K. Kanagasabapathy is an independent Economic Consultant based in Mumbai, India. He is Director of the EPW Research Foundation since May 2009. He is also a Consultant to RBI history project. He was a Consulting Economist to LIC during 2010-11. During 2001-2005, he served as a Senior Advisor to Executive Director at the International Monetary Fund. He had a long stint with the Reserve Bank of India since 1977 and served as the Heads of Monetary Policy Department and Internal Debt Management Department, among various other positions. His areas of interest are Indian macro economy, money, banking, financial markets and international finance.

Redefine priority sector lending

Priority sector lending must be reoriented to promote growth, infrastructure and employment, leaving equity to financial inclusion initiatives . »

CRR and SLR in Indian banking

CRR and SLR continue to be relevant to monetary policy practice in India even today. »

The growth-inflation conundrum

The RBI should take a chance — stimulate growth by creating easy credit and interest rate conditions, without waiting for the inflation rate to come down. »

Still driven by cash, black money

The use of cash in financial transactions continues unabated, pointing to the prevalence of the black economy at the higher end of the income spectrum and the absence of financial inclusion at the lower end. »

Give growth a chance

Managing inflation is all very well, but the RBI should address the grim reality of sagging growth. It should learn from the experience of 1988-99, when it favoured growth, assuming that inflation was a supply-side problem. »

Economy leaps, but the old limp

Economic growth seems to have benefited only the working population, leaving behind the elderly. We need concerted policy moves to provide for the needs of the growing number of old people. »

Managing gold, a policy challenge

The RBI can learn a trick or two from Turkey in order to absorb gold into the financial system, thereby turning it into a productive asset. »

Monetary policy evokes unease

The RBI has been consistent in its resolve to control inflation. However, it has been speaking in different voices, causing confusion in industry and markets. Discord between the RBI and North Block has not helped matters, either. »

In trouble, but not in a crisis

The issues at hand — lower growth, high inflation, falling rupee and BoP pressures — are serious, but can be tackled by creating a political consensus. There is no need to panic. »

Basel-III could trigger recession

It is strange that India should overstretch itself to conform to Basel III. This would affect credit availability to industry. »
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