Raghuram Rajan panel report has made a case for ending the 'special category' criteria.
'It's important for India to think about areas where it wants the US to move.' 'We can be far more innovative in what we ask the US.' 'Given that there's a package deal, why not do it?'
Union Minister Nirmala Sitharaman was on Monday critical of RBI Governor Raghuram Rajan's description of Indian economy as the "one-eyed king in the land of the blind", saying better words should have been used.
Gross non-performing assets of public sector banks have gone up.
RBI Governor Raghuram Rajan stressed that trade, immigration and capital flows must not be hindered.
Reserve Bank of India Governor Raghuram Rajan said, in an election year, it is better to be ready for any eventuality.
Rediff.com takes its readers through the various moods of Raghuram Rajan.
Former Reserve Bank Governor Raghuram Rajan said India will still remain a lower middle country if the potential growth rate remains at 6 per cent annually without any rise in population by 2047 (Amrit Kaal) and will be reaching the end of the demographic dividend by then. Speaking at a programme organised by Manthanon on Saturday, the economist said if the country does not grow faster, it will grow older (demographically) before it gets richer, which means there is the burden of an aging population to deal with also at that point. Rajan said the GDP growth in India for the past two quarters was in the region of 7.5 per cent and if one looks at the labor force participation, it is very low and when it comes to female participation, "it is the lowest in the G20".
'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.'
Dr Rajan is a person of very high caliber
Everything seems to be falling in place for the new RBI governor but there is a need to prepare for the imminent tapering by the Fed.
The new Guv needs to focus on structural inflation problems.
Traditionally, food prices have been seasonal in nature.
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.
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.
"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.
.jpg)
The central bank will come out with two measures on restructuring to tackle financial stress, Rajan said.
Rahul Gandhi hailed the RBI Governor for steering the Indian economy in "difficult times"
Undaunted by what non-ideal mortals call pragmatic reality, he rolled up his sleeves on his first day in office and rolled out a series of measures that turned sentiment, as if on a dime.
'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'
Raghuram Rajan's signal of a neutral stance is at odds with concerns about inflation and markets' revised expectation of more increases in the repo rate
Retail inflation was at a 25-month low of 8.1 per cent in February.
The government seemed unhappy with Raghuram Rajan's interest rate policy.
'Raghuram Rajan's contribution to the country's economy is "exemplary" and he would always be remembered for his outstanding work.'
For India, Fitch Ratings has 'BBB-' rating.
In January 2003, the American Finance Association awarded Rajan the inaugural Fischer Black Prize for the best finance researcher under the age of 40.
On Aug 11, the Chinese central bank surprised markets by devaluing the yuan by nearly 2 per cent.
DBS called Rajan's decision not to seek an extension as a 'negative surprise'.
Former Banque de France head Jacques de Larosire was given the Lifetime Achievement Award for his lengthy struggle for monetary order, the magazine said in a statement on Monday.
A top Finance Ministry source, however, said no discussion has taken place in the government so far on whether to extend Rajan's tenure or not.
The rupee's travails allow the RBI's incoming governor to renegotiate the objectives of monetary policy.
Raghuram Rajan said government would do everything to maintain stable and sustainable financing of CAD.
Rajan has set March 2017 as the deadline for banks to clean up their balance sheets.
Indian bond yields fell on Friday after Rajan's remarks, showing the level of concern about high inflation and investors' anticipation that the RBI will continue efforts to stabilise the economy.
The rank of COO is the latest in a series of decisions that met with internal resistance at Mint Road and now North Block.
The meeting, which comes just days before the next bi-monthly monetary policy review on June 3, lasted for about 50 minutes.
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.
In the past, there have been instances of people getting fake e-mails in the name of RBI.
Stocks and rupee on Monday took an early morning plunge but soon recouped their losses.
Rajan's departure from the RBI is an end to 'outside interference' in policy making, government insiders feel.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances