Everyone may have some advise for the RBI. Some may advise, 'Cut your lending rates and raise the deposit rate.' How will a bank function? We take a medium term view. The bank has an 80-year-old history. I don't want to destroy it for a few decisions.

The gap in India has always been between the promise and the execution.

If anybody was to look towards a big source of demand in future, it would be hard for them to miss India.

The Reserve Bank cannot just exist; its ability to say 'no' has to be protected.

The U.S. should worry about the effects of its polices on the rest of the world. We would like to live in a world where countries take into account the effect of their policies on other countries and do what is right, broadly, rather than what is just right given the circumstances of that country.

Ultimately, in the long run we need to immunise our system from being overly responsive to fluctuations in the exchange rate; that is, people should, by and large, be reasonably hedged, or they should borrow more in domestic currency rather than foreign currency.

The idea was never for me to be a career bureaucrat or career technocrat; it was more about where I could implement ideas and reform programs.

Every adverse development across the world affects the rest of the world in some way.

I don't think policy makers surprise unnecessarily. You don't pick surprise as a part of your policy. Markets value a certain amount of predictability. But there are certain areas where surprise is a tool.

In India, we say one thing, and we do something else.