Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » India
1-min read

RBI listens to 'silent voices' hurt by inflation: Subbarao

Subbarao said there were millions who are hurt by inflation, but they have no avenue to voice their concerns, like corporates and industry associations do.

Press Trust Of India

Updated:May 9, 2013, 2:45 AM IST
facebookTwitter Pocket whatsapp
RBI listens to 'silent voices' hurt by inflation: Subbarao
Subbarao said there were millions who are hurt by inflation, but they have no avenue to voice their concerns, like corporates and industry associations do.

Srinagar: Dismissing the criticism that RBI's steps to check inflation have hurt growth, Reserve Bank Governor D Subbarao on Wednesday said the monetary authority has the responsibility to listen to "silent voices" of millions of people impacted by rising prices. "There is an important constituency in the country that is hurt by inflation. Their voice also needs to be heard. It is the responsibility of public policy institutions like the Reserve Bank to go out of our way and listen to silent voices," he said while addressing students Business School of Kashmir University in Srinagar.

He said there were millions of people who are hurt by inflation, but they have no avenue to voice their concerns, like corporates and industry associations do. The Governor said it was incorrect to say inflation has not been controlled. "Inflation has come down significantly. It was in double digits in 2009-10 and has now come down to around six per cent," he said. Subbarao said the bank had to raise key interest rates 13 times since the global economic recession in 2009 to curb inflation. However, it has started reducing interest rate (repo rate) and last cut it by 0.25 per cent on May 3, 2013 to boost growth. It is impossible to bring down inflation without some sacrifice in growth, he said, adding, "Our endeavour should be to reduce that sacrifice."

He said RBI was sensitive to the people who say interest rate must be brought down. "We are sympathetic to industry associations and individual corporate who issue representation to the RBI that interest rates have to be brought down," he said. He said RBI has to strike a balance when it pegs the interest rate as it has to protect interests of both borrowers and depositors.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Read full article
Next Story
Next Story

facebookTwitter Pocket whatsapp

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results