India's macroeconomic indicators are improving and inflation has been coming down consistent with the central bank's forecast, but Asia's third-largest economy needs investment growth to pick up, he added.
'It is sad for the country and it is sad for the government of the country too,' says the Nobel Laureate.
Rahul Gandhi hailed the RBI Governor for steering the Indian economy in "difficult times"
'With his envious academic record, extraordinary research calibre and unparalleled work experience, we can trust him to become the first Indian -- fully Indian, not one of those Americans of Indian origin -- to win the Nobel Prize in Economics,' says Sudhir Bisht.
'There will be no serious effect on Indian economy because one person, one man, however powerful, however influential, however great, cannot have an impact on an economy as big and complex as India.'
The Indian economy recovered from the Covid-induced downturn during 2022 and is poised for further improvement in the coming quarters though downside risks emanating from geopolitical tensions, strengthening dollar and elevated inflation will continue. The positive trajectory in the growth trend and improved fundamentals will help the nation in neutralising the impact of global headwinds which are expected to have a bearing on the country's exports in the months to come. The challenges before the government and the Reserve Bank in the new year would be to arrest inflation, check declining value of rupee against US dollar and promote private investment and growth, with a view to ensure that the country remains one the fastest growing major economies of the world.
Graphic representation of lending rate cut by RBI.
'Too many things happen in India... that is the root of the problem, not Raghuram Rajan'
The Tamil Nadu government will constitute an 'economic advisory council' to the chief minister comprising Nobel laureates, former Reserve Bank of India governor and other economic experts from around the globe to advise the state on how to reverse the economic slowdown.
'Raghuram Rajan is a wonderful economist, but he is not a wonderful Indian economist.' 'He doesn't understand India in the granular form.' 'India exists only from Delhi to Nariman Point for him.' 'India is much, much bigger and complex.' 'The new RBI governor shouldn't get ready to open his umbrella when it rains in America'
.jpg)
RBI is scheduled to unveil its credit policy on June 3.
.jpg)
The central bank will come out with two measures on restructuring to tackle financial stress, Rajan said.
RBI Governor Raghuram Rajan stressed that trade, immigration and capital flows must not be hindered.
For India, Fitch Ratings has 'BBB-' rating.
A day after Bihar Chief Minister Nitish Kumar slammed the United Progressive Alliance government for shelving the special status demand at the behest of its 'natural' ally, the Congress hit back charging him with misleading the people on the issue and instigating them against it.
Of the seven members, four are proposed to be government nominees and the rest from RBI.
The S&P BSE Sensex was up 241 points at 26,867 and the Nifty50 gained 68 points at 8,239.
The three-year tenure of Raghuram Rajan saw the RBI adding a net of $92 billion to the kitty.
Amid concerns over minorities being targeted in India, former Reserve Bank governor Raghuram Rajan on Thursday cautioned that an 'anti-minority' image for the country can lead to loss of market for Indian products and may also result in foreign governments perceiving the nation as an unreliable partner. India enters the perception battle from a position of strength, the professor at Chicago's Booth School of Business said, alluding to credentials like democracy and secularism, but warned that this battle is "ours to lose". The comments came a day after bulldozers tore down several concrete and temporary structures close to a mosque in Jahangirpuri as part of an anti-encroachment drive, days after the northwest Delhi neighbourhood was rocked by communal violence.
The government has extended the term of Reserve Bank of India Governor Shaktikanta Das by another three years upto December 2024, according to an official order.
NITI Aayog's Rajiv Kumar accused former prime minister Manmohan Singh and senior Congress leader P Chidambaram of creating a 'false narrative'
The RBI on Tuesday announced start of year-long public awareness and consumer protection campaign.
The RBI was not party to the decision to demonetize 500 and 1,000-rupee notes, which was taken at the highest level of India's political leadership.
Retail inflation was at a 25-month low of 8.1 per cent in February.
Traditionally, food prices have been seasonal in nature.
Gross non-performing assets of public sector banks have gone up.
The RBI chief was speaking to researchers at an analyst call.
Continuing his tirade against Raghuram Rajan, BJP MP Subramanian Swamy on Friday said RBI Governor's policies have finished small industries and are anti-agriculture.
Former RBI governors Urjit Patel and Raghuram Rajan have also expressed worry about the Mudra scheme, particularly government's target-setting practice and the rising bad loans.
The 557th meeting of the Central Board was chaired by RBI Governor Raghuram Rajan, and attended by the four deputy governors among others
Finance Minister Arun Jaitley said in a Twitter post that the government appreciated all of Rajan's good work and respected his decision
On Aug 11, the Chinese central bank surprised markets by devaluing the yuan by nearly 2 per cent.
'Raghuram Rajan's contribution to the country's economy is "exemplary" and he would always be remembered for his outstanding work.'
The 42-year-old Acharya's appointment for a three-year tenure was cleared by the Appointments Committee of the Cabinet.
While achieving an eight per cent retail inflation rate by January 2015 is well within reach, Reserve Bank of India Governor Raghuram Rajan notes there is a second target, of six per cent by 2016.
In the mid-quarter review on December 18, the Reserve Bank left key policy rates unchanged but said it will hike interest rates if inflation does not subside.
In January 2003, the American Finance Association awarded Rajan the inaugural Fischer Black Prize for the best finance researcher under the age of 40.
The meeting, which comes just days before the next bi-monthly monetary policy review on June 3, lasted for about 50 minutes.
A PhD from Chicago-Booth and a top-ranking IIT-IIM alumnus, Krishnamurthy Subramanian is one of the world's leading experts in banking, corporate governance and economic policy
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances