.......If this complexity of inflation is appreciated adequately, it becomes clear that lending rate to corporate sector is not central to policy. Recently, Dr. Rajan has said that industry is obsessed with the lending rate – a theme I have been expounding for a long time. Even in terms of job creation we have to depend on sectors other than industry -- agriculture and allied activities and informal sector. In this context Governor Rajan has appropriately stressed the objective. “ Expanding access to finance to small and medium enterprises, the unorganised sector, the poor and remote and under served areas of the country through measures to foster financial inclusion”. Dr Rajan has also explained how bad governance has contributed to slowdown of the economy.........
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