Now, as the crisis recedes, there is a deep, intellectual churning, and we are on to, as most people hope and believe, Schumpeterian “creative destruction”. 18. Even at the risk of being clichéd, let me say that at the Reserve Bank, we need to “think global and act local”.
It is, therefore, not surprising that the Budget and Work Plans were approved late - in September 2004 for the Budget and October 2004 for the Annual Work Plans. To overcome this problem this year, we must strictly adhere to the timetable for submission of departmental Budget Proposals and Work Plans, which should then fit consistently into the overall Budget.