--- title: "Meaning & Key Takeaway of: I think that is a very important…" description: "\"I think that is a very important milestone in our economic history that the monetary policy is now determined through a committee process where there a..." image: "https://sms4smile.com/quotes/i/df1/urjit-patel-16339_committee_i-think-that-is-a-very-important-milesto_1031258.jpg" --- # I think that is a very important milestone in our economic… ![“I think that is a very important milestone in our economic history that the monetary policy is now determined through a committee process where there are both independent committee members and representation from the RBI.” quote by Urjit Patel](https://sms4smile.com/quotes/i/df1/urjit-patel-16339_committee_i-think-that-is-a-very-important-milesto_1031258.jpg) [Download](https://sms4smile.com/quotes/i/df1/urjit-patel-16339_committee_i-think-that-is-a-very-important-milesto_1031258.jpg) [Open image](https://sms4smile.com/quotes/i/df1/urjit-patel-16339_committee_i-think-that-is-a-very-important-milesto_1031258.jpg) > “I think that is a very important milestone in our economic history that the monetary policy is now determined through a committee process where there are both independent committee members and representation from the RBI.” [Urjit Patel](https://sms4smile.com/quotes/author/urjit-patel/) ## About This Quote This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation. The quote highlights a shift to a committee-based monetary policy, blending independent expertise with central bank representation for balanced decision‑making. **In simple terms:** Policy now decided by a mixed committee. Key Takeaway Support diverse viewpoints in policy decisions. Themes economics governance policy institutional design Mood analytical informative formal Type policy economic When to use this quote - budget planning - interest rate setting - financial regulation Key Concepts central banking committee decision‑making independence Questions to Reflect On - How does committee diversity affect outcomes? - What are risks of politicizing policy? A Different Perspective May overlook individual accountability. ★ ★ ★ ★ ★ No ratings yet [Committee](https://sms4smile.com/quotes/about/committee/) [Customer](https://sms4smile.com/quotes/about/customer/) [Determined Committee](https://sms4smile.com/quotes/about/determined-committee-2356534/) [History](https://sms4smile.com/quotes/about/history/) [Important Milestone](https://sms4smile.com/quotes/about/important-milestone-2317174/) [Independent Committee](https://sms4smile.com/quotes/about/independent-committee-2356532/) [Milestone](https://sms4smile.com/quotes/about/milestone/) [Milestone Economic](https://sms4smile.com/quotes/about/milestone-economic-2356533/) [Monetary policy](https://sms4smile.com/quotes/about/monetary-policy/) [Process](https://sms4smile.com/quotes/about/process/) ## Related quotes > ['Breathless' was an important milestone in my life.](https://sms4smile.com/quotes/shankar-mahadevan/breathless-was-an-important-milestone-in-my-life/) [Shankar Mahadevan](https://sms4smile.com/quotes/author/shankar-mahadevan/) > [I think it reflects the reality on the ground, that this was an important milestone that's been achieved by the Iraqi people, and it's…](https://sms4smile.com/quotes/scott-mcclellan/i-think-it-reflects-the-reality-on-the-ground-that-this-was-an/) [Scott McClellan](https://sms4smile.com/quotes/author/scott-mcclellan/) > [We have reached an important milestone and achieved a new momentum in reaching a goal all Americans should embrace - building a secure, peaceful,…](https://sms4smile.com/quotes/joe-lieberman/we-have-reached-an-important-milestone-and-achieved-a-new-momentum-in/) [Joe Lieberman](https://sms4smile.com/quotes/author/joe-lieberman/) > [My dream was always to be in museums. It's a big and important milestone and a fulfillment of one of my primary ambitions.](https://sms4smile.com/quotes/kerry-james-marshall/my-dream-was-always-to-be-in-museums-it-s-a-big-and-important/) [Kerry James Marshall](https://sms4smile.com/quotes/author/kerry-james-marshall/) > [The monetary policy committee could either keep rates constant, increase them, or bring them down. There are three options possible compared to when it…](https://sms4smile.com/quotes/urjit-patel/the-monetary-policy-committee-could-either-keep-rates-constant/) [Urjit Patel](https://sms4smile.com/quotes/author/urjit-patel/) > [Monetary policy transmission encompasses the whole continuum of interest rates; of course, the central bank only determines the overnight policy rate.](https://sms4smile.com/quotes/urjit-patel/monetary-policy-transmission-encompasses-the-whole-continuum-of/) [Urjit Patel](https://sms4smile.com/quotes/author/urjit-patel/) > [Government should eschew suasion and directives to banks on interest rates that run counter to monetary policy actions.](https://sms4smile.com/quotes/urjit-patel/government-should-eschew-suasion-and-directives-to-banks-on-interest/) [Urjit Patel](https://sms4smile.com/quotes/author/urjit-patel/) > [The excellence of metallic money in free circulation consists in the fact that it renders impossible the abuse of the power of the government…](https://sms4smile.com/quotes/faustino-ballve/the-excellence-of-metallic-money-in-free-circulation-consists-in-the/) [Faustino Ballve](https://sms4smile.com/quotes/author/faustino-ballve/) > [Stronger productivity growth would tend to raise the average level of interest rates and, therefore, would provide the Federal Reserve with greater scope to…](https://sms4smile.com/quotes/janet-yellen/stronger-productivity-growth-would-tend-to-raise-the-average-level-of/) [Janet Yellen](https://sms4smile.com/quotes/author/janet-yellen/) > [The supply-side effect of a restrictive monetary policy is likely to be perverse, in that high interest rates enter into costs and thus exert…](https://sms4smile.com/quotes/william-vickrey/the-supply-side-effect-of-a-restrictive-monetary-policy-is-likely-to/) [William Vickrey](https://sms4smile.com/quotes/author/william-vickrey/) > [“The Fed is still on the same track.” Whatever you call it, the benign economic environment has supported a bull market since 2009, and…](https://sms4smile.com/quotes/anonymous/the-fed-is-still-on-the-same-track-whatever-you-call-it-the-benign/) [Anonymous](https://sms4smile.com/quotes/author/anonymous/) > [I've always believed in expansionary monetary policy and if necessary fiscal policy when the economy is depressed.](https://sms4smile.com/quotes/paul-krugman/i-ve-always-believed-in-expansionary-monetary-policy-and-if-necessary/) [Paul Krugman](https://sms4smile.com/quotes/author/paul-krugman/) > [That means following a very restrictive fiscal and monetary policy which will squeeze the monopolies and cut their subsidies. On the micro level we…](https://sms4smile.com/quotes/vaclav-klaus/that-means-following-a-very-restrictive-fiscal-and-monetary-policy/) [Vaclav Klaus](https://sms4smile.com/quotes/author/vaclav-klaus/) > [It's a challenge for monetary policy to communicate that our inflation objective is 2 percent.](https://sms4smile.com/quotes/charles-l-evans/it-s-a-challenge-for-monetary-policy-to-communicate-that-our/) [Charles L. Evans](https://sms4smile.com/quotes/author/charles-l-evans/) > [Europe unified its monetary policy through the euro before it unified politically, therefore sustaining member countries' abilities to pursue the kind of independent fiscal…](https://sms4smile.com/quotes/amity-shlaes/europe-unified-its-monetary-policy-through-the-euro-before-it-unified/) [Amity Shlaes](https://sms4smile.com/quotes/author/amity-shlaes/) ## More by Urjit Patel > [Monetary policy transmission encompasses the whole continuum of interest rates; of course, the central bank only determines the overnight policy rate.](https://sms4smile.com/quotes/urjit-patel/monetary-policy-transmission-encompasses-the-whole-continuum-of/) [Urjit Patel](https://sms4smile.com/quotes/author/urjit-patel/) > [One of the things that the public sector banks need to do is to raise private capital from the market and not rely on…](https://sms4smile.com/quotes/urjit-patel/one-of-the-things-that-the-public-sector-banks-need-to-do-is-to-raise/) [Urjit Patel](https://sms4smile.com/quotes/author/urjit-patel/) > [As many have pointed out, it is not clear that we need so many public sector banks. The system could be better off if…](https://sms4smile.com/quotes/urjit-patel/as-many-have-pointed-out-it-is-not-clear-that-we-need-so-many-public/) [Urjit Patel](https://sms4smile.com/quotes/author/urjit-patel/) > [Valid criticism is something that we are open for, and we take it in the spirit in which it is given and try to…](https://sms4smile.com/quotes/urjit-patel/valid-criticism-is-something-that-we-are-open-for-and-we-take-it-in/) [Urjit Patel](https://sms4smile.com/quotes/author/urjit-patel/) > [I think India's policy that the openness of trade should be carried through a multilateral process is the right one.](https://sms4smile.com/quotes/urjit-patel/i-think-india-s-policy-that-the-openness-of-trade-should-be-carried/) [Urjit Patel](https://sms4smile.com/quotes/author/urjit-patel/) > [The best way that a central bank can support growth on a durable basis is to ensure inflation is low, stable - there is…](https://sms4smile.com/quotes/urjit-patel/the-best-way-that-a-central-bank-can-support-growth-on-a-durable/) [Urjit Patel](https://sms4smile.com/quotes/author/urjit-patel/) > [It is important to recognise near- and medium-term risks to the inflation outlook.](https://sms4smile.com/quotes/urjit-patel/it-is-important-to-recognise-near-and-medium-term-risks-to-the/) [Urjit Patel](https://sms4smile.com/quotes/author/urjit-patel/) > [There is little room for complacency, and it is important to guard against sporadic volatility in financial markets.](https://sms4smile.com/quotes/urjit-patel/there-is-little-room-for-complacency-and-it-is-important-to-guard/) [Urjit Patel](https://sms4smile.com/quotes/author/urjit-patel/) > [Large credit guarantees also impede optimal allocation of financial resources and increase moral hazard.](https://sms4smile.com/quotes/urjit-patel/large-credit-guarantees-also-impede-optimal-allocation-of-financial/) [Urjit Patel](https://sms4smile.com/quotes/author/urjit-patel/) > [Very few countries grow at high rate if inflation is high and volatile. I think, in a way, we are doing our bit to…](https://sms4smile.com/quotes/urjit-patel/very-few-countries-grow-at-high-rate-if-inflation-is-high-and/) [Urjit Patel](https://sms4smile.com/quotes/author/urjit-patel/) > [I think that it is important that one grows a thick skin fast in this business, and I think we have done that.](https://sms4smile.com/quotes/urjit-patel/i-think-that-it-is-important-that-one-grows-a-thick-skin-fast-in-this/) [Urjit Patel](https://sms4smile.com/quotes/author/urjit-patel/) > [Remonetisation has happened at a fast pace, and that was part of the plan that, subsequent to the withdrawal of the specified bank notes,…](https://sms4smile.com/quotes/urjit-patel/remonetisation-has-happened-at-a-fast-pace-and-that-was-part-of-the/) [Urjit Patel](https://sms4smile.com/quotes/author/urjit-patel/) > [There are tens of thousands of bank branches and 4,000 currency chests. We need to be careful and try that this is a number…](https://sms4smile.com/quotes/urjit-patel/there-are-tens-of-thousands-of-bank-branches-and-4-000-currency/) [Urjit Patel](https://sms4smile.com/quotes/author/urjit-patel/) > [Enhanced transparency has helped to reinforce the stability of India's financial system.](https://sms4smile.com/quotes/urjit-patel/enhanced-transparency-has-helped-to-reinforce-the-stability-of-india/) [Urjit Patel](https://sms4smile.com/quotes/author/urjit-patel/) > [The materialisation of reforms in the form of rollout of the GST, the institution of Indian Insolvency and Bankruptcy Code, and the abolition of…](https://sms4smile.com/quotes/urjit-patel/the-materialisation-of-reforms-in-the-form-of-rollout-of-the-gst-the/) [Urjit Patel](https://sms4smile.com/quotes/author/urjit-patel/) [Explore all 40 Urjit Patel quotes ](https://sms4smile.com/quotes/author/urjit-patel/) ## More Committee quotes > [My feeling has always been that 'Good Eats' would have never happened had it been left to a committee.](https://sms4smile.com/quotes/alton-brown/my-feeling-has-always-been-that-good-eats-would-have-never-happened/) [Alton Brown](https://sms4smile.com/quotes/author/alton-brown/) > [What is interesting in Washington, D.C., is I've never missed a vote. The veterans' committee keeps track of hearings, and I've never missed a…](https://sms4smile.com/quotes/mike-coffman/what-is-interesting-in-washington-d-c-is-i-ve-never-missed-a-vote-the/) [Mike Coffman](https://sms4smile.com/quotes/author/mike-coffman/) > [You never meet the writer when you're making a TV movie in America - they're too ashamed to show up and see how their…](https://sms4smile.com/quotes/joe-don-baker/you-never-meet-the-writer-when-you-re-making-a-tv-movie-in-america/) [Joe Don Baker](https://sms4smile.com/quotes/author/joe-don-baker/) > [It is necessary to get a lot of men together, for the show of the thing, otherwise the world will not believe. That is…](https://sms4smile.com/quotes/anthony-trollope/it-is-necessary-to-get-a-lot-of-men-together-for-the-show-of-the/) [Anthony Trollope](https://sms4smile.com/quotes/author/anthony-trollope/) > [Government likes committees... a lot. Committees kill all the really good ideas and generally all the really bad ideas. They produce middle-ground mush.](https://sms4smile.com/quotes/betsy-devos/government-likes-committees-a-lot-committees-kill-all-the-really-good/) [Betsy DeVos](https://sms4smile.com/quotes/author/betsy-devos/) > [If the many allegations made to this date are true, then the burglars who broke into the headquarters of the Democratic National Committee at…](https://sms4smile.com/quotes/sam-ervin/if-the-many-allegations-made-to-this-date-are-true-then-the-burglars/) [Sam Ervin](https://sms4smile.com/quotes/author/sam-ervin/) > [One of the great joys this year and the year before has been how all of the people in this body, men and women,…](https://sms4smile.com/quotes/robin-hayes/one-of-the-great-joys-this-year-and-the-year-before-has-been-how-all/) [Robin Hayes](https://sms4smile.com/quotes/author/robin-hayes/) > [I was sent there by the Free Congress Committee, headed by Paul Weyrich. Fred Smith and I were sent down as observers, with reporters'…](https://sms4smile.com/quotes/dixie-lee-ray/i-was-sent-there-by-the-free-congress-committee-headed-by-paul/) [Dixie Lee Ray](https://sms4smile.com/quotes/author/dixie-lee-ray/) > [Some people advocate public nomination and a three-track system - allowing voters and political parties to make nominations along with the committee. These people…](https://sms4smile.com/quotes/carrie-lam/some-people-advocate-public-nomination-and-a-three-track-system/) [Carrie Lam](https://sms4smile.com/quotes/author/carrie-lam/) > [As you know in this committee, we have all of HUD, and HUD is responsible for so many programs that determine the quality of…](https://sms4smile.com/quotes/maxine-waters/as-you-know-in-this-committee-we-have-all-of-hud-and-hud-is/) [Maxine Waters](https://sms4smile.com/quotes/author/maxine-waters/) > [I believe in a running back by committee. Always have. Always been taught that way.](https://sms4smile.com/quotes/john-dorsey/i-believe-in-a-running-back-by-committee-always-have-always-been/) [John Dorsey](https://sms4smile.com/quotes/author/john-dorsey/) > [As chairman of the House Ways and Means Committee - the chief tax-writing body in Congress - I understand that true comprehensive tax reform…](https://sms4smile.com/quotes/kevin-brady/as-chairman-of-the-house-ways-and-means-committee-the-chief-tax/) [Kevin Brady](https://sms4smile.com/quotes/author/kevin-brady/) > [Committees are to get everybody together and homogenize their thinking.](https://sms4smile.com/quotes/art-linkletter/committees-are-to-get-everybody-together-and-homogenize-their-thinking/) [Art Linkletter](https://sms4smile.com/quotes/author/art-linkletter/) > [I'm chairing a UNESCO committee on how to improve global Internet communications for science; help third-world people get onto the Net so they can…](https://sms4smile.com/quotes/joshua-lederberg/i-m-chairing-a-unesco-committee-on-how-to-improve-global-internet/) [Joshua Lederberg](https://sms4smile.com/quotes/author/joshua-lederberg/) > [Committees are consumers and sometimes sterilizers of ideas, rarely creators of them.](https://sms4smile.com/quotes/henry-a-kissinger/committees-are-consumers-and-sometimes-sterilizers-of-ideas-rarely/) [Henry A. Kissinger](https://sms4smile.com/quotes/author/henry-a-kissinger/) [Browse all 337 Committee quotes ](https://sms4smile.com/quotes/about/committee/) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "Quotation", "text": "I think that is a very important milestone in our economic history that the monetary policy is now determined through a committee process where there are both independent committee members and representation from the RBI.", "creator": { "@type": "Person", "name": "Urjit Patel" }, "isPartOf": { "@id": "https://sms4smile.com/quotes/#website" }, "url": "https://sms4smile.com/quotes/urjit-patel/i-think-that-is-a-very-important-milestone-in-our-economic-history/", "about": { "@type": "Thing", "name": "Committee" }, "@id": "https://sms4smile.com/quotes/urjit-patel/i-think-that-is-a-very-important-milestone-in-our-economic-history/#quotation", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/df1/urjit-patel-16339_committee_i-think-that-is-a-very-important-milesto_1031258.jpg", "contentUrl": "https://sms4smile.com/quotes/i/df1/urjit-patel-16339_committee_i-think-that-is-a-very-important-milesto_1031258.jpg", "url": "https://sms4smile.com/quotes/i/df1/urjit-patel-16339_committee_i-think-that-is-a-very-important-milesto_1031258.jpg", "width": 1080, "height": 1080, "caption": "“I think that is a very important milestone in our economic history that the monetary policy is now…” — Urjit Patel", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } }, { "@type": "BreadcrumbList", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://sms4smile.com/" }, { "@type": "ListItem", "position": 2, "name": "Quotes", "item": "https://sms4smile.com/quotes/" }, { "@type": "ListItem", "position": 3, "name": "Urjit Patel", "item": "https://sms4smile.com/quotes/author/urjit-patel/" }, { "@type": "ListItem", "position": 4, "name": "I think that is a very...", "item": "https://sms4smile.com/quotes/urjit-patel/i-think-that-is-a-very-important-milestone-in-our-economic-history/" } ], "@id": "https://sms4smile.com/quotes/urjit-patel/i-think-that-is-a-very-important-milestone-in-our-economic-history/#breadcrumb" }, { "@type": "WebSite", "@id": "https://sms4smile.com/quotes/#website", "name": "SMS4Smile Quotes", "url": "https://sms4smile.com/quotes/", "publisher": { "@id": "https://sms4smile.com/quotes/#organization" } }, { "@type": "Organization", "@id": "https://sms4smile.com/quotes/#organization", "name": "SMS4Smile Quotes", "url": "https://sms4smile.com/quotes/", "logo": { "@type": "ImageObject", "url": "https://sms4smile.com/quotes/wp-content/themes/sq/assets/icons/icon-512.png", "width": 512, "height": 512 } } ] } ```