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Urjit Patel Quotes


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Quotes by Urjit Patel

Showing 11-20 of 40 Quotes by Urjit Patel

Monetary policy transmission encompasses the whole continuum of interest rates; of course, the central bank only determines the overnight policy rate.

~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.

~Urjit Patel

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We should redefine the metric for effective lending, viz., prioritise loans to enterprises, which will generate more employment.

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Government should eschew suasion and directives to banks on interest rates that run counter to monetary policy actions.

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Yes, 4% is the government-mandated target to the MPC. The plus/minus 2 percentage-point upper and lower bands are the tolerance levels specified by the government. If we breach those for three consecutive quarters, we need to inform the government of why that happened and what we propose to do to bring inflation within the two bands.

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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.

~Urjit Patel

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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?

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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.

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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.

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We have been mandated by the government, backed by legislation, that we have to have an inflation target of about 4%.

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Biography

Nationality: Indian

Type: Economist

Born: Unknown

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