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.
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.
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"
'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.'
'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.
Graphic representation of lending rate cut by RBI.
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.
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.
'Too many things happen in India... that is the root of the problem, not Raghuram Rajan'
'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'
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.
.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.
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.
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.
The three-year tenure of Raghuram Rajan saw the RBI adding a net of $92 billion to the kitty.
The cross-country foot march stayed in the news almost right through, mostly for the barbs between the BJP and the Congress and occasionally for other reasons, including infighting in the opposition party.
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.
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.
A family man, a confident investor, someone who was sure two decades ago that India and its stock market were going to boom. T N Ninan recalls his chats with Rakesh Jhunjhunwala.
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.
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 RBI chief was speaking to researchers at an analyst call.
The 557th meeting of the Central Board was chaired by RBI Governor Raghuram Rajan, and attended by the four deputy governors among others
When he didn't respond (Mr Saver has lost count of how many relationship managers he has had in the past few years!), the gentleman landed up at his doorstep and started pleading with him to open fixed deposits with the bank, observes Tamal Bandyopadhyay.
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.
The 42-year-old Acharya's appointment for a three-year tenure was cleared by the Appointments Committee of the Cabinet.
'Raghuram Rajan's contribution to the country's economy is "exemplary" and he would always be remembered for his outstanding work.'
Nowadays, our politics is habituated to sitting on a high pedestal, hobnobbing with world leaders, generating impressions of a superpower and returning to earth for the purpose of winning elections. In contrast, the yatra never left earth, observes Shyam G Menon.
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.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances