'Make in India' initiative could also be an answer to increase opportunities in and around agriculture, he added.

Asserting that RBI is a "perfectly autonomous institution", he also hoped that the Central Statistical Organisation (CSO) will soon give a time series for a better understanding of new series of national accounts (with 2011-12 as base year) which revised economic growth upwards.
Speaking on a number of issues at a interactive session at Centre for Research in Rural and Industrial Development, he said the Reserve Bank of India (RBI) would examine the issue of opening bank branches in Pakistan to facilitate bilateral trade.
Referring to the Modi government's ambitious 'Make in India' programme, he said "We have to make it sure that there is enough demand. Certainly exports are important. World is growing slowly. Year after year it is not picking up. We have to focus on making industry competitive with rest of world and we have to carefully manage our domestic demand."
Stressing on sustainable growth, Rajan said that national security could not be achieved unless there is an economic security."Macro stability is a key in a world which is unstable. We need to preserve buffers, create stability... but it is extremely important both for economic security and national security.”

To a query, Rajan said that RBI was a perfectly working as autonomous institution."I do not think there has been any move for privatization of public sector banks as yet. There has been no discussion on that issue. As far as autonomy of RBI goes, I think we are perfectly autonomous institution," he said.


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