India:PM releases the book ‘Perspectives on Central Banking – Governors Speak’


15 Jan 2010 15:47 IST

The Prime Minister, Dr. Manmohan Singh, released a book titled ‘Perspectives on Central Banking – Governors Speak’ in New Delhi today. Following is the text of the Prime Minister’s address on the occasion:

“I am very happy to release this compilation which marks the platinum jubilee celebrations of a great institution - the Reserve Bank of India . These 75 years have been a journey of momentous developments. But the basic objectives of economic policy have remained roughly the same, growth with stability and social justice. And in all these areas, the Reserve Bank has played a very important role and the fact that this country has come a long way from the low rates of growth until the 70s, moving up to the 80s and then from the 90s a march on the forward route to sustained and equitable development, the Reserve Bank has played a very important role in making all this happen.

I recall the role of the Reserve Bank in building institutions. The Reserve Bank played a very important role in drawing the attention of our country to make our credit system more sensitive to the needs of our farmers and our rural community. It played a very important role in the establishment of agricultural finance corporations, subsequently it gave birth to NABARD. In the same way, when the IDBI had to be set up, it was once again the Reserve Bank which took the lead in the establishment of the IDBI, in the same way, in the establishment of the National Housing Bank. The Reserve Bank was instrumental in setting up a whole lot of institutions and the diversified financial system, the more inclusive financial system that we now have owes a great deal to the innovative ideas emanating from this great national institution that the Reserve Bank is.

The Reserve Bank has been very fortunate to have been led by men of dedication, men of deep and abiding commitment to the national ideals and goals of our country and on this 75th Anniversary of the Reserve Bank, I can only pray that that great tradition will continue to survive, that the Reserve Bank will continue to play a historic role in the evolution of Indian economy as India moves forward towards a growth path of 9-10% per annum, a growth path which commits the country to a path of reasonable price stability, a growth path which reasonably commits our country to our ancient inclusion that the credit and the financial system will function more and more paying attention to the needs of the poorer section of our community. That’s my prayer and judging by what the Bank has achieved in these 75 years, I have every reason to believe that the next 75 years will be still more productive, still more innovative in the long history of our country.”