........The PM’s exact words were something like this: “The Reserve Bank has done the country proud – the role which it has played in shaping the monetary policy, in shaping the credit policy, and, if I remember correctly, in also influencing, particularly, the supply of credit to rural areas. The Reserve Bank has served our country with great distinction. But I venture to think that the best is yet to come.” If this sounds like “sparring” maybe the dictionary meaning of the word “spar” needs to change...............
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Thank you FIRSTPOST and Latha Venkatesh for putting the records straight. Let me recall my own comment on the subject elsewhere:
“One cannot disagree with PM when he says the obvious. He said: “We can never be satisfied with the status quo. When I became the Governor, I had no great knowledge of what monetary policy is about, and therefore, I asked the late Prof. Chakravarty to head a committee to look at the functioning, the goals, the means and measures of monetary policy, and that report was pretty influential for a period of time.
……….. at least among professional people, a degree of national consensus, which we need, if we have to carry out social and economic change in a country as large, as diverse, as complex as India is.
As I said, the Reserve Bank has served our country with great distinction. But as I ventured to think, the best is yet to come.”
One wishes, he asks his colleagues(including the present FM) to read the Sukhmoy Chakravarty Committee report so that they are not carried away by the cut & paste FSLRC Report now on their table.”
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