L1/P4: Monetary policy limitations & Urjit Patel Committee report

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Language: Hindi. Topics Covered:
1. Why has monetary policy failed to combat inflation in India between 2009-13?
2. What are the limitations of monetary policy in a developing country?
3. How to strengthen monetary policy- recommendations of Urjit Patel Committee setup by Reserve Bank of India (RBI).
4. Further reforms in RBI organization.
Powerpoints used in this video, is available at Mrunal.org/download
Venue: Sardar Patel Institute of Public Administration (SPIPA), Ahmedabad.
Utility: UPSC, IBPS, SSC & other recruitment exams and MBA-Interviews in India.

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Targeted Inflation Rate on CPI (eg: Chile)
Geographical,Geo Political,Gov. Subsidies
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[@truedhonifan922]

Vimal jalan committe
Urjit patel committee
Why monetary policy not effective?
Public deposits most of their saving in bank so bank need not depend on RBI for loan in the form of repo rate
Therefore there is time lag between change in policy and repo.This is not so in countries like US where public invests most of their money on stocks.So banks have to depend upon federal bank for loan
Informal money lending creates parallel lending system
Lack of financial inclusion
Supply side constraints
Govt subsidies and corruption
Recommendation
Use CPI instead of WPI as most of the revenue from service sector
CPI-Rural +urban
Govt ahould focus on fiscal consolidation stop subsidies and freebies
Rather than gov deciding repo rate a monetary policy committe will decide policy rate ie repo rate
Consists of gov +2 dep gov+2 from outside
Rbi Gov is answerable to govt
As his post created from rbi act he is also answerable to parliamentary standing committee
Cpi should be from 2 to 6%
Patel suggests creating cluster within rbi to create specialisation
Repo rate should be slightly higher than cpi to counter inflation
Final monetary policy decided by governer

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