Michael Patra

Government’s capital expenditure has played its part and consumption now holds the key to sustaining growth, the former RBI deputy Governor tells Moneycontrol

A giant leaves RBI

In his last assignment as DG, Patra handled a bunch of  responsibilities of RBI that directly shaped everyone of the above functions.

A central banker's dilemma: To talk or nor not to talk!

Patra’s speech, in a way, reflected the ongoing dilemma within the RBI top brass on how to manage the communication part of the monetary policy at a time when the policymakers themselves aren’t sure of the point of a rate pivot

India's growth story intact: RBI Bulletin estimates 7.2% GDP for 2024-25

The Bulletin further pointed to the government's emphasis on capital expenditure and healthy corporate and bank balance sheets as positive factors bolstering investment activity

RBI deputy says climate, tech risks a threat to inflation targetting

India’s retail inflation accelerated to a nine-month high of 5.49% in September due to higher food prices, compared to 3.65% in August and was above economists’ forecast of 5.04%.

RBI sets up expert panel on benchmarking of its statistics; Michael Patra to head committee

The 10-member 'Expert Committee on Benchmarking of its Statistics' will submit its report by the end of November 2024.

India can become world's 2nd largest economy by 2031: RBI deputy governor Michael Patra

India, however, will have to overcome various challenges with regard to labour productivity, infrastructure, contribution of manufacturing sector in GDP, and greening of the economy for sustainable development, Michael D Patra said

South East Asian Central Banks coordinating efforts to develop CBDCs: RBI deputy governor

Patra disclosed the details at the 59th SEACEN Governors' Conference, Mumbai, held recently

Govt approves reappointment of RBI Deputy Governor Michael Patra for 1 year

The term of Patra was schedule to end on January 14, 2023, as per the RBI website.

Aggregate demand more elastic to rate of interest changes: Michael Patra

RBI however clarified that the views expressed in the article do not represent the views of the central bank.

Productivity growth critical for recovery of emerging economies: RBI's Michael Patra

Michael Patra, in a speech delivered at the Sixth Asia KLEMS Conference on Sunday, said it is widely believed that structural slowdown has been spreading across the global economy after growth peaked in 2010.

MPC Minutes: War against inflation not yet won, premature to declare end to tightening cycle, says Jayanth Varma

The MPC chose to keep the rates unchanged in the meeting but said it would act if the situation warranted so.

Lagged data, frequent reviews make monetary policy's task challenging: RBI Deputy Governor Patra

Patra said that next week, the deliberations will be starting for the next policy review to be announced in the first week of December and will have to depend on inflation data for October and growth data for July-September coming out on November 30.

Govt nominates Financial Services Secretary Vivek Joshi as director on RBI central board

The appointment is effective from November 15, until further orders, the RBI said

Basic Statistical Returns system needs to be robust, open to change, says RBI deputy governor Michael Patra

Patra said the BSR system has endured the test of time as an exhaustive data collection system

Repo rate hikes warranted to combat high inflation risks, MPC minutes show

The MPC had raised the repo rate by 50 basis points at its September meeting amid rising price pressures. The MPC has raised the repo rate by 190 bps since May

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RBI central board reviews impact of current global geopolitical crises

The board also discussed various areas of operations of the RBI including the functioning of the local boards and activities of select central office departments, according to a release

“Dark shadow” of stagflation looms over SAARC nations, warns RBI Deputy Governor Patra

According to the deputy governor, SAARC now faces a “tremendous developmental challenge”

Upside risks to inflation remain, says RBI Deputy Governor Michael Patra

The central bank has increased the policy rate by 140 basis points in the last three-and-a-half months, although it thinks inflation peaked in April

States’ borrowing cost set to rise on higher debt supply, RBI’s rate cues, experts say

Money market experts say states’ debt supply worries will increase from July as they increase spending to revive capital expenditure and as the RBI hikes interest rates further

RBI will not let go off bond market, says Deputy Governor Patra

The government aims to borrow a record Rs 14.31 lakh crore via bonds this financial year. The RBI, as the government's debt manager, is expected to manage the borrowing programme and keep yields low.

India engaged on issue of facilitating payments with Russia: Deputy Governor Michael Patra

Ever since the Russian invasion of Ukraine and the subsequent barrage of sanctions on Moscow by the West, trade between India and Russia has depended on routing transactions through smaller Russian banks which are as yet untouched by sanctions.

RBI present in forex market, will not allow jerky moves in rupee, says Deputy Governor Patra

The rupee had closed at a record low of 78.39 to the dollar on June 22 and is down over 5 percent in 2022

Inflation may stay beyond RBI tolerance band for 3 straight quarters, says Michael Patra

Economic growth is unambiguously impaired when inflation stays above 6 percent, the Deputy Governor said. He added that the central bank hopes to rein in inflation within two years.