Reserve Bank of India has been enjoying full autonomy and support of the government so far and it should be allowed to take its own decision, RBI Governor Raghuram Rajan has told the central bank's staff. On the first day of his three-day visit to Odisha, he also said that with agriculture playing a key role in India there is a need to focus on small and medium agro-based projects. He was actually addressing an in-house meeting of RBI employees.
"Our economy is agriculture based. Therefore, we should focus on small and medium agro-based projects," Mr Rajan said. He also told that the Indian economy was following the right track and posesses the ability to emerge as a major player globally.
"RBI's decision is very crucial as it is connected with fate of crores of people. A slight mistake could put the entire country and its people in trouble. Therefore, RBI's decision must be accurate and to the point keeping in view the interest of the people," said an employee quoting the governor.
Mr Rajan also visited Kalinga Institute of Social Sciences (KISS) and discussed with its officials regarding the financial model of the school and its management. During his visit to the state, Mr Rajan is scheduled to address Odisha government officers, meet Chief Minister Naveen Patnaik and address the Harekrushna Mahatab Memorial Lecture on "The Global Economy and India".