Indeed, contrary to the general perceptions, we find in India that even the sub-national authorities have important counter-cyclical role to play. Interestingly, the Reserve Bank of India as the debt manager of Governments – federal and provincial – has all through been closely associated with the task of putting in place a reformed fiscal architecture in the country.
I would also like to welcome all the government officials, bankers, and corporate representatives who will be presenting and discussing in the sessions, and all those who are attending this event. Last, but not least, I would like to express my deep gratitude to IMF Managing Director Kristalina Georgieva for sending a very special congratulatory video.