- Nov 07, 2020
Top 10 Urjit Patel Quotes
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- Last Updated on May 30, 2021
- Interest
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- Nov 07, 2020
Government should eschew suasion and directives to banks on interest rates that run counter to monetary policy actions.
- Government
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- Nov 07, 2020
Yes, 4% is the government-mandated target to the MPC. The plus/minus 2 percentage-point upper and lower bands are the tolerance levels specified by the government. If we breach those for three consecutive quarters, we need to inform the government of why that happened and what we propose to do to bring inflation within the two bands.
- Growth
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- Nov 07, 2020
The two important variables for the policy formulation are projected inflation and the output gap. There is no clear hidebound mathematics that we must give 'X' weight to inflation and 'Y' weight to growth and form the associated policy.
- Growth
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- Nov 07, 2020
Growth is always there in the MPC's scheme of things; we don't lose sight of that, but not at the cost of inflation.
- Divergence
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- Nov 07, 2020
There will always be divergence of views on the output gap, as it is unobservable in a rigorous direct sense. There are only estimates. How can there be a strong consensus on that?
- Growth
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- Nov 07, 2020
What is important is that in a capital-scarce country like India, the real interest rate needs to be positive enough to encourage healthy growth of financial savings; we get into macro difficulties when real rates on financial savings become negative for a length of time.
- Important
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- Nov 07, 2020