MUMBAI, August 4, 2011 — In a world beset with grave macroeconomic issues and mounting governmental debt, Rakesh Mohan, Former Deputy Governor of the Reserve Bank of India and author of Growth with Financial Stability: Central Banking in an Emerging Market, argues for a stronger and more stringent Central Banking framework.
Speaking here at an Asia Society India Centre discussion, Mohan argued that the recent "global financial crisis" is a misnomer. What we're seeing is, in fact, a "North Atlantic financial crisis," one from which emerging economies across the world must learn lessons.
Furthermore, Mohan defended India's financial stability, despite an increase in inflation coupled with a decrease in GDP growth rate.
The panel discussion also featured D. Subbarao, Governor of the Reserve Bank of India, Y. V. Reddy, Former Governor of the Reserve Bank of India, Uday Kotak, Executive Vice Chairman and Managing Director of Kotak Group, and R. Gopalkrishnan, Director, of Tata Sons. The panel called for greater political will to overcome economic policy changes in order to bolster growth and ensure equitable distribution across rural and urban India.
The event was hosted in partnership with Godrej Industries.