Reserve Bank of India (RBI) Governor Raghuram Rajan has said that the world economy is headed for a repeat of the 1929-type Great Depression, and what followed in its aftermath.
Addressing a London Business School-organised conference here, Rajan said new rules of the game were required to prevent the potential collapse of the global economy.
He said that he was not the one to decide what these new rules would be, believing that it was a matter and a concern for international discussion and consensus.
He added that such a actionable decisions could only be reached after thorough and well thought out research.
He also said that interest rate cuts in the Indian context was a reality and needed for spurring investment.
The theme of the "Perspectives" conference was "The Central Banker Perspective".
