Indian Institute of Management, Shillong hosted a delegation from the Monetary Policy Committee of the Reserve Bank of India as part of RBI’s outreach programme on October 9. The event was conducted with the aim of discussing the Monetary Policy Report, which was published in October 2017.
The institute welcomed MD Patra, Executive Director and Member of the Monetary Policy Committee; Praggya Das, Director, RBI, Pratik Mitra, Director, RBI; and a number of delegates from the central bank to share their insights on India’s monetary policy and other policy initiatives.
The panel shared their experiences on monetary policies and fiscal policy co-ordination, growth rate, inflation balance, and the role of financial markets in understanding expectations from the economy. Talking about the importance of the general population in driving the economy, the panel said, the RBI tries to communicate every decision credibly to the people by explaining complex ideas in simple terms, to have people’s expectations on board. The challenges and impediments faced while satisfying all the stakeholders and the role of investment in GDP growth were also looked at in detail.
The students engaged in an interactive session with the panelists and discussed the impact of major structural reforms such demonetisation and implementation of GST. According to Priyanshu Gupta, a student of the PGP programme, the session gave him the opportunity to understand the other side of the story by reflecting upon how policy decisions are taken and the impact these decisions have in the short and long term.