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10. Raghuram Rajan speech: Calling for a culture of better and more rational public dialogue, he said, "but few read beyond the headlines. The interview became moderately controversial, with the implication that I was denigrating our success rather than emphasising that we need to do more." (Reuters)
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7. Raghuram Rajan speech: "My intent in saying it ('blind' remark), and it was an off-hand comment, was to signal that our outperformance was accentuated by the world's weak performance. But we are still hungry for more growth. I then explained that we are not yet at our potential, though we are at the cusp of a substantial pick-up in growth given all the reforms that are underway." (Reuters)
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2. Thumbs up to Narendra Modi government: In the Union Budget for 2016-17, the Government has adhered to the path of fiscal consolidation and this will support the disinflation process going forward, acknowledges Rajan in RBI's first monetary policy review for FY17. "The government has also set out a comprehensive strategy for reinvigorating demand in the rural economy, enhancing the economy’s social and physical infrastructure, and improving the environment for doing business and deepening institutional reform," he lauds.
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6. Raghuram Rajan speech: ('One-eyed king' comment) "… every word or phrase that a public figure speaks is intensely wrung out of meaning. When words are hung out to dry out of context as in the newspaper headline, it only becomes a fair game for anyone who wants to fill in, meaning to create mischief". (Rajan's remarks had upset both FM Arun Jaitley and Commerce Minister Nirmala Sitharaman.)
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8. Raghuram Rajan speech: "We are often compared with China but the Chinese economy, smaller than us in the 1960s, is now 5 times our size. The average Chinese citizen is over four times richer than the average Indian".
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5. Upbeat on industry & services: With improved perceptions on overall economic conditions and income, the Reserve Bank’s Consumer Confidence Survey of March 2016 shows marginal improvement in consumer sentiments. The March manufacturing purchasing managers’ index (PMI) continued in expansionary mode on the back of new orders, including exports. "The Reserve Bank’s industrial outlook survey suggests that business expectations for Q1 of 2016-17 continue to be positive," says Rajan in RBI's policy review. The services PMI remained in expansion mode during H2 on new business and expectations. "The outlook for services in surveys is upbeat for Q1 of 2016-17," says Raghuram Rajan.
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