MUMBAI, India, June 3 -- Reserve Bank of India issued the following speech:

Distinguished faculty members, dear students, ladies and gentlemen.

2. It is a pleasure to be here at Columbia University's School of International and Public Affairs. As many of you would know, SIPA was established in 1946, in the aftermath of the Second World War, at a time when the world was rebuilding institutions for a new international order. Its purpose was to deepen understanding of global affairs and prepare professionals for public service across countries, institutions and disciplines.

3. We meet at a time when the global policy conversation is again crowded with large themes: geopolitics, climate change, artificial intelligence, technological disrupti...