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4/21/2015 FM Arun Jaitley wants interest rates a lot lower; no differences with RBI timesofindiaeconomictimes
http://articles.economictimes.indiatimes.com/20150414/news/61142114_1_rbigovernorraghuramrajanfmarunjaitleyfirstbimonthlymonetarypolicy 1/3
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FM Arun Jaitley wants interest rates alot lower; no differences with RBIPTI Apr 14, 2015, 09.55PM IST
NEW DELHI: Despite two interest rate cuts this year by theReserve Bank, Finance Minister Arun Jaitley today said hewants interest rate to be "a lot lower".
Jaitley also asserted there were no differences between thegovernment and the RBI.
"My position very clearly is not very different with that ofthe Reserve Bank. We need to manage inflation along withgrowth. Now we cannot afford to have inflation go upradically so the RBI is a little conservative and they try andmanage the inflation so they are a little careful in loweringthe interest rates," he said.
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"I want the interest rates to be lower a lot more, but they (RBI) balance inflation with growth," he told a newschannel.
RBI Governor Raghuram Rajan had cut repo rate by 0.25 per cent each in January and March outsidescheduled monetary policy reviews. He, however, kept the rates unchanged in the first bimonthly monetarypolicy of the current fiscal earlier this month.
Jaitley said "there is nothing wrong" in two institutions government and RBI having conflicting opinions.
"Now there are evolving opinions world over on the role of central bank. Reserve Bank in India has done agreat job. Now the different opinions are there in some areas (on) how monetary policy is decided. Is there acommittee? What is the level of consultation with the government?," he said.
The Finance Minister said he was not "unhappy" with the Reserve Bank and pointed to Prime MinisterNarendra Modi praising Rajan at the central bank's 80 anniversary function in Mumbai earlier this month.Referring to public debt management, Jaitley said except for Russia, China and few countries, it has beenentirely shifted to the government from the central bank.
Even the Raghuram Rajan Committee had earlier said that there was a conflict of interest in RBI managingthe government, he noted.
"Now this is not an issue of any personal disagreement. These are issues on which institutional structureshave to evolve. Should they be surgically cut out? Or should evolve over a period of time?
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4/21/2015 FM Arun Jaitley wants interest rates a lot lower; no differences with RBI timesofindiaeconomictimes
http://articles.economictimes.indiatimes.com/20150414/news/61142114_1_rbigovernorraghuramrajanfmarunjaitleyfirstbimonthlymonetarypolicy 2/3
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"Now I have been having a lot of meetings and discussions with the RBI Governor. Officers are having it...Wait for few days when the Finance Bill comes up for discussion you will find that there are not too manygrey areas in this," the Finance Minister said.
He added however that experts have conflicting view points but "certainly there is no difference in terms ofpersonality issues and even this is strength of democracy".
In his budget speech, Jaitley had proposed establishment of an independent public debt management office.Government debt is currently managed by the RBI.
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