TOKYO: Reserve Bank of India Governor Raghuram Rajan said today that both the government and the central bank have expressed the need to bring down inflation, while respecting the fact that economic growth is "very weak."
"We need to ensure, through a variety of steps, that we sustain the growth process," he told during a seminar in Tokyo.
Rajan said there was a "fairly long, established tradition of respect and mutual consultation" between the RBI and the government, dispelling views that there was tension between the two sides.
"I think the government respects the fact that the central bank determines monetary policy," he said.
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