Thursday, January 1, 2026
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

    Astronomical Odds: Naturally Conceived Identical Quads Born To Alberta Couple

    Astronomical Odds: Naturally Conceived Identical Quads Born To Alberta Couple
    Bethani and Tim Webb of Hythe — 500 kilometres northwest of Edmonton — became the parents of four identical baby girls on Friday.

    Astronomical Odds: Naturally Conceived Identical Quads Born To Alberta Couple

    Tofino Whale-watching Company Says Capsizing That Killed 6 People Was 'Act Of God'

    The owner of a whale-watching vessel that capsized on Vancouver Island, killing six people, describes the tragedy as an "Act of God" arising from unforeseeable ocean conditions.

    Tofino Whale-watching Company Says Capsizing That Killed 6 People Was 'Act Of God'

    As Risk Of Farm Losses Rise, So Too Do Number Of Farmers Buying Crop Insurance

    As Risk Of Farm Losses Rise, So Too Do Number Of Farmers Buying Crop Insurance
      "There just seems to be increased risk, more risk all the time," says McIntyre, a wheat and canola farmer near Fairview in Alberta's Peace Country.

    As Risk Of Farm Losses Rise, So Too Do Number Of Farmers Buying Crop Insurance

    Sexual Harassment Complainants Are Free To Speak Out: Ontario Liberals

    Sexual Harassment Complainants Are Free To Speak Out: Ontario Liberals
    Wynne revealed Friday that former Liberal MPP Kim Craitor was asked to resign in 2013 after workplace sexual harassment complaints were made against him.

    Sexual Harassment Complainants Are Free To Speak Out: Ontario Liberals

    One Of Two Men Accused Of Killing Tim Bosma Won't Take The Stand In His Defence

    One Of Two Men Accused Of Killing Tim Bosma Won't Take The Stand In His Defence
    "The defence elects to call no evidence," said Dellen Millard's lawyer, Ravin Pillay.

    One Of Two Men Accused Of Killing Tim Bosma Won't Take The Stand In His Defence

    Animal Lovers To Try Working With Authorities To Rescue Pets Left In Fort Mac

    Animal Lovers To Try Working With Authorities To Rescue Pets Left In Fort Mac
    Members of the group said that by Sunday afternoon, they'd received thousands of emails from evacuees of the northern Alberta wildfire whose pets were left behind.

    Animal Lovers To Try Working With Authorities To Rescue Pets Left In Fort Mac