Putting the three elements of today’s lecture context together – Shri Palkhivala’s exemplary commitment to preserve and promote values and institutions of democracy in India; the Reserve Bank’s role in the democratic edifice of India; and the completion of my term as the Governor of the Reserve Bank – I determined that the best way I can pay tribute to Shri Palkhivala is to focus on a topic that threads together these three elements.
There is no better time than the present to consider whether we should introduce such changes. I also strongly believe that now is the time to discuss whether macroprudential policymakers are prepared and whether they have the necessary tools to mitigate climate-related risks to financial stability.