Former Reserve Bank of IndiaGovernor Raghuram Rajanhas debunked the theory that Chicago University's refusal to extend his leave forced his departure from the central bank
. He has stressed that leave from the university was never an issue, and that he wanted to stay longer at the RBI to complete the unfinished task of clean-up of banks' balance sheets of non-performing assets (NPAs). Mr Rajan adds that there was no proposal from the government for him to continue.
A former chief economist of the International Monetary Fund (IMF), Mr Rajan is the first governor since 1992 not to have got a five-year term. Mr Rajan, who was appointed the RBI governor by the previous UPA government, had on several occasions run into differences of opinion with the present NDA government.
The outspoken professor of economics is widely credited with having anticipated the 2008 global financial meltdown a couple of years ahead of the turmoil. However, the former RBI chief soon became an eyesore for many in the establishment, not only because of his views on economic reforms and independence of the RBI but also on social issues. He had brushed aside over-obsession with growth numbers, pointing out that people sometimes get "overly fixated with a particular growth number", though figures like 7.6 per cent and 8 per cent are within the same range.
Do you think that the demonetisation exercise was successful in curbing black money?
There are two issues here. One is stock, and the other is the flow of black money. As far as the stock goes, we still have to see how much of black money is unearthed in the ongoing investigations across the country. That again depends on how quickly the investigations are completed. The hope was that if a chunk of money did not come back into the system, you wouldn't have had to go through the investigation. Now that almost the entire value of the demonetised currency has returned to the banking system, there is an urgent need to expedite the investigations.
This story is from the November 2017 edition of India Business Journal.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the November 2017 edition of India Business Journal.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
Top Crisis
Short-term, consumer-centric measures have left the tomato, onion and potato farmers struggling to eke out a living.
Boon Or Bane?
With some adequate safeguards, the government's e-assessment scheme can be a win-win situation for both tax department and taxpayers.
Revisiting Development
Sustainable development is the way forward for India, which is in the midst of an economic downturn, ecological crises and stark human distress.
The Cabotage Debate
Relaxation of Cabotage rules has pitted foreign shipping lines against domestic shipping companies.
Catch-22
India finds itself in an unenviable position, as it weighs the pros and cons of joining RCEP.
Accept Mistakes Quickly
Anto Binish Kaspar is a firm believer in technology.
We Will Have 30 Franchisees By 2020
Naresh Sharma , CEO , Skora paints
The Revival Conundrum
Along with a patchwork of band-aids, a smart combination of monetary and fiscal measures can get the ailing economy back into the pink of health.
Mahatma Gandhi @150
The Mahatma firmly advocated that this world has enough for everyone's need but not greed. Gandhian economics, no wonder, cannot be more relevant today in times of erratic economic development, jobless growth and adverse climate changes.
Bitterness Lingers
A hike in subsidy does little to boost exports, thanks to a glut in the global market, and leaves sugar prices subdued in the domestic market.
