RBI plays key role for 9-10 percent growth: P M

New Delhi, Jan 15 (ANI): The Prime Minister, Dr. Manmohan Singh, on Friday expressed confidence that the Reserve Bank of India (RBI) will continue to play a historic role in the evolution of country's economy as India moves towards a growth path of 9-10 percent per annum.

Addressing a gathering after releasing the book titled 'Perspectives on Central Banking - Governors Speak, Prime Minister Singh said: "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 percent per annum."

This is "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," he added.

The Reserve Bank of India, which was started in 1935, is celebrating its Platinum Jubilee.

Singh who was RBI Governor from 1982-85 said this 75 year long journey has been one of momentous developments, but the basic objectives of economic policy have remained roughly the same, growth with stability and social justice.

"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," he said.

"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," Singh added.

Recalling that the RBI was instrumental in setting up a whole lot of institutions and the diversified financial system, Dr Singh said "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."

Singh expressed confidence that the RBI's next 75 years will be still more productive, still more innovative in the long history of India.(ANI)