slack in demand and supply - side shocks to inflation for timely use of counter cyclical policies. 26. we, in the reserve bank, therefore, constantly update our assessment of the economy based on incoming data and survey based forward looking information juxtaposed with modelbased estimates for policy formulation. this approach helped the reserve bank to use the policy space opened up by the expected moderation in inflation and act early, recognizing the imminent slowdown before it was confirmed by data subsequently. monetary policy, however, has its own limits. structural reforms and fiscal measures may have to be continued and further activated to provide a durable push to demand and boost growth. in my previous talks elsewhere, i have highlighted certain potential growth drivers which, through backward and forward linkages, could give significant push to growth. some of these areas include prioritising food processing industries, tourism, e - commerce, start - ups and efforts to become a part of the global value chain. the government is also focusing on infrastructure spending which will augment growth potential of the economy. states should also play an important role by enhancing capital expenditure which has high multiplier effect. concluding remarks 27. monetary policy frameworks in india has thus evolved in line with the developments in theory and country practices, the changing nature of the economy and developments in financial markets. within the broad objectives, however, the relative emphasis on inflation, growth and financial stability has varied across monetary policy regimes. although global experience with financial stability as an added policy objective is still unsettled, the reserve bank has always been giving due importance to financial stability since the enactment of the preamble to the rbi act. the regulation and supervision of banks and non - bank financial intermediaries has rested with the reserve bank and has kept pace with the prescribed global norms over time. more recently, the focus of financial stability has not only confined to regulation and supervision but also extending the reach of formal financial system to the unbanked and unserved population. 28. apart from financial inclusion, there is also a focus on promoting secured, seamless and real - time payments and settlements. this renewed focus on financial inclusion and secured payments and settlements are not only aimed at promoting the confidence of general public in the domestic financial system but also improving the credibility of monetary policy for price stability, inclusive growth and financial stability. 6 / 6 bis central bankers'speeches

being built on three, equally important foundations or pillars : pillar 1 : social development to have a sustainable future, the needs of people must be met equally. needs are things like access to food, suitable housing, medical care, and sanitation i. e. basically what is popularly known in india as “ roti ”, “ kapda ” aur “ makan ”. additionally, people will want as high a standard of living as possible and this must be achieved in a way that does not harm or exploit others. bis central bankers ’ speeches pillar 2 : environmental protection planet earth has a limited amount of resources. we all need clean air, clean water, and land to live on that also is productive enough to provide good quality food for all. sustainable human activities look to protect the earth ’ s environment to make sure it is not damaged for future generations. pillar 3 : economic development people throughout the world deserve the best standard of living that is sustainable. improving medical care, sanitation, education, and enabling people to support themselves with a good standard of living requires the generation of wealth by economic activity. sustainable economies also need to be competitive in a world market. products that are too expensive to buy cannot be sustainable, even if they are environmentally friendly. what are the challenges to sustainable development? 7. the high - level panel of the un secretary - general on global sustainability had observed that by 2030, the world will need at least 50 % more food, 45 % more energy and 30 % more water. only 13 % of global energy comes, at present, from renewable sources, but the imperatives of climate changes requires that the contribution of renewable energy must increase. as highlighted by the high – level panel, the challenge is “ to eradicate poverty, reduce inequality and make growth inclusive, and production and consumption more sustainable, while combating climate change and respecting other planetary boundaries ”. 8. one of the important medium of attaining sustainable development is through cleaner production. it enables the manufacturer or service provider to adopt green, energy efficient technologies which helps in lesser waste, positive impact on environment and thus, leading to greater sustainability. 9. however, developing and adopting environment - friendly technology measures require a tremendous amount of capital. unctad estimates that realizing the sustainable development goals ( sdgs ) will require us $ 5 - 7 trillion annually over the next 15 years. over the coming 15 years, the world will need to invest around us $ 90 trillion in sustainable infrastructure assets in key areas such