How can you make allowance for their doubting
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'If you can trust yourself when all men doubt you, But make allowance for their doubting too'
Raghuram Rajan's first speech as RBI governor today is being deemed as positive and aggresive. While he has already captured a lot of attention from the time his announcement was annoucned, Rajan is now being deemed as a ray of hope amid the dwingling economy. Raghuram Rajan chose to close his first speech quoting Rudyard Kipling's poem IF "If you can trust yourself when all men doubt you, But make allowance for their doubting too" We bring to some of the quotes from his maiden speech you don't want to miss. "...India is a fundamentally sound economy with a bright future. Our task today is to build a bridge to the future, over the stormy waves produced by global financial markets."
"A central bank should never say “Never”"I talked about the primary role of the RBI as preserving the purchasing power of the rupee, but we have two other important mandates; inclusive growth and development, as well as financial stability."
"We cannot create depth by banning position taking, or mandating trading based only on well-defined “legitimate” needs."
"Together with the government and regulators such as SEBI, we will steadily but surely liberalize our markets, as well as restrictions on investment and position taking." "We would like them to participate more in our growth, but in exchange we would like more regulatory and supervisory control over local operations so that we are not blindsided by international developments." on Foreign owned banking in India.