Stating that monetary policies alone could not change the world, Reserve Bank of India Governor Raghuram Rajan on Wednesday said the governments needed to create an underlying framework for growth in the long term for the world economy.

Seeking to allay concerns over volatility in currency and stock markets, Reserve Bank of India Governor Raghuram Rajan on Wednesday said things would stabilise and emphasised that monetary policies alone could not change the world.

With global headwinds hitting emerging markets as well, Finance Minister Arun Jaitley on Wednesday said volatility had become a global norm, but India could certainly grow at 8-9 per cent in a friendlier global climate.