RBI's Reddy on India's financial sector
YV Reddy, governor of the Reserve Bank of India, said "The critical task before the public policy, in general, and Reserve Bank of India, in particular, is to strengthen the structural factors in the economy but determinedly moderate the cyclical and excessively volatile elements of the economy."
The speech was entitled "Glimpses of Indian Economy and its Financial Sector" and was delivered at the Central Bank of Russia on 2 July.
Reddy said, "In assessing short-term prospects, say for 2007-08, it is essential to recognise that the impressive growth in GDP at 9.4 per cent during the preceding year, reflects the contribution of both - the structural and the cyclical factors though their relative contribution is somewhat non-quantifiable."
"There are reasonable grounds for optimism in regard to the prospects for Indian economy, and this has been globally recognised," he said.
Read the speech here
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