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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.

RBI advice helped States, not Centre

States have benefited from the RBI's sage words and the introduction of rule-based fiscal consolidation. In contrast, there has been a deterioration in Central finances since 2008-09. »

Time not yet ripe for rate cut

With fiscal consolidation nowhere in sight and inflation still a threat, the RBI would do well to resist the pressure to reduce rates. »

Our banks should strike a balance

As India attempts to fall in line with G-20 commitments, it should ensure that enough flexibility is retained to follow policies conducive to achieving its own developmental goals. »

Debt is crowding out credit

It is only proper that the government incurs the cost of raising additional resources, as public debt seems to be crowding out credit to the private sector. The RBI's stand, of not acceding to a cut in policy rate at this juncture, is laudable. »

What multiple price indices tell us

Strangely enough, the new consumer price index (CPI), the wholesale price index and the CPI for farm and industrial workers show very similar results for 2011, despite the differences in base, basket of goods covered and the weights. »

Resurrection of the Bank rate

The Bank Rate should be made the single key policy rate. »

Broader role for Monetary Policy

The new uncertainties of the global marketplace call for an extended central bank armoury. While the 2008-09 crisis showed the RBI to be ahead of the curve, there needs to be more clarity on the meaning of financial stability. »

State finances: More disclosure please

Public disclosure of information on projected fiscal activity and major fiscal risks is one of the pillars of fiscal transparency. In India, both the levels of government — Centre and St... »

Basel III overlooks our growth needs

The Reserve Bank fulfilled its promise of releasing by 2011 the draft guidelines outlining proposed implementation of Basel III capital regulation in India. The guidelines require achievement by M... »

Do not run after NRI deposits

Remittances should ideally account for a larger proportion of NRI inflows than NRI deposits, as they do not create any external obligation. »
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