Raghuram Rajan panel report has made a case for ending the 'special category' criteria.
Raghuram Rajan, Governor of the Reserve Bank of India, has scoffed at the contention that BJP's Prime Ministerial nominee, Gujarat Chief Minister Narendra Modi will be the knight in shining armour who will root out corruption in India.
Addressing a rally in Suratgarh town of Ganganagar district, a day after declaring his party would roll out the scheme if voted to power, Gandhi alleged that Prime Minster Narendra Modi gave money to the rich and top industrialists of the country, but the Congress would serve the poor.
"This is not an easy time as economy faces challenges. Our actions will be at measured pace given the current market turmoil," Raghuram Rajan said after he took charge as the new RBI Governor.
Raghuram Rajan says he's not beholden to the Finance Ministry nor does he go around with the fear of being fired.
The three-year tenure of Raghuram Rajan saw the RBI adding a net of $92 billion to the kitty.
RBI Governor Raghuram Rajan stressed that trade, immigration and capital flows must not be hindered.
Hinting that the Centre might provide special status to Bihar, Finance Minister P Chidambaram on Saturday declared to set up a committee to determine the new criteria for backwardness.
For India, Fitch Ratings has 'BBB-' rating.
This is the second high profile resignation in the past six months at the Reserve Bank of India.
Graphic representation of lending rate cut by RBI.
The S&P BSE Sensex was up 241 points at 26,867 and the Nifty50 gained 68 points at 8,239.
Nationalisation has served its purpose. It's time to move ahead, keeping majority ownership of the government in a few banks to serve the people, argues Tamal Bandyopadhyay.
The decision assumes significance in the wake of a scam in the PMC Bank affecting lakhs of customers who are facing difficulties in withdrawing their money due to restrictions imposed by the Reserve Bank of India.
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.
Rajan said in order to export, one needs to be able to import things that go into those exports as cheaply as it can.
The RBI on Tuesday announced start of year-long public awareness and consumer protection campaign.
To a question related to RBI's policy rate, Rajan said no amount of interest rate cut is going to help if credit growth is weak.
Rajan warned against waiting to act until inflation expectations become entrenched, but also said the Reserve Bank of India would overlook temporary spikes in inflation.
Observing that it is not yet clear to him what the government means by 'Atmanirbhar Bharat', Rajan said if it is about creating an environment for production, then it is a re-branding of the Make in India initiative.
Advice to the new finance minister from former RBI governor Raghuram Rajan: 1. Clean up banks by reviving projects that can be revived after restructuring debt. 2. Improve governance and management at public sector banks. 3. De-risk banking by encouraging risk transfers to non-banks and the market. 4. Reduce the number and weight of government mandates for public sector banks, and for banks more generally.
Of the seven members, four are proposed to be government nominees and the rest from RBI.
The 42-year-old Acharya's appointment for a three-year tenure was cleared by the Appointments Committee of the Cabinet.
Traditionally, food prices have been seasonal in nature.
Former RBI governor Raghuram Rajan, who faced a stinging attack from Finance Minister Nirmala Sitharaman for presiding over the "worst phase" of the Indian banking sector, on Thursday reminded her that two-third of his tenure as the head of the central bank was under the Bharatiya Janata Party government.
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.
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
'Since the NDA took office in 2014, and aggressively since 2019, the Union government seems hell bent on centralising all power and resources, only to fail spectacularly.'
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The central bank will come out with two measures on restructuring to tackle financial stress, Rajan said.
'Raghuram Rajan's contribution to the country's economy is "exemplary" and he would always be remembered for his outstanding work.'
She would be the first Indian to be occupying the coveted post at IMF after former RBI governor Raghuram Rajan
Today, with growth having slowed and macro-economic challenges in every direction, would the government have benefited from the advice of 'Harvard' economists? asks T N Ninan.
For now, the BJP's strategy for Khushbu seems to be one of denial -- denying the rival Congress in the state and also at the national-level a Muslim voice acceptable to Hindu audiences and TV news-watchers. This is much less than the induction of DMK veterans like Duraiswamy and Selvam, who still have a greater chances of winning assembly seats,, says N Sathiya Moorthy.
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RBI is scheduled to unveil its credit policy on June 3.
Raghuram Rajan will take over as RBI Governor on September 4 at a time when the country is facing a grave economic crisis.
During the pre-budget consultation with Union finance minister, some states made a case for fiscal expansion by boosting consumption to tide over the sluggishness in the economy.
China's per capita GDP is about four times of India's, Raghuram Rajan said.
13 eminent economists, including former RBI governor Raghuram Rajan and current International Monetary Fund Chief Economist Gita Gopinath, in a report have asked the political establishment not to resort to populist tricks.
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