h r khan : silver linings in the indian economy address by shri h r khan, deputy governor of the reserve bank of india, at the 5th annual banking conference on “ the silver lining of the indian economy ”, organized by nmims school of banking management, mumbai, 6 october 2012. * * * the speaker acknowledges the contributions of dr. mridul saggar of the reserve bank of india. dr. debashis sanyal, dean, dr. vrinda kamat, chairperson – mba banking, faculty and students of the school of business management, nmims university, shri. m g sanghvi, chairman & managing director, syndicate bank, shri s k jain, executive director, bank of baroda, distinguished invitees, ladies & gentlemen. it is a great pleasure to be amongst budding management professionals and corporate leaders of tomorrow. in the period of gloom and doom for the world in general and india in particular, it is important not to miss the bloom. i am therefore very happy to be invited to speak on silver linings in the indian economy. in bad times the financial markets, the media, the investors and the consumers all get accustomed to focus on negative news and the positive news gets ignored. similarly, in good times, markets and economic agents sometimes run ahead of the realities and completely discount the negative news and love to accept only the good news. in more uncertain times, as were recently, sentiments, beliefs and perceptions shift quite fast and do matter for eventual economic outcomes are characterized by multiple equilibria. these acquire the characteristics of self - fulfilling prophecy. yet, in such a period, the economy stays in the saddle point if we ignore the bloom, simply because animal spirits are weak. so today, my objective would be to draw your attention to the silver linings that we can see for the indian economy in the horizon. i would touch upon the positive streaks on the aspects of growth, inflation, fiscal and external sector at this juncture, and how these could become the turning point for the indian economy provided we carry forward the momentum and convert intentions into actions. recent policy actions start the course correction but momentum needs to be kept recent policy measures taken by the government are very significant. they have started the course correction from a point where the indian growth story was close to getting seriously damaged. however, for these measures to succeed it is important to keep up the momentum. more steps and effective implementation over next 2 – 3 years are necessary

raghuram rajan : finance and opportunity in india address by dr. raghuram rajan, governor of the bank of india, at the twentieth lalit doshi memorial lecture, mumbai, 11 august 2014. * * * the late mr. lalit doshi was an ias officer who passed away at the young age of 52 in 1994. he had a distinguished official career even thought it was cruelly cut short. lalit doshi was one of those bureaucrats who have constituted the steel frame of this country. it was said of him : “ he always had a smile on his face irrespective of the magnitude and the tension of work ”. in these days where work seems perpetual and overwhelming, he sounds like someone who it would have been a pleasure working with. he was just a little older than i am now, and i can well imagine the deep shock his family experienced. his brother, bharat doshi, has been tireless in his efforts to honour lalit ’ s memory, and i thank him for inviting me to give today ’ s lecture. we are approaching the 67th anniversary of our independence. sixty seven years is a long time in the life of man – indeed, it is about the average indian ’ s life expectancy today. since life expectancy was shorter at the time of independence, it is safe to say that most indians born just after independence are now no more. it is useful to take stock at such a time. did we achieve the dreams of our founding fathers for freedom ’ s first children? or have we fallen woefully short? what more do we need to do? clearly, our founding fathers wanted political freedom for the people of india – freedom to determine who we would be governed by, as well as freedom of thought, expression, belief, faith, and worship. they wanted justice and equality, of status and opportunity. and they wanted us to be free from poverty. we have made substantial progress in achieving political freedom. our democracy has matured, with people confidently choosing to vote out governments that lose touch with their needs. our institutions protecting the freedom to vote have grown stronger, with the election commission and the forces of law and order ensuring free and largely fair elections throughout the country. political parties, ngos, the press, and individuals exert checks and balances on public policy. and the judiciary has taken important steps to protect individual freedom. our economy is also far richer than it was at the