Since we are in the wake of such a financially destructive boom and bust, the desire of global policymakers to minimise the risks inherent in future booms is understandable. However, policymakers must ask themselves whether we are in danger of relying too much on time-varying macroprudential policies. To my mind, time-varying macroprudential policy instruments have profound limitations.
And based on existing official data, there are 25.5 million strong workforce in the country—a massive client base that is hard to ignore for both financial service providers and policymakers in our pursuit of our financial inclusion agenda. And so it is my hope that you come out of this forum with an enthusiasm to drive the financial inclusion journey of our country.