Rakesh Mohan
Rakesh Mohan
Rakesh Mohanis an Indian economist and former Deputy Governor of Reserve Bank of India. He is the Vice Chairperson of Indian Institute for Human Settlements. He was appointed in November 2012 as an Executive Director of the IMF for a three-year term, and in April 2010, he joined Nestle India, as a non-executive director...
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We have also observed that just like in the other parts of the world as well as in the United States (monetary policy transmission) has not had much effect on the longer term rates.
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There's been a huge change in the thinking of the Indian people in terms of hope and observation. That's good news, but so is the idea that people overseas are thinking similarly.
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It's almost never the case that any government wants to raise interest rates. Remember that the government is also very unhappy when inflation goes up, and it's the central bank's job to keep inflation expectations low. Inflation getting out of control helps no one.
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We are advising banks to review credit quality and exercise greater control on credit.
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The market is responding to certain policy measures and we are observing it.