Page 176 - CW E-Magazine (26-3-2024)

Special Report Special Report

aromatic aramid fi bres, but today we Building blocks for a sustainable future: Some
have carbon nanotubes for higher per-
formance.
refl ections
Composites will enable of transport
of hydrogen at very high pressures, am deeply honoured for the invita- being of the state and SHAKTIKANTA DAS
even above 100-bar. tion to deliver this lecture in the the country at large, I Governor, Reserve Bank of India
I memory of Shri Lalit Doshi, an emi- have chosen “Build-
No mobility is possible without nent civil servant, whose sudden demise ing Blocks for a Sus- of central banks started focusing narrowly
chemistry. Even a bicycle requires a at an early age nearly three decades back tainable Future” as on the price stability objective, with the
tyre, a product of chemistry. Compo- was a great loss to many, including the the theme of my responsibility of banking and fi nancial
sites were fi rst allowed only for military state of Maharashtra. Shri Doshi is fondly address today. Sustain- sector regulation shifting to separate regu-
aircrafts, but today even passenger air- remembered as unassuming, sober, able future would mean sustaining and latory bodies outside the central bank. The
crafts have a lot of composites in them, hardworking and extremely competent strengthening the growth momentum of 2008 global fi nancial crisis (GFC) led
to reduce weight. by his colleagues and contemporaries. the economy without creating infl ation- to a rethink on this separation principle
In his distinguished public service career ary pressures and other macroeconomic and central banks are now more actively
Waste to wealth spanning more than 27 years, he held imbalances, while remaining inclusive entrusted with fi nancial stability in addi-
Chemistry allows the conversion carbon dioxide. How are you going to But chemistry will always remain a several key positions both in the state and climate sensitive. I would like to tion to the price stability objective. More
of undesirable products into desirable remove carbon dioxide, but for chemistry? central science with profound linkages and central governments. As Secretary begin by dwelling upon the role of a cen- recently, during the COVID-19 pandemic,
ones – the way nature works. A lot of to biology and materials science. Industries, Government of Maharashtra tral bank in economic development and central banks resorted to both conven-
natural gas contains hydrogen sulphide, What is ahead? during 1992-94, till his sad demise in highlighting the current macroeconomic tional and unconventional policies as dur-
and is called sour gas. This hydro- What can happen in times to come? In conclusion, chemistry is in every- January 1994, he played a pivotal role context and then touch upon certain sup- ing the GFC, to safeguard their respective
gen sulphide is removed through the Would we be able to combine hydrogen thing, and chemistry is everywhere. in formulating the New Industrial Policy porting pillars for a sustainable future. economies.
science of chemistry; then chemical and oxygen to give hydrogen peroxide, Life is not possible without chemis- for the State. I can personally relate to
engineering comes in. Today, all the rather than water? Would we be able to try, but can be far better with it. Enjoy Shri Lalit Doshi and the challenges he Central Banks and Economic The framework of central banking
sulphur used for making the ‘king of convert methane directly to methanol? chemistry! would have faced as Secretary Indus- Development in India, and in particular of monetary
A strong and dynamic central bank policy, has evolved around the objectives
chemicals’ – sulphuric acid – is based Would we be able to convert methane [Extracts from a lecture to chemistry tries, as I served as Industries’ Secretary, acts as a critical building block for a coun-
Government of Tamil Nadu on two
on recovered hydrogen sulphide. to ethylene? students given on September 10, 2023 occasions (2001 and 2006) and as Joint try’s progress. The story of central bank- specifi ed under the Reserve Bank of
India Act, 1934(4). Consistent with this,
under the aegis of the South Indian Education Secretary Industries in 1991-1993. ing goes back at least to the 17th century, the Reserve Bank’s macroeconomic and
Today, everybody’s talking about climate There are many such challenges that Society (SIES), at Shanmukhananda Hall,
change and the villain of the piece is we will keep on facing in coming years. Mumbai] when the fi rst institution recognised as a monetary policy has focussed on main-
The 1990s held out great promise central bank, the Swedish Riksbank, was taining price stability, ensuring adequate
for the industrial sector in India, fol- formed in 1668. This was followed by the fl ow of credit to sustain the growth
Chemical Weekly | Import-Export Data lowing the delicencing of industries Bank of England in 1694(2). While Bage- momentum, and securing fi nancial stabi-
and initiation of economic reforms. In hot’s principles of lender of last resort lity. The fi nancial stability objective is
Market Surveys | Directories tandem, the Indian rupee was devalued (LoLR) to commercial banks, war fi nanc- enabled by the powers vested with the
to improve the competitiveness of the ing of governments, maintaining banking Reserve Bank for regulation and super-
Business Forums | Expositions Indian economy. New opportunities for stability amidst recurrent bank failures vision of the Indian fi nancial system
investment opened up, as domestic and have served as the basis for their origin, and its various segments, including the
The only organisation in India catering exclusively to the needs of the entire chemical industry foreign investors looked at expanding central banks were later entrusted with the money, debt and foreign exchange seg-
their footprints. The Bombay Club(1) tasks of banknote issuance and manage- ments and the payment and settlement
Contact: took some time to adjust to the new ment of internal and external value of cur- system. These are augmented by critical
reality, but adjusted very well over a
rency. Their role has continuously evolved functions like maintenance of foreign
SEVAK PUBLICATIONS PVT. LTD. period of time. In this milieu, there was over the decades, refl ecting the changing exchange reserves, issuance of bank
602-B, Godrej Coliseum, K.J. Somaiya Hospital Road, growing competition among states to political and economic landscape and now notes and currency management, agency
attract investments on the basis of their
they play a critical role in macroeconomic functions such as management of public
Behind Everard Nagar, Sion (E), fundamentals, supporting infrastruc- and fi nancial stability in modem econo- debt, acting as banker to Government
Mumbai 400 022. ture, quality and availability of skilled mies(3). The price stability objective and (Centre and States) and banker to the
Phone: +91-22-24044471 / 72 manpower and other relevant factors. the conduct of monetary policy gradually banking system. The Reserve Bank also
gained importance in an environment of has powers to act as the lender of last
Email: admin@chemicalweekly.com Recognising Shri Lalit Doshi’s con- high and volatile infl ation globally. During resort whenever necessary. As a full-ser-
tributions to the development and well- the 1990s and the early 2000s, a number vice central bank, it also promotes fi nan-

176 Chemical Weekly March 26, 2024 Chemical Weekly March 26, 2024 177

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