Subsequent data revisions revealed that growth had not slowed that sharply.
Expectations for a rate cut had gathered momentum this week after inflation slowed to its lowest level in three years.
Reserve Bank of India Governor D Subbarao surely knows how to crack a joke even on as mundane a topic as the cash reserve ratio (CRR).
Subbarao's remarks come against the backdrop of Finance Minister P Chidambaram's assertions in recent weeks that RBI should not focus solely on containing inflation but also look at the larger mandate of growth and job creation.
Along with the Finance Minister, the country looks up to RBI Governor in times of crisis. Among the last five chiefs, who have lived up to the people's expectations? Find out...
The full text of RBI governor D Subbarao's last speech, where he blames the UPA government for the fiscal mess
A revival in investment activity, which is key to stimulating growth, depends particularly on the recent policy announcements by the government being translated into effective actions, Subbarao said while announcing the second quarterly review of the monetary policy.
Raghuram Rajan becomes the 23rd governor of Reserve Bank of India.
Former Prime Minister Manmohan Singh's 1991 budget unshackled India's economy, significantly enhancing the economic prospects for hundreds of millions of Indians, first deputy managing director of the International Monetary Fund (IMF) Gita Gopinath said on Friday.
Perhaps because the Modi government had some differences of opinion with two of the economist governors (one of whom was appointed by the Manmohan Singh government), there is a view that its political leadership prefers a civil servant to head the RBI, notes A K Bhattacharya.
The term of Subbarao as RBI chief ends on September 4, while the next mid-quarter policy review is due on September 18.
Central bank Governor Raghuram Rajan drew kudos from Moody's Analytics for his monetary stance.
Reserve Bank of India Governor D Subbarao said on Friday that another stimulus package could help the economy in the short-term but a sustainable recovery required the government to return to fiscal consolidation.
The former RBI Governor also emphasised on the need to boost economic productivity and attract investments.
Reserve Bank of India governor D Subbarao said the rapid expansion of the government borrowing programme was coming in the way of the central bank's monetary policy objective of a lower interest rate regime and called for more independence for the central bank.
Reserve Bank Governor D Subbarao on Tuesday favoured bifurcation of the posts of chairman and managing director in state-run banks, saying the experience of such a split in the private sector has been satisfactory.
He said there is also need for raising agriculture productivity, and improvement of social sector outcome.
India's headline inflation has been high, forcing RBI to keep policy rate unchanged since April.
Reserve Bank of India Governor Duvvuri Subbarao is not interested in carrying on in his present job after his term ends in September next year.
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Addressing a Ficci-organised banking summit in Mumbai, he at the same time said that it will take several years for the country's banks to achieve the status of a large global bank.
Duvvuri Subbarao recounts how his tensions with P Chidambaram and Pranab Mukherjee, then finance ministers, over monetary policy spilled over into other issues in the central bank in this excerpt from Who Moved My Interest Rate?, his memoir of his term as Reserve Bank of India governor.
Reserve Bank of India (RBI) Governor D Subbarao on Thursday said while the central bank was deeply conscious of the continuing liquidity crunch, the scale of government spending was not enough to ease the situation.
Subbarao said, short-term as well as medium-term prospects or Indian economy continue to be grim. Fiscal deficit is going to be much higher, the debt burden much larger and the financial sector will be in a worse shape.
The Reserve Bank of India on Wednesday said it is vigilant to the possibility of overheating in the economy and will do everything to prevent such an occurrence.
The governor had just made an elaborate presentation in defence of the central bank's decision to not to succumb to industry's demand for rate cuts in the mid-quarter policy.
The governor had just made an elaborate presentation in defence of the central bank's decision to not to succumb to industry's demand for rate cuts in the mid-quarter policy.
RBI Governor D Subbarao says banks' response to RBI's monetary intervention is asymmetric.
Consensus among members at April policy meet that rupee be allowed to depreciate
Monetary policy committee had recommended no change in the key rate.
The criticism that the Reserve Bank of India was behind the curve in hiking interest rate to tame rising inflation is unfair, former RBI Governor D Subbarao said on Wednesday and asserted that it is difficult for any central bank to anticipate the future more accurately. Earlier this month, Monetary Policy Committee (MPC), the central bank's rate-setting panel, surprised the markets with a 40 basis points hike in repo rate in an off-cycle policy meeting. It was also the first rate hike after August 2018, amid spiralling inflation.
Rapid depreciation of the rupee put us in a vicious spiral: D Subbarao
After all, India is the only one among the BRIC nations (Brazil, Russia, India and China) where lending rates are still ruling at their 2008 peaks.
Interview with the Governor of Reserve Bank of India.
RBI intervenes in the foreign exchange market to manage volatility and to prevent disruptions to the macroeconomic situations.
Inflation targeting has worked well and the government must stay with it, and the framework is going to work well in the period ahead also, former RBI Governor D Subbarao said on Thursday. He also said low inflation contributes to sustainable growth. Addressing the 'Times Network India Economic Conclave' virtually, Subbarao said the government's proposal to privatise some public sector units is not akin to selling family silver but it is a route for putting India on a sustainable growth path.
Reserve Bank of India (RBI) Governor Duvvuri Subbarao on Wednesday said inflation was still above the central bank's tolerance level and it would revisit the gross domestic product (GDP) growth numbers in its quarterly policy in January.
Ahead of its mid-quarter policy, the Reserve Bank on Friday said its monetary actions in the coming months will be determined by the outlook on monsoon and ensuing impact on inflation.
Analysts and the media have near-unanimously approved the latest monetary policy update of the Reserve Bank of India which has left key interest rates unchanged, while indicating that its accommodative stance will continue until recovery becomes more robust. But it is possible to question whether this halfway house is the right place to be in right now.
The finance ministry is also collating the data on entire food supply chain to identify the bottlenecks in the process.
Within days of assuming charge, he faced allegations of having made RBI the finance ministry's extension counter.
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