India Inc on Wednesday said it looked forward to the new RBI Governor Raghuram Rajan initiating cut in interest rates and improving credit flow to crucial sectors like infrastructure to put economy back on high-growth path.
RBI to ensure loans rate fall
India's captains of industry said they were disappointed at the exit of Reserve Bank of India Governor Raghuram Rajan.
Most central banks across the world have around 5-7 years of tenure for the governor and deputy governors.
RBI Governor Raghuram Rajan expressed anguish at the banks' reluctance to pass on benefits of the earlier rate cuts.
India-born Raghuram Rajan, Professor of Finance at the University of Chicago, has been awarded the newly instituted Fischer Black Prize by a premier academic organisation on financial economics.
Experts applaud RBI governor RAghuram Rajan for his good work.
Rajan said an interest rate cut won't by itself lead to higher economic growth
Rajan said in order to export, one needs to be able to import things that go into those exports as cheaply as it can.
An exclusive interview with Dr Raghuram Rajan, who has just been appointed Chief Economist at the IMF.
IMF managing director Horst Koehler said Raghuram Rajan has been at the forefront of his work on banking and financial sector issues.
'Ultimately, people will revolt at one time or the other.' 'You cannot feed the public with cultural issues forever.'
IMF Chief Economist Raghuram Rajan has said that while the Indian government has as strong reason to feel good about the economy, a lot still remains to be done.
However, some analysts say RBI Governor Raghuram Rajan may delay the rate cuts amid mounting concerns over the government's fiscal health.
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.
Free speech is the soul of a great university. By compromising on it, the founders have bartered away its soul, said Rajan.
RBI governor advises students to not take advantage of economic freedom
A committee headed by Patel recommended retail inflation targeting and a monetary policy committee.
"Finance Ministry and RBI keep talking all the time," Rajan said.
India is gearing up to introduce a six-member monetary policy committee that would vote on interest rates.
"The world is in general equilibrium. A small change in one parameter effects changes in all variables. So Krishna advised: Sukh Dukhe...," Subramanian Swamy tweeted.
'Is this the only way for India to become a $5 trillion economy?' 'When you have unused foreign exchange here, why borrow more dollars?'
The report said that "we believe, institutions are more important than individuals" and ultimately what is important is the credibility and the independence of any institution and nothing else.
Vijay Mallya owes several banks thousands of crores of rupees which he had taken as loans for his businesses including the now defunct Kingfisher Airlines.
Rajesh Vardhan, managing director, Vardhman Group, will chat on home loans on Wednesday, September 25, at 3 pm.
Few proposals included in the Finance Bill would not help ease liquidity concerns in the economy, say RBI officials.
However, some experts, including RBI Governor Raghuram Rajan, have favoured doing away with curbs on gold imports because they lead to smuggling.
Given the stability of the rupee over the last 10 months, many companies have been tempted not to hedge their foreign currency risk.
It has been decided to reduce home loan rate by 20 basis points.
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The central bank was seen selling dollars consistently when the rupee would approach the record low of 68.86 hit on August 28.
He was responding to a question on economic reforms in the country.
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.
Monetary transmission has been an issue for the Indian banking sector.
Three members will be representatives from the government, and three from the RBI.
Head of state-run Indian Bank T M Bhasin had called for a CRR cut.
In response the BRICS - Brazil, Russia, India, China and South Africa - have taken steps to strengthen cooperation such as setting up a joint development bank
Dr Raghuram Rajan's departure holds lessons for all, be it sections of the media, politicians or the people themselves. We need to learn how to value and retain talent. At the same time the talented must realise that talent alone does not ensure the top job, says Sanjeev Nayyar.
Rupee, he said, is not in shambles and "we should not be overtly pessimistic".
He will presumably choose to remain true to the framework he has put in place.
Governor Raghuram Rajan lowered the benchmark repurchase rate to 7.75 per cent from 8 per cent, the first reduction since May 2013.
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