Sounding a note of caution, former Reserve Bank Governor Raghuram Rajan has said that India is "dangerously close" to the Hindu rate of growth in view of subdued private sector investment, high interest rates and slowing global growth. Rajan said that sequential slowdown in the quarterly growth, as revealed by the latest estimate of national income released by the National Statistical Office (NSO) last month, was worrying. Hindu rate of growth is a term describing low Indian economic growth rates from the 1950s to the 1980s, which averaged around 4 per cent.
Raghuram Rajan receives rock-star welcome on his first day in office as Governor of Reserve Bank of India. But the question lingers: Can he sustain it?
A paper authored by Rajan said, state-linked banks can be a first step in altering the ownership structure of some PSBs, where the government brings down its stakes to below 50 per cent, creating distance from operations of banks, and improving governance along the way.
Three months on the job seem to have converted Reserve Bank of India Governor Raghuram Rajan from an inflation hawk to at least a pragmatist.
Even as Standard & Poor's and Fitch have warned India's sovereign ratings could be cut to junk level, the government's chief economic advisor, Raghuram Rajan, says there is no point in grudging that India's ratings are on a par with debt-ridden European nations.
Rupee has tumbled about 10 per cent alone since Rajan's appointment on August 6.
Former RBI governor Raghuram Rajan on Monday said the central bank will have to raise interest rates to tame inflation and the hikes need not be considered by politicians and bureaucrats as some "anti-national" activity. Known for his frank views, Rajan also said it was important to remember that the "war against inflation" is never over. "Inflation is up in India. At some point, the RBI will have to raise rates, like the rest of the world is doing," he said in a LinkedIn post.
Terming Rajan as "India's prescient banker," Time said he is among a rare breed of "economic seers".
'We have 100,000 students going abroad every year.' 'So, we have room for at least 100 universities of very high quality to service those 100,000 students.'
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.
Reserve Bank of India Governor Raghuram Rajan took charge of India's central bank when the rupee seemed to be in a tailspin while the country was facing runaway inflation.
Rajan would slow down some of the expansion of money and it ought to have little effect on the real economy.
Though Nobel Prize nominations have been a secret for 50 years, speculation abounds over the contenders for this year's prize in economics.
He takes over at Mint Road at a time when the governor's job is even less easy than it is normally.
'For a large vibrant economy like India's, there is always hope. We still have tools to tackle our problems. But we must exercise those tools with vigor and a sense of urgency.' Professor Raghuram Rajan, the celebrated economist who will be the Reserve Bank of India's next governor, revealed what India must do to start growing again in this memorable speech last year. Can he now deliver results?
Rediff.com did a word cloud analysis of the governor's speech.
Central bank governor says the devaluation like China or Japan is neither feasible nor a good strategy
Rajan said he believes that capitalism is breaking down because it is not providing equal opportunities.
Given that the public is no longer willing to tolerate lack of transparency, politicians will see they have no alternative but to change, feels Raghuram Rajan, economic advisor to the prime minister. Interestingly, Professor Rajan made this hard-hitting speech at an event to release a book in Prime Minister Manmohan Singh's honour.
Raghuram Rajan joked he wasn't expecting to win any votes or Facebook 'likes' in the position.
RBI ex-governor's book on 'those turbulent but exciting times' to be launched on Sept 5 in Chennai.
The Governor, who completes one year in RBI on Wednesday, has stabilised the rupee and is getting a fix on inflation.
'Dr Rajan is often preachy with commandments aimed at nobody in particular,' complains M S Sriram.
Design of these notes to be issued now is similar in all respects to the Rs 1000 Banknotes in Mahatma Gandhi Series-2005 issued earlier, RBI said.
Expectations are high. There is a little bit of euphoria in India, says RBI governor.
The industrial output for the third month in a row remained in the negative territory, contracting 1.5% in January
Raghuram Rajan optimistic about passage of GST
Industrial countries cannot at this point wash their hands off developing economises and say we will do what we need to, and you do the adjustment you need to, says RBI Governor.
India's consumer inflation should ease in the next two months, and will fall to 8 per cent by the end of the year, says RBI Governor Raghuram Rajan.
Former Reserve Bank of India governor Raghuram Rajan said that Rs 65,000 crore is required to help the poor affected by the coronavirus-induced lockdown. He also laid stress on the need to restart the economy while taking precautions.
Rajan, as expected, furthered his predecessors' agenda and continued with the same resolution to make India's financial system safer, and direct the economy towards further liberalisation
'The CoA feels that if David has declared and is not taking remuneration from India Cements, he is not in conflict'
Rajan will evolve a policy with the help of professional persons for a national consensus if we have to carry on with implementing social and economic changes in a complex economy.
RBI kept all key rates unchanged in its policy review on Tuesday.
Reserve Bank Governor Shaktikanta Das on Tuesday said the fiscal-monetary coordination was at its best during the last six years even as he thanked Prime Minister Narendra Modi for giving the opportunity to head the monetary authority of the country. Das, in a series of posts on X, on his last day of his six-year term as RBI Governor, also thanked the Finance Minister, various stakeholders and his colleagues at the central bank.
'The 'Off-with-Rajan's-head' brigade bases its arguments on mistaken beliefs, erroneous causalities, and even downright prejudice.'
Never one to mince words, Rajan will walk away with a mixed legacy
...but when they awaken, it's going to be overly optimistic to assume everybody will walk off the sleeping bed and come back to full life, Rajan noted.
When asked if he sees himself back in Chicago, he said, "Yeah, Chicago has been kind to me over my history".
Former Reserve Bank of India (RBI) Governor Raghuram Rajan says the government should take advantage of the peaks in the Indian equity markets right now and sell stakes in PSUs while prioritising spending to get the economy back on track. The upcoming Budget for the fiscal year beginning April 1 should look to provide "relief to the poorer households and small and medium enterprises," he said. And then move on to getting the economy back on track.
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