Phrase by 'Urjit Patel'
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A well-functioning transmission should at some point go from the overnight right up to 40 years, and that is the ultimate objective in having monetary transmission that affects the whole gamut of borrowing tenure.
Author: Urjit Patel - Indian EconomistUp , Go , Some , Right
Government should eschew suasion and directives to banks on interest rates that run counter to monetary policy actions.
Author: Urjit Patel - Indian EconomistRun , Government , Interest , Policy
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.
Author: Urjit Patel - Indian EconomistTwo , Important , Growth , Mathematics
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.
Author: Urjit Patel - Indian EconomistAlways , Lose , Growth , Sight
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?
Author: Urjit Patel - Indian EconomistAlways , Will , How , Strong
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.
Author: Urjit Patel - Indian EconomistTime , Positive , Negative , Growth
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.
Author: Urjit Patel - Indian EconomistThink , Process , History , Important
We have been mandated by the government, backed by legislation, that we have to have an inflation target of about 4%.
Author: Urjit Patel - Indian EconomistAbout , Government , Inflation , Target
If very fundamental reforms take place, especially when it comes to factors of production like land, labour, then a higher growth rate is possible.
Author: Urjit Patel - Indian EconomistLike , Place , Possible , Growth
I think that it is important that one grows a thick skin fast in this business, and I think we have done that.
Author: Urjit Patel - Indian EconomistThink , Important , Business , Skin
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