RBI Governor Raghuram Rajan is addressing an industry body in New Delhi
The BRICS bank is meant to provide patient money, risk capital to long term projects, RBI Governor Raghuram Rajan said in a speech at an event organised in Chicago on Friday by the Chicago Council on Global Affairs
RBI Governor Raghuram Rajan is addressing an industry body in New Delhi. Former Prime Minister Manmohan Singh is also present at the event.
Highlights of the speech:
- Many economies near deflation
- Global economy weak despite recovery in the US
- Five more slow growth years for India
- Printing money leading to inflation
- Secular stagnation has been building
- Government working on reducing the cost of doing business in India
- Domestic demands have to be financed responsibly
- Low oil prices are net positive for the world economy
- Banks have to learn from past mistakes in project evaluation
- Need efficient communication intermediaries
- To improve productivity improve human capital- make sure they are healthy and enabled with appropriate education
- Important to plan for a global economy which won't be as strong as in the pre-crisis years
- India should focus on 'Make In India' as well as 'Make For India'
- Domestic demands need to be focused on
- Export led growth will not be easy
- Delivery of public goods imports
- RBI Governor cautions against subsidies
- Middle class jobs becoming redundant
- In addition to Inflation, need to pay attention to financial stability
- We need open global markets for faster change
- Have to increase financial inclusion
( Source : dc )
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