The Honourable Prime Minister has set before all of us a goal of making India a developed nation by 2047 as one of the “Panch Pran” for the centenary of the country’s independence. Against the aspirations, ambitions and opportunities, the theme of this year’s FEDAI’s conference– “India - Back to the Future: Better, Bolder and Benevolent” is very apt. 8.
The difficulty inherent in the conduct of monetary policy stems from the fact that a clear decision, whether or not to change interest rates, has to be made under uncertainty with inherently limited information on the outlook and the mechanism of the economy.