Indian religious values reflected in monetary regulations: RBI ED Rabi Mishra

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Bhubaneswar: The Indian religious values are behind shaping up of financial regulations in India that resulted in immunity from global financial shock way back in 2008, said Rabi Mishra, Executive Director of the Reserve Bank of India.

He was speaking at the concluding day of three-day Kalinga Literary Festival here.

Referring to the analogy of God Shiva’s family and their Vahans who have hunter-prey relationship among each other, the RBI executive director said, “Like all these Vahanas stay together despite sharing an uneasy relationship because of their devotion towards God Shiva, the Indian financial regulations are robust because they have one single motto which is protection of general public.”

Discussing his recently published book ‘Systemic Risk and Macroprudential Regulations’, Mishra opined that coordinated approach of decision making is the key feature of a robust economy.

Discussing global economies and their interdependence, Mishra said the global financial institutions such as IMF, World Bank etc should consider the feedback of all the economies before taking a decision rather than imposing their decision on all member-states.

“What we see today in global financial institutions is the top-down approach which hardly produces a result since countries such as China do not even attend meetings of IMF. If they adopt a bottom-up approach, such as listening to the necessity of other countries than just conveying desires of the US and UK, then the decisions of these institutions would become all conclusive,” he said while discussing with columnist Tamal Bandopadhyay.

The sixth edition of Kalinga Literary concluded on Sunday with 15 engaging sessions ranging from literature to cinema, food, city life, economy and literature. In the three-day-long event, a total of 45 sessions were held where subjects such as Gandhian ideas, feminism, contemporary literature, arts and paintings, cinema, politics and government, journalism, cultural heritage, book publication business, religion and trade got featured by more than 200 eminent speakers from across India along with poetry  recitations every day.

Gandhi and Modern Marketing

In a session dedicated to Gandhian approach to marketing and media, Santurpt Mishra, a senior executive with the Aditya Birla Group said Gandhi’s successful mobilization of masses towards freedom struggle can be replicated in a marketing strategy having a far-reaching effect.

“For example, Gandhi’s people-centric approach can be replaced consumer-focused sentiments while taking marketing decisions,” said the Group HR head of  Aditya Birla Group.

He said the Gandhian approach is still relevant in communicating to the masses provided consumer-benefit should be the core value of marketing.

During a session on reimagining cities, historian and cultural expert Pushpesh Pant said the rapid immigration of a particular cultural group towards expanding old cities, is replacing older cuisine and thus, traditional culture also gets diluted.

“As a result, even cities which were created in order to be different from villages are having striking similarities with villages now in the form ghettoisation,” he said.

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