With 7 per cent economic growth, India is not creating enough jobs as reflected by the number of applicants for vacant posts in some states, Reserve Bank's former governor Raghuram Rajan said and suggested the government needs to focus on promoting labour-intensive industries to generate employment. Rajan further said some Indians, especially those at upper level, are comfortable and have high incomes, but consumption growth from the lower half of the country has still not recovered to pre-pandemic level.
It would amount to penalising the people, who make an attempt to repay loans.
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The Congress led UDF government in Kerala has asked Prime Minister Manmohan Singh to reject the Raghuram Rajan panel report evolving new formula for devolution of funds to states.
The speed at which he led the central bank in different areas -- ranging from internal reorganisation to inflation fighting, stabilising the currency, taking on rogue corporations, cleaning up bank balance sheets, and opening the sector -- makes one believe that Rajan knew he had only three years to do his job. A fascinating excerpt from Tamal Bandyopadhyay's MUST-READ Roller Coaster: An Affair with Banking.
The man widely expected to be India's next central bank chief favours clipping the autocratic power of the role and giving more say to a monetary policy committee.
RBI Governor Raghuram Rajan is regarded as credible by global financiers.
Raghuram Rajan said the head of the central bank should have a fixed tenure of more than three years as the current term was too short.
Raghuram Rajan joked he wasn't expecting to win any votes or Facebook 'likes' in the position.
The Governor, who completes one year in RBI on Wednesday, has stabilised the rupee and is getting a fix on inflation.
The industrial output for the third month in a row remained in the negative territory, contracting 1.5% in January
Even before Prime Minister Narendra Modi swept to power in 2014, Subramanian Swamy was agitating for Rajan's removal.
It would be beneficial for the economy to hold on to high interest rates till inflation numbers are under control.
He endorsed transparency and financial stability in addition to issues related to inclusive growth and development, write Puran Singh and Nupur Pavan Bang.
Will seek to bring inflation to the mid-point: Rajan
'The CoA feels that if David has declared and is not taking remuneration from India Cements, he is not in conflict'
Jaitley has made it a habit of giving soundbytes to the media like his predecessors on why RBI should cut interest rates
Reserve Bank of India (RBI) Governor Raghuram Rajan spoke on a host of issues at his last post-policy interaction with the media
We need a change in mindset, says the RBI Governor.
'Government of India has the right to give directions to RBI'.
'The RBI risks becoming dangerously weakened, as successive governments and finance ministers have misunderstood its role'.
While the rest of India marches towards the promised destiny of 'progress', Bihar - the heart of India- is doomed to poverty and the injustices of a caste-based society.
India is gearing up to introduce a six-member monetary policy committee that would vote on interest rates.
Rajan Committee has evoked divergent reactions from the states.
Raghuram Rajan panel report has made a case for ending the 'special category' criteria.
Of the seven members, four are proposed to be government nominees and the rest from RBI.
'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.'
RBI Governor Raghuram Rajan on Friday defended his development index for measuring backwardness of states, saying the aim is to "encourage development" and "everything over and above that is a political spin."
Rajan will be closely working with the RBI governor and the four deputy governors to gain familiarity with the central bank's stance on various issues.
DBS called Rajan's decision not to seek an extension as a 'negative surprise'.
There were reports that some Commission officials were against the Rajan panel's suggestion to replace Gadgil- Mukherjee formula with Rajan Committee's Multi Dimensial Index for allocation funds to states.
RBI governor is seen succeeding International Monetary Fund (IMF) chief executive officer, Christine Lagarde, next year.
Rajan was expected to join the search committee to appoint three external members of a new six-member RBI Monetary Policy Committee
In his address at a conference of state secretaries, Rajan stressed the need to strengthen state-level coordination committees by ensuring participation, conducting meetings more frequently and sharing quality information among all stakeholders, including state government agencies.
Raghuram Rajan, whose current three-year tenure ends on September 4, has already said no to a second term.
RBI Governor cautioned against more volatility.
Jaitley slams Rajan for MSME banking crisis statement, says postmortem is easier than action
Former RBI governor Raghuram Rajan has asked why SEBI has not yet got to the bottom of ownership of the four Mauritius-based funds who are said to have parked 90 per cent of their $6.9 billion in Adani group stocks, saying does the market regulator need help of investigating agencies for this? The funds -- Elara India Opportunities Fund, Cresta Fund, Albula Investment Fund and APMS Investment Fund -- have been under cloud for last couple of years after allegations that they may be shell companies. They came into focus once again in January when a US short seller alleged that Adani Group used offshore shell companies to inflate stock price.
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.
RBI Governor Raghuram Rajan on Tuesday kept the repo rate unchanged 6.50 per cent.
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