Off The Cuff with Dr Krishnamurthy Subramanian
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- เผยแพร่เมื่อ 25 ส.ค. 2024
- #offthecuff #KrishnamurthySubramanian
Watch Dr Krishnamurthy Subramanian, India's former Chief Economic Advisor & Executive Director at the IMF, talk about the state of Indian economy, RBI, nuances of monetary theories & more, at ThePrint Off The Cuff or #ThePrintOTC with Editor-In-Chief Shekhar Gupta & Deputy Editor Sharad Raghavan.
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Our partners
Presented by: 360 ONE Wealth
Corporate Partner: AU Bank
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00:51 to 6:47 - Central Banks and their “Bazookas”
6:49 to 12:26 - Bank lending theory
12:28 to 18:35 - The RBI’s role
18:45 to 24:25 - The imprint of monetary theory in reality
24:29 to - 28:03 - Managing the INR
28:05 to 34:17 - Prospects for the Indian economy
34:25 to 37:17 - What can we expect on inflation?
37:17 to 39:40 - Nuances of the Central Bank Digital Currency
39:48 to 43:29 - The missed “manufacturing” phase for India
43:40 to 46:02 - How technology could change the nature of jobs
46:09 to 48:09 - Is a five trillion economy realistic?
48:10 to 53:00 - The importance of India’s digital goods
53:00 to 57:00 - Conclusion
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with that ending i will forgive all the audio issues done by ThePrint in 2022 😊. Great episode, the realization of central banks not having enough or any effect on increasing lending was an eye opener.
Hi Akshay,
We shall surely try to improve our audio quality. Thanks for tuning in.
One of the best 'Off the cuff' that I have seen. Keep it coming Guptaji.
Now this is journalism.....
We are really blessed to have channel like print ✨✨
What a surprise toward the end! He is an awesome singer as well. 👏👏
Some real smart talk on economics. Never thought we will hear such awesome and really intellectual discussion in the Print. Hats off to KV Subramanium.
Superb interview with great ending which was great music to ears with his lucid explanations and singing. Salute to Subbu.
One of the best off the cuff by The Print... Totally enlightened by the many complex economic terms and concepts explained in the simplest way by Dr. Subbu...And thanks Dr. Sunny for showing interesting side of him...What a personality...
It is such a treat always to hear K. Subramaniam.... Nd he has been so right... On V-Shape recovery after covid and The type of stimulus India should give after covid... He and the whole team are so under-appreciated.... He has been a blessing. Thank you so much. I've ordered the book also. Waiting to read.
Couldn't find the book either in Amazon or Flipkart. Where can I order it ?
Wow what a masterclass of basics of banking and economy 👌👏🏻 one of the best off the cuff episodes. Worth every minute.
Feels like a classroom. Amazing teacher and curious student.
When I started the episode, I was like - oh no it's an hour long video. But while listening to him, I didn't realize how the time went by ! Amazing episode of OTC! Very interesting discussion. Thank you The Print.
Amazing off the Cuff .. The Print keep going with the topic of relevance of our times...👍
This is one of the best episode of ThePrint. Subramaniam Ji's comprehensible explanation of theoretical macroeconomics is outstanding and simply inspirational.
What a legend of an economist. His love and willingness to sing on such a platform perfectly captures the line from the show, 'The Newsroom'..
Krishnamurthy: " I am an economist on the side"
This conversation is pure Gold for a UPSC aspirant.
I think there might have been an economic opimism related reason to choose the yarana song
😀
For the first time since I have been subscribed to The Print (way before I became a member), I have felt that SG sir was actually a slight impedance to the rich discussion. This is the first time that it has happened, and makes me very happy forThe Print.
SG sir, please accept my heartiest congratulations on having built a wonderful team of people at this organisation!
Congratulations Shekhar for the continued evolution of The Print! A great presentation by Dr. Subramanian. He is the real deal. RRR's economics, on the other hand, is far too colored by his politics. Not the case here. 🙌👏
Well said. RRR looks like a man who has a grouse. He wanted to boost demand during covid artificially. If we had done that we could have seen 20% inflation now. It was a trap for Modi which did not fall for
Really? He says the government 'respects the independence of the RBI'. How apolitical!! The government actually kicked out 2 governors and trampled them for demonetisation.
@@ramasiva4746 RAJAN DESERVED IT AND PATEL RESIGNED. DAS IS THE BEST RBI GOVERNOR SINCE Y V REDDY. DON'T FORGET P CHIDAMBARAM'S COMMENTS AGAINST THE RBI.
@@ramasiva4746 …Democratic governments have the right to pick candidates for the top posts who are aligned with their thinking. Nothing wrong with that, as long as it is not driven by motives of personal gain. Happens in the US all the time.
RRR looks more like a disgruntled politician than an economist and it doesn't help that he is spending too much time with the Desi Mr.Bean.
Beautiful. Easily accessible for me because of an understanding of the multiplier effect, how banks lend, and CRR. Nice work by Dr. Subramanian on the research front.
Around the 24 minute mark, Mr. Gupta asks that if lending by the banks needs to be curbed to check inflation, how does the central bank control such a behavior (given that conventional monetary policy of varying the reserve ratio doesn't work)? Dr. Subramanian says that via regulation again... I disagree. The answer is much more nuanced (will take too much of time to type; can do if anyone is interested). His suggestion of incentivizing the banks by the central bank (instead of tinkering with the reserve ratio or cash reserves) to lend *more* works though, and is spot on, but the other way round---not.
Everytime I watch Subraminian Sir I learn something invaluable. Though my 12th class macro economic fundamentals (money multiplier and stuff ) have been thrown for a toss I sincerely enjoyed his creative insight and outlook and Shekhar Sir as his usual cheeky self provides much needed levity to a very serious and sincere discussion.
Hi Shaurya,
So glad to hear you enjoyed the discussion...shekhar
Thanks Shekar ji🙏...it's so nice to see ShekarGuptaji, trying a hand on BCom graduated students like me...
What ever it may be....ultimately.....
It's the common sense "Wisdom" that prevails..now and forever...in all-Ways...
The money multiplier factor is really fascinating. Accounting entry thing as explained by him makes banking look very interesting.
he is a good singer. Loved this episode!
wow - he sings wonderfully! i know, i know he is an excellent economist too.
There are two types of deposits in the bank! A. Demand Deposits (Current Account, Savings Account) B. Time Deposits (FD). In every bank, there is a committee (department) which calculates the Asset-Liability match every day! It is called ALCO! The risk ALCO calculates is the Volatility of deposits in both kinds of accounts, ie. the demand deposits and the time deposits! Demand deposits have lower costs (ie. interest payable to the customer having a current account or a savings account) than time deposits (Fixed Deposits)! So the ALCO has to keep a tab on the Weighted Average Cost of Funds (Demand Deposits x Interest%) and (Time Deposit x Interest%)! But what about the tenure for which any fund is available? Its a complex subject but suffice it to say "Banks borrow short and lend long"! It means banks have short duration deposits but lend for far longer than available funds (Demand deposits have to be paid on demand & FD maximum for 10 years, but a Housing Loan could be 20 years long? Right?) So a loan (an Asset in Bank's book) has to be kept funded for the duration by fresh deposits! Now you will appreciate why there are floating rates on loans! So the cost of funds plus a risk margin (very complex subject) decides a base lending rate! But with time the fresh funds may cost more to source, hence the Asset (loan portfolio) must yield higher returns at par with new interest liability! That is why you read in newspapers that your EMI will go up if Repo rates are hiked (in reality most often your tenure of the loan is increased) That in nut shell is how banking fundamentals work!😄😄
Very well put
This is why I go through TH-cam comments. 👍🏼
Looking forward to the discussion. Only SG can ask questions and touch on some core critical issues in our Economy and System that the Mainstream Media is not capable or too scared to ask.
This literally shook me and my learnings of banking concept. If what he is saying is right there would be never supply side issues. There would be always demand side issues.
Love to see Dr. Swamy and him discuss this issue. Two brilliant minds.
Superb, One of the Best. ❤️👍. Lot of learning and singing at the end was not bad either. A good hour spent.
Brilliant.
Masterpieces like this, Cut-The-Clutter and other similar episodes are constant reassurances that every rupee spent on your channel's paid subscription is well worth it.
Yeah I am old enough to remember the Liberals & opposition calling Modi “ heartless “ because he did targeted help & not spend like a drunken sailor. Modi had the courage to stand up to demagogues while we (& 🇬🇧)spent $ 3 Trillion with Inflation running crazy! Modi was on 🎯 & handled Covid beautifully!! You guys are lucky to have a brave & independent thinking PM!
Very meaningful discussion....Shekharji....keep bringing such guests.....
Thank you Shekhar Gupta for this master class!!!
Shekhar's interventions were disturbing the flow of explanation by Subramanian.
But excellently put by Subramanian.
What an episode. Listening to Subbu is always a pleasure.
Fantastic ending to a great OTC!
A very good interview. The surprise ending very welcome.
Grt conversation,subbus brilliant mind ...❤
The end was really great ☺️👌
Having sung in Hindi Dr.KVS can never dream to become the guvnor of Central Bank Of Tamilnadu...He has angered CMO Stalin and co.,...but what a talent both as a Economist and as a crooner...
There was a time when my friends used to make fun of Krishnamoorthy Subramaniam as someone who is over optimistic and that it will take our country a long time to get out of the woods after demonetisation, GST implementation, too many NPAs and finally the sad state of the economy amidst the pandemic. But here he is, silenced all his critics, proved everyone wrong and not only has the country emerged as the fastest growing large economy but also as a prospective alternate market to China because of its cost competitiveness. Thank you Shekhar ji and the entire team at the Print for inviting Krishnamoorthy Subramaniam for the Off the Cuff discussion. And finally we even got to know that he is not just a finance expert but also a wonderful singer 😊
Great content. Thank you very much
Excellent episode, myth busting on banking and economy and the show stopper was the Song 👏
Lot's of Learning For Everyone 👍
Amazing content from @theprint as always !
Interesting, Insightful Conversation 👍
Great episode with marvelous conclusion with the best songs sung in most beautiful way
Great interview!!
The real question is what will be the impact of Digital rupee on fractional reserve? Will all banks be allowed to create digital rupees as well??!!
I think there should be no impact as digital rupee is not a different currency.Please explain how you think it can impact fractional reserve...I doubt that all banks would be allowed to create digital rupees.
@@Dokja0
It depends on how the CBDR is structured
If each transaction is just an entry in a ledger; then it would just be a regular book keeping exercise like what the banks already do
Whereas if each rupee or CBDR of minimum denomination has a unique id; then that would mean that the commercial banks would have to generate these ids if they follow fractional reserve on CBDR. So I wonder how that would happen; cause logically only the rbi should be in a position to "print" the CBDR
Hence my query
Hope I have explained my thought sufficiently
Cheers
India will definitely grow without war.
war should stop.
I'm so glad I stayed till the end of the video
It's revision of class 12 macro economics
Awesome,have ppl lyk this everyday,it's so delightful!!
Excellent
I am subscribing to the print because of this interview
very informative… is it possible for your team to inform the paid customer if their question was selected to be asked?
This was extremely informative! Thanks
He's one of the very few government officials and technocrats who I believe will be a brilliant brilliant politician
Beautiful singer 💕💕
What a dynamic smart person tour guest is, excellent
Awesome episode and quality work
This is so true! This theory is also seconded by the Euro-Dollar University and folks like Jeff Snider
Excellent discussion
A great discussion
@SubramanianKri is simply brilliant and India was lucky to have him as Chief Economic Advisor during difficult Covid times, he is redefining the text book economic theories with facts and figures… well am the only one to visualize @SubramanianKri as a maverick young economist @swamy39 would have been both brilliant and think out of box, hope to see @SubramanianKri as a lateral entry heading the North block in Modi 3.0
43:45 Mr.Subramanian explained well the importance of manufacturing, I wonder what would be his take on raghuram rajans emphasis on service sector
Wonderful conversation. Please give book link in the description of the video
Bank NPA write offs of the BIG LOANS, How does this process works. Is any one held accountable?
Such a multitalented smart guy!
@32:00 K.S Sir has given gdp= consumption+ investment+ export and said that investment and export will be impacted but sir said that consumption component remains constant which is untrue. There are data evidences that purchasing power of both rural and urban consumer has gone down, rural consumer was affected more. Can someone give counter argument to my logic? thanks
Singing was cherry on top. 👍
Excellent ending
Fear from Tech : Rather than working on manual tasks, technology encourages users to perform higher level functions. In contrast to copying data into spreadsheets, a user can work with business users to design applications.
It was a great session.
Suggestion: please do not combine a lot of questions, some of them have been missed.
Solid
Loved the ending! :-D
This has been wonderful “concept clearing OTC !! Thank you so much Shekharji for bringing inMr Subramanian. 🙏🙏
I also have a question. Where can I ask it Mr Subramanian, or can OTC team ask on my behalf?
The question is , if loans/landing creates the money and not printing then why US ( which printed and distributed cash by post, during pandemic) suffered more inflation, than India where primary govt response was to promote landing specially to MSMEs and pumping liquidity.
2nd Q: isn’t CBDC going to be better ( less inflationary) way in terms of direct control of liquidity management for RBI ( any central bank)
Hi Ritesh,
Thank you for tuning into #ThePrintOTC. Asking questions to our OTC guests is a website member exclusive benefit. Mr. Gupta chooses a few of these to pose to the guest.
Superb.
Is he really an economist? Usually economist dump big words to confuse the audience. He is explaining things so well that he sounds more like a teacher than a preacher.
In UG college, we were taught, loans create deposits, so whats new in this right now i wonder? These are basics of economics.
If I were to venture a guess, it is starting to sound like an excuse for why small business sector is not picking up........:)
Banking lesson and music...
This book is not available on Amazon and they are not sure if it is going to be back on stock.
Banks can lend only the amount they have in capital+reserves+deposits.....otherwise how the balance sheet tallies? If they want to lend more than that they ve to borrow from market sources....right?
Not a single toaster is being manufactured in India. Checked Amazon, went to Reliance Digital all made in China. Checked Usha, Bajaj, Pigeon, Havells, Philips etc all Importing and Marketing. Even ceiling fans. Same story.
Economist's song was melodious, i look forward to some econometric analysis next you have a musician on the show!
Wow! This interview was full of so much insights and wonderful data back narratives. The ending was unexpectedly awesome. Hat's off to Sharad & Shekhar for pulling off yet again a great Interview and of course the great Dr. Krishna Murthy 🙏
The book is not available. Neither in Amazon nor in Flipkart.
I generally ask nearby shopkeepers , they are earning almost 40% through digital payments
People take more interest in Politics Instead They Should Start Taking Interest In Economy, Finance. That will be more helpful 😐
surprised to see SG confuses between CBDC and Crypto
Shekhar Gupta is clearly flummoxed by how banks create money. It's a pretty complex subject anytime. 10 years ago when I was taught in an economics masterclass it took me some time to understand how money is created by the banks.
I think there might have been an economic opimism related reason to choose the yarana song
I'm sure Dr Subramanian is a super intelligent person. But honestly he can't really explain things in simple terms. Basically most of it was over my head unlike other OTC sessions.
The skill of a great scholar is to explain things in such a way that common people understand. Look at people like Feynman for example explaining things!
Pl engage good economists
👌🏼👌🏼🌷🌷
Shekhar Gupta sir please make a separate video on recent development in nepal politics........... 🇳🇵 🙏 this is huge development that only 2 independent candidate stand for opposition now...... so called or should not be called india centric or supportive congress has supported this communist government in Nepal......sir please 🙏 make a video.
12:21 i don't think only 10% is currency in circulation and 90% is deposits
Get in line .. govts lie all the time 🫡
Oh. You think? It must be true then. I think you should write a book.
I was also curious, but then I saw my own financial condition. Ofcourse my wallet remains empty because I use only digital payments primarily. Off late, the MOD FD and savings plus accounts have all resulted in more deposits and rea;;y just about 10% in savings or in the form of cash. That is true for most people around me. Even the salaries credited from one bank to another are all 'I owe you' stuff!
Didn’t prof Richard werner come up with this theory ? (Banks being money creators)
So what he is saying is..if i go to a bank asking for 1000cr..bank only has deposits of 250cr..They would still lend me if i have ability to pay...
Now after the 1000cr is credit to my account..if i go to the bank and ask them for hard cash of 1000cr instead of an electronic number..they wouldnt be able to give it! The assumption is i will only electronically transact the 1000cr and not ask for hard cash...
I was not able to understand a thing, got confused on the little knowledge I have on banking. Please do a CTC on banking CRR, inflation etc. Why is our financial domain so complicated, this is like driving a car with steering and gear shift swapped. The islamic money system would be better.
Samajh me to nahi aya lekin sun ke acha laga.jpg
Centre and State can easily give 1 crore government jobs...