Challenges for Monetary Policy

It is a great honour and privilege to be invited to deliver the Kale Memorial Lecture. Rao Bahadur R.R. Kale was a well-known leader who played a notable role not only in the political but also in the social and economic life of Maharashtra. His contributions to the development of education are well known. His generous contribution helped to establish the Gokhale Institute of Politics & Economics at Pune, which has emerged as a leading research institution in the country in the field of economics, politics and sociology. Professor D. R. Gadgil and Professor V. M. Dandekar, to name only a few, who were associated with this Institute, have made landmark contributions to the development of economic policy in post-Independent India. Kale Memorial Lecture is a prestigious lecture series, which includes contributions by many distinguished and outstanding personalities of our country. I, therefore, feel greatly honoured to deliver this year's lecture.