
India's consumer price inflation dropped to 5.4 per cent in June
Rajan encouraged the Indian-American business community to get involved in the 'nitty gritty of the implementation process,' saying such involvement was not difficult especially since the Indian government has the political will to reform.
In 2013, India suffered its worst currency crisis in more than two decades but has regained the confidence of foreign investors in part after its current account deficit has narrowed sharply and its foreign exchange reserves hit a record high
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.
For 2015-16, IMF pegged India's growth rate at 7.5 per cent.
'When a soldier becomes a king, he better be a king. He should now just forget the past and move beyond continuity. He should catch the potential of India's moment and play a leader's role,' says Vallabh Bhansali of Enam Group.
The key short-term lending rate (repo rate)has been hiked by 0.25 pc to 7.50 pc.
The policy will be presented in the backdrop of rising inflation.
Jaitley was reacting to a question by CNBC TV18 on Rajan's remarks last week.
Rajan posed the question while speaking at the annual leadership conference in Mumbai National Association of Software and Services Companies.
In the global markets, the US dollar traded lower in early trade after former US Treasury Secretary Larry Summers withdrew himself from the race to be the next Federal Reserve chairman.
"We did not abuse RBI governors," says Chidambaram.
Over the last two weeks, the RBI has lifted short-term rates to help support the currency
The committee had eminent people on it and making any allegations like this is 'outlandish', Sitharaman said.
The answer to the problems of high inflation and slowing growth, and low farm incomes, would lie in addressing the basic reforms that India is still to attempt -- like labour laws, says T N Ninan.
