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Urjit Patel Quotes

Indian - Economist | -

I think India's policy that the openness of trade should be carried through a multilateral process is the right one.

Think Process India Right Policy

The lack of a consistent policy from major economies is the main source of volatility.

Policy Volatility Source Consistent

Monetary policy transmission encompasses the whole continuum of interest rates; of course, the central bank only determines the overnight policy rate.

Bank Policy Interest Overnight Whole

We should redefine the metric for effective lending, viz., prioritise loans to enterprises, which will generate more employment.

Will More Employment Metric Should

Government should eschew suasion and directives to banks on interest rates that run counter to monetary policy actions.

Government Run Policy Interest Banks

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.

Government Tolerance Target Three

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.

Growth Lose Sight Always Cost

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?

Strong Will Always Consensus Sense

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.

Positive Growth Time Negative Enough

I think that is a very important milestone in our economic history that the monetary policy is now determined through a committee process where there are both independent committee members and representation from the RBI.

History Think Process Important Now

We have been mandated by the government, backed by legislation, that we have to have an inflation target of about 4%.

Government Target Legislation Been

If very fundamental reforms take place, especially when it comes to factors of production like land, labour, then a higher growth rate is possible.

Growth Place Possible Land Take

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