Amid the rituals of Maha Ashtami (the third day of the five-day festival), Mukherjee spoke to Shine Jacob on the Moody's downgrade of State Bank of India and other issues.
Edited excerpts:
Moody's has downgraded SBI. Is this the start of a crisis in our banking sector?
No, it is not.
But, I still have to wait for the details.
Yes, it will have some adverse impact, and of course, I am concerned about this, and inflation, slow growth and the prospect of fiscal consolidation.
But expressing concern will not help us. We have to assess the problem and take corrective steps.
How far do you think the global financial crisis, especially the euro zone and US woes, are affecting our country?
To a considerable extent, because every country in the world is closely linked. Europe, particularly, is witnessing very sluggish growth.
And, slow growth in the US and Japan is also a cause for concern as they are the leaders of the world economy.
A lot of companies are concerned that the iron ore ban is going to shave off half a per cent of GDP. What is your take on this?
I don't think it will have that much impact.
After all, many companies have taken policies to reserve their natural resources. I think we should have a compromise between what should be exported and what should be preserved.
Regarding certain policy issues, allies like the Trinamool Congress hold divergent views. Have they raised the issues with the government? Do you think coalition politics is affecting smooth governance?
What TMC has asked for is legitimate, because they have just come to office in the state.
So, naturally, they would like to give their inputs on policy formation.
The consultation we had was with the earlier government.
Thereafter, the government has changed. So, we should take their inputs and then formulate all policies.
There
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