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There will always be adequate forex: Jalan

BS Economy Bureau

The Reserve Bank of India Governor, Bimal Jalan, has said the government would ensure there was enough foreign exchange to meet any crisis.

Speaking on the sidelines of the release of a book, Glimpses of Indian Economic Policy, authored by former RBI governor I G Patel, Jalan said India was well placed in foreign exchange reserves.

Speaking about his 40 years with the government and other agencies as an economist, I G Patel said the story of the Indian economy was one of evolution and not revolution.

"In India, economic policy will always have two wheels. These two wheels can be termed either as growth and equity or growth and empowerment."

Patel said socialism meant much more than what Marx had defined it as and similarly, liberalistaion did not mean privatisation. "One cannot label them with a particular meaning as these words mean much more," he added.

Naming Margaret Thatcher and Mao Zedong as the leading figures of the twentieth century, Patel said those leaders might have committed mistakes, but they brought together the two wheels of the economy.

Clarifying that the book was not autobiographical, Patel said it talked about just 40 years of his life as an economist. "The leading character of the book is not I G Patel, it is the Indian economy, of which I am a small part," he said.

Highlighting the messages in his book, the former RBI governor said there were enough young leaders who could turn the wheels of the country better.

He also urged the middle-class to return to the country what it was getting from it.

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