Top 10 Urjit Patel Quotes

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

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

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.

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.

Growth is always there in the MPC's scheme of things; we don't lose sight of that, but not at the cost of inflation.

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?

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.

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.

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

If very fundamental reforms take place, especially when it comes to factors of production like land, labour, then a higher growth rate is possible.

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