Wednesday, December 31, 2025
ADVT 
National

Anything I Say On PM Modi Will Be 'Problematic': RBI's Raghuram Rajan

Darpan News Desk, 11 Aug, 2016 11:43 AM
    Reserve Bank's outgoing Governor Raghuram Rajan, whose outspoken views have often been seen as being critical of the government, feels whatever he will say on Prime Minister Narendra Modi will be "problematic".
     
    Mr Rajan, whose tenure at RBI has been marked with several controversies triggered by his comments on issues ranging from tolerance debate to the government's flagship programme 'Make in India', was asked to describe PM Modi in a televised rapid- fire like interview with BBC.
         
    "I think I will pass on that question. Whatever answer I give will be problematic, so I will just pass," said the on- leave professor of finance at Chicago University, who will return to academia after end of his three-year term at RBI on September 4.
     
    After his decision to return back to academia, there have been voices suggesting that his candid public speeches were one of the aspects which made the government uncomfortable about reappointing Mr Rajan for another term.
     
    Some of the controversial speeches made by him include the one where he quoted American political philosopher Francis Fukuyama to question whether strong governments can really help a country or in defence of tolerance in the middle of a debate started by the killing of a Muslim man over suspicion of storing beef, or questioning the premise of the high-octane 'Make in India' campaign.
          
    Mr Rajan, a former IMF Chief Economist, also ruled out joining politics.
          
    "I think that is one place where my wife overrides everything and her answer is 'no'," he said on joining politics.
         
    Asked how he feels about being on the list of India's 'most desirable men', the 53-year-old Governor quipped: "I wish they had done it when I was 25."
         
    Mr Rajan described himself as a "boring guy" and said he being described as 'Rockstar Banker' is an "overblown" statement.
         
    In an earlier TV interview, Mr Rajan had said he was open to staying a bit longer at RBI to complete the unfinished work of bank clean-up, but was perfectly happy to go.
     
    Mr Rajan, who announced in June that he would not serve another term at RBI, said the dialogue with the government did not reach a stage where he could have agreed to stay on.
     
        
     
    In recent months, Mr Rajan has faced a slew of personal attacks from BJP MP Subramanian Swamy who had alleged that the former IMF chief economist was "mentally not fully Indian" and sent confidential and sensitive financial information abroad.
     
    Mr Rajan has also faced criticism by some others for his controversial remarks on various occasions. At a select media interaction earlier this week after presenting his last monetary policy, he strongly defended his views saying they were "perfectly legitimate" ones and within the remit of a central bank head.
     
    "In none of those speeches that I have made has there been an explicit criticism or an implicit criticism of the government. There are people who read the interpretation of what is the speech I have given," he said.
     
    Mr Rajan said his concerns on the Make in India campaign -- wherein he had pitched for 'Make for India' given the fragile economic conditions the world-over -- have come true.
         
    In case of the post-Dadri speech at his alma mater IIT-Delhi, Mr Rajan had reiterated the need to be open for ideas as a service-sector driven economy.
         
    Defending these views, Mr Rajan said, "That speech was about the fact that in order to grow as a country which is largely a service economy, we have to be open to ideas. Once you reach the frontier, the only way you can grow is by ideas. And in order to get those ideas, you have to have tolerance for unorthodox ideas because those unorthodox ideas is how we move forward."
         
    "As a society which is developing, which in some places is near the frontier, we have to have an open dialogue," Mr Rajan added.
         
    "I haven't in a sense talked about (things like) dance and music. That would be exceeding my remit," he quipped.

    MORE National ARTICLES

    Today, Prime Minister Justin Trudeau Makes A Formal Apology For The Komagata Maru Incident

    Today, Prime Minister Justin Trudeau Makes A Formal Apology For The Komagata Maru Incident
    The chartered vessel was carrying 376 Indian passengers, nearly all of them Sikhs, bound for what they thought would be a new life in Canada

    Today, Prime Minister Justin Trudeau Makes A Formal Apology For The Komagata Maru Incident

    This New Tool Means B.C. Police Can Catch Distracted Drivers From Over 1km Away

    This New Tool Means B.C. Police Can Catch Distracted Drivers From Over 1km Away
    We’re in the midst of a roll-out of new distracted driving scopes. The scopes help us spot drivers who may be texting or on the phone, from up to 1.2 kms away

    This New Tool Means B.C. Police Can Catch Distracted Drivers From Over 1km Away

    Surrey Board of Trade Supports PowerPlay Young Entrepreneurs

    As part of their commitment to boost youth entrepreneurship in our growing community, the Surrey Board of Trade recently launched a Youth Entrepreneurship and Advocacy Action Plan (YEAAP) providing targeted services and programming for Surrey’s young people. 

    Surrey Board of Trade Supports PowerPlay Young Entrepreneurs

    Second-Degree Murder Charge Laid In Death Of Abbotsford Man

    Penticton resident Shayne McGenn has been charged with second-degree murder and 33-year-old Sarah Sather has been charged with accessory after the fact.

    Second-Degree Murder Charge Laid In Death Of Abbotsford Man

    Toronto Still A Safe City, Police Chief Says Days After Pregnant Woman Killed

    Toronto Still A Safe City, Police Chief Says Days After Pregnant Woman Killed
    Toronto's police chief says the city remains "the safest in North America" despite a spike in homicides this year, including a recent shooting that killed a pregnant woman sitting in a car.

    Toronto Still A Safe City, Police Chief Says Days After Pregnant Woman Killed

    Federal Judge Assails Transport Canada Rationale For No-fly List Secrecy

    Federal Judge Assails Transport Canada Rationale For No-fly List Secrecy
    OTTAWA — The public could be a step closer to knowing a jealously guarded federal secret: the number of people on Canada's no-fly list.

    Federal Judge Assails Transport Canada Rationale For No-fly List Secrecy