Meanwhile, Wholesale Prices Inflation (WPI) numbers which were announced on Thursday, accelerated to an eight-month high of 7.0% in October.
RBI Governor Raghuram Rajan on Friday defended his development index for measuring backwardness of states, saying the aim is to "encourage development" and "everything over and above that is a political spin."
Governor Rajan stressed on the benefits over a medium-term.
RBI Governor Raghuram Rajan wanted to improve training for staff, through initiatives such as sending them to other central banks for short stints.
Raghuram Rajan rejected the argument that inflation has come down largely because of "good luck" stemming from low oil prices.
Hinting that the Centre might provide special status to Bihar, Finance Minister P Chidambaram on Saturday declared to set up a committee to determine the new criteria for backwardness.
The policy will be presented in the backdrop of rising inflation.
RBI governor also spoke on the ill effects of cutting interest rates too much
Indian economy, dubbed the fastest growing major economy in the world, is faced with the single most important pressure point of job creation, says former RBI Governor Raghuram G Ranjan as he makes a strong case for improvement of human capital through skill development. Talking about the book 'Breaking the mould: Reimagining India's economic future', written jointly by him and Rohit Lamba, assistant professor of economics at Pennsylvania State University, Rajan said one of the greatest strength of India is its human capital of 1.4 billion and the question is "how do you make it strong?" The nation needs to create jobs at every level going along the path of development, said Rajan, presently Katherine Dusak Miller Distinguished Service Professor of Finance at Chicago Booth, USA.
Rajan said there will be some volatility, but once the initial bout or wave abates, people will look for good fundamentals
His tweets led to his followers proclaiming that he was backing Patel's appointment
If we persist in talk and little action, I think we will slip. I fear the consequences of sustained slow growth. We need strong, sustained, clever action today, Rajan said.
Rajan warned against waiting to act until inflation expectations become entrenched, but also said the Reserve Bank of India would overlook temporary spikes in inflation.
Reserve Bank Governor Raghuram Rajan on Friday said the recent rally in the rupee is comforting but said the currency has not yet achieved stability which will only be reached when he stops keeping a "minute-by-minute" track of the unit.
RBI governor Raghuram Rajan says, laws must be tightened for freeloaders.
Asserting that retail inflation excluding food and fuel is still at an elevated level, the Reserve Bank of India on Tuesday said it would endeavour to curb price increases.
Rajan said the process of dialogue with the government did not reach a stage where he could have agreed to stay on
Former RBI governor Raghuram Rajan, who faced a stinging attack from Finance Minister Nirmala Sitharaman for presiding over the "worst phase" of the Indian banking sector, on Thursday reminded her that two-third of his tenure as the head of the central bank was under the Bharatiya Janata Party government.
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.
'Access to finance is one of the most crucial needs in the economy.'
To a question related to RBI's policy rate, Rajan said no amount of interest rate cut is going to help if credit growth is weak.
He will presumably choose to remain true to the framework he has put in place.
"I think, this is something that all Indians should be concerned about because strength of our institutions is really important for our growth, sustainable growth and equity in the economy," said Rajan.
Finance Minister Arun Jaitley said the Reserve Bank and the Finance Ministry have "very mature level of consultation" and it wasn't fair to comment on them.
"The issue in Iraq is still an area of uncertainty.
India needed more specialists within government
Most economists feel the RBI has room for a 25-basis point cut, having met inflation targets comfortably
The Indian economy has "some bright spots and a number of very dark stains" and the government should target its spending "carefully" so that there are no huge deficits, noted economist and former RBI Governor Raghuram Rajan said on Sunday. Known for his frank views, Rajan also said the government needs to do more to prevent a K-shaped recovery of the economy hit by the coronavirus pandemic. Generally, a K-shaped recovery will reflect a situation where technology and large capital firms recover at a far faster rate than small businesses and industries that have been significantly impacted by the pandemic.
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The Reserve Bank released a report on 'Banking Structure in India -- The Way Forward' in August 2013, which covered issues such as consolidation of large-sized banks with a view to have a few global-sized banks and the desirability and practicality of having small, localised banks as preferred vehicles for financial inclusion.
After the e-mail was received, the RBI officials alerted the police.
There is also a lobby within the bureaucracy that wants to see Rajan's influence curtailed
We require a very pivotal kind of leadership now from the central bank in order to work with the government
Rajan sees banks passing on the benefit of lower rates regime to customers.
Subdued exports remain an area of concern.
Calls for a rethink on why some sectors should get more easy credit than others
Rajan said the RBI is working on upgrading the capabilities of its inspectors to undertake bank system audits as well as to detect vulnerabilities in them
The RBI Governor brought down retail inflation to 3.8% in July.
RBI data show one-fifth of all the infrastructure loans are stressed and the share of such loans in overall stressed assets is nearly a third.
The country has a long way to go before it claims to have arrived, he said.
The rupee has fallen more than 2 per cent against the dollar since the yuan devaluation
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