A well-functioning transmission should at some point go from the overnight right up to 40 years, and that is the ultimate objective in having monetary transmission that affects the whole gamut of borrowing tenure.

Yes, 4% is the government-mandated target to the MPC. The plus/minus 2 percentage-point upper and lower bands are the tolerance levels specified by the government. If we breach those for three consecutive quarters, we need to inform the government of why that happened and what we propose to do to bring inflation within the two bands.

One of the things that the public sector banks need to do is to raise private capital from the market and not rely on government largesse.

What is important is that in a capital-scarce country like India, the real interest rate needs to be positive enough to encourage healthy growth of financial savings; we get into macro difficulties when real rates on financial savings become negative for a length of time.

Some of George W. Bush's friends say that Bush believes God called him to be president during these times of trial. But God told me that He/She/It had actually chosen Al Gore by making sure that Gore won the popular vote and, God thought, the Electoral College. 'That worked for everyone else,' God said.

One would expect that private property taken by eminent domain would become land available for public use such as parks and roads. Unfortunately, this decision creates a loophole for government to manipulate the definition of public use simply to generate greater tax revenue.

There's much more we can be doing in Parliament, we could be giving more power back to people at local government level, through local referendums.

The best way of realising our high ideals is to show that we have an alternative in government that is credible, that is radical, and is electable - is neither a pale imitation of what the Tories offer nor is it the route to being a party of permanent protest rather than a party of government.