While acknowledging that the country faces challenges, Raghuram Rajan, RBI Governor on Wednesday assured that Indian economy remains fundamentally strong. Addressing the media soon after taking charge at RBI, Rajan said, "This is not an easy time to take charge as RBI Governor."
Rajan said that while the primary objective of the central bank remains monetary stability, inclusive growth & development and financial stability also form part of RBI's role. "The financial markets are volatile, there is domestic uncertainty," he said. "The central bank should never say never," he added.
Rajan emphasised the need on transparency, predictability in RBI's policy making. "RBI should be a beacon of stability as to its objectives," he said. There is a need for faster & broad based inclusive growth, he added.
Rajan went on to say that even as growth from large companies has slowed down, rural areas have been contributing to the economy. "RBI can accelerate financial development through inclusion," he said.
Answering reporters, Rajan said that the gloom and doom view on the Indian economy is overdone.
On the issue of new bank licences, Rajan said that a committee led by Bimal Jalan will screen bank licences. "We hope to announce new licences by January 2014." he said.
Rajan will make his first monetary policy statement on September 20.
Raghuram Rajan took over as the new Governor of the RBI. Rajan, 50, an economics professor who also served as chief economist at the International Monetary Fund, took charge from D Subbarao.
The duo shook hands warmly and hugged after Rajan signed papers taking over as the 23rd Governor of the central bank.
"Ten minutes ago, I handed over charge to Raghuram Rajan," Subbarao said after stepping out of Mint Road. "The country could not have asked for a more capable person to lead the RBI in these most difficult times."
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Rajan said that while the primary objective of the central bank remains monetary stability, inclusive growth & development and financial stability also form part of RBI's role. "The financial markets are volatile, there is domestic uncertainty," he said. "The central bank should never say never," he added.
Rajan emphasised the need on transparency, predictability in RBI's policy making. "RBI should be a beacon of stability as to its objectives," he said. There is a need for faster & broad based inclusive growth, he added.
Rajan went on to say that even as growth from large companies has slowed down, rural areas have been contributing to the economy. "RBI can accelerate financial development through inclusion," he said.
Answering reporters, Rajan said that the gloom and doom view on the Indian economy is overdone.
On the issue of new bank licences, Rajan said that a committee led by Bimal Jalan will screen bank licences. "We hope to announce new licences by January 2014." he said.
Rajan will make his first monetary policy statement on September 20.
Raghuram Rajan took over as the new Governor of the RBI. Rajan, 50, an economics professor who also served as chief economist at the International Monetary Fund, took charge from D Subbarao.
The duo shook hands warmly and hugged after Rajan signed papers taking over as the 23rd Governor of the central bank.
"Ten minutes ago, I handed over charge to Raghuram Rajan," Subbarao said after stepping out of Mint Road. "The country could not have asked for a more capable person to lead the RBI in these most difficult times."
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