RBI can take global leadership in balancing growth and inflation control: Narendra Modi
The Hindu
The Reserve Bank of India (RBI) having achieved the unique feat of balancing growth and inflation control, can become a model for the world and take global leadership, Narendra Modi, Prime Minister of India, said on Monday while speaking at a function to mark the commemoration of RBI’s 90th year in Mumbai.
The Reserve Bank of India (RBI) having achieved the unique feat of balancing growth and inflation control, can become a model for the world and take global leadership, Narendra Modi, Prime Minister of India, said on Monday while speaking at a function to mark the commemoration of RBI’s 90th year in Mumbai.
He also released a commemorative coin to mark the occasion.
The Reserve Bank was set up on April 1, 1935 in Calcutta as a joint stock company and it was nationalized on January 1, 1949. Incidentally, Mr Modi had attended the 80th foundation day function in 2014.
“While several developed countries of the world are trying to recover from the economic shock of the pandemic, the Indian economy is creating new record. The RBI has taken India’s success global,” he said.
Stating that balancing inflation control and growth was a unique requirement for any developing country, he said “RBI has become a model for this and can take global leadership. I am saying this due to my experience of 10 years. The RBI’s leadership can be of great help for the whole Global South.”
He said for the next 10 years the RBI should develop monetary policy tools to meet the expectations of India’s youth and cater to the needs of emerging sectors such as space technology, digital technology and tourism. “RBI needs to think out of the box,” he emphasized.
He said the policies to be made in the next decade would be crucial for achieving the desired objectives.
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