Indians have been talking about all week. You can contact the editors at indiarealtime@wsj.com.Check out the main contributors to the blog and their bios here. An error has occured and your email has not been sent. Please try again. You must enter the verification code below to send. Invalid entry: Please type the verification code again, http://www.cheaptomsshoesoutletstore.us - toms the shoes .[标签:标题]
We sent an email to: Please click on the link inside the email to complete your registrationThis service is temporary unavailable due to system maintenance. Please try again later.The username entered is already associated withanother account. Please enter a different usernameThe email address you have entered is already in use.Please re-enter the email address.Pal Pillai/Agence France-Presse/Getty ImagesReserve Bank of India Governor Duvvuri Subbarao said that oil is a big factor. Reserve Bank of India Governor Duvvuri Subbarao told The Wall Street Journal that oil is a big factor and expressed a touch of frustration at the causes for prices reaching near $120 a barrel. He blamed everything from turmoil in Iran to Saudi Arabia s need to give money to neighboring states, to the liquidity created by the European Central Bank in December going into speculation.In its latest policy statement, the RBI highlighted that elevated oil prices will make it difficult to cut rates because oil is such an important factor in inflation. Not cutting interest rates would mean consumer and businesses are starved of credit. Mr. Subbarao s expectations for faster growth later this year are also predicated on him being able to lower rates.Unlike curtailing government spending or implementing market reforms, oil is one thing largely beyond our control, the governor said.He did say that deregulating oil prices could help, but that s a tough sell politically. We need to reduce the dependence on oil imports and one way to do that is to deregulate petroleum product prices, he saidIf consumers of oil paid actual market prices, they d become more efficient users.Here is a transcript of the part of Monday’s interview when Mr. Subbarao spoke about oil:SUBBARAO: Oil prices are a big factor and largely beyond our control and are very complex economic and geopolitical factors that drive oil prices. Just looking at the world situation, the U.S. growth situation is quite modest and Europe is probably in a recession and Japan is growing but you know. Oil prices should have come down or should have been much lower than they are today. Evidently there is something going on there that is keeping pressures up.Partly it’s liquidity. Even the LTRO [the European Central Bank’s long-term refinancing operation] money, http://www.cheaptomsoutlet0.com - cheapest toms shoes , it’s not clear it’s being used all in Europe and some of it is being used in speculation. And then there are the political factors, http://www.cheaptomsshoesoutletstore.us - discount toms shoes , which is Iran. If Iran is outside the world pool there could be price pressures. If Saudi Arabia because of fiscal concerns, its commitment to extend fiscal supports to other Arab countries, to meet that commitment they might want to keep oil prices at
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