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Tuesday, 14 August 2012

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RBI Governor Subbarao demanded pay hike to tackle the rising prices

Subbarao also disclosed the reason why he is not reducing interest rates
Reserve Bank of India Governor Duvvuri Subbarao reiterated his concern about inflation on Monday, saying that this time it not just remained above the central bank's comfort level, but his wife as well.
"Pa Urmila is every day shouting on my ears that prices of coconut increased, prices of karipatta and itly increased. Yesterday, she told me that I would not get curd rice as curd and milk prices rose sharply," said Subbarao to India Satire correspondent.
The RBI Governor also stated his helplessness towards reducing interest rates to boost the economic growth rate.
He said "Arey pa, Urmila told me that if I reduce interest rates and because of that if the inflation goes up she will throw out of my home."
Subbarao confirmed that he sent a letter to Indian Government asking it to raise his pay.
"Yea I sent a letter requesting my pay hike in the middle of the year. What other thing would I do then?  Better increase my pay or else the government will have to face my agitation," said Subbarao.

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