Tuesday, June 30, 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

    Drug Haze Gone, Garbage Remains, But Vancouver's 4-20 Pot Event Trouble-Free

    Drug Haze Gone, Garbage Remains, But Vancouver's 4-20 Pot Event Trouble-Free
    A crowd estimated by police at about 20,000 crammed onto the beach Wednesday.

    Drug Haze Gone, Garbage Remains, But Vancouver's 4-20 Pot Event Trouble-Free

    Residents Near B.C. Wildfires Allowed To Return Home

    Residents Near B.C. Wildfires Allowed To Return Home
    Evacuation orders were lifted in three communities near Fort St. John, though residents in those areas and two others were warned that they should be ready to leave again at a moment's notice.

    Residents Near B.C. Wildfires Allowed To Return Home

    Judge Reserves Decision On Whether Accused Winnipeg Mail Bomber Should Get Bail

    Judge Reserves Decision On Whether Accused Winnipeg Mail Bomber Should Get Bail
    WINNIPEG — A judge has reserved decision on whether a Winnipeg man accused of sending letter bombs to his former wife and two lawyers should be granted bail.

    Judge Reserves Decision On Whether Accused Winnipeg Mail Bomber Should Get Bail

    Rachel Notley Bullish On NDP's Future Despite Party's Loss In Manitoba

    Rachel Notley Bullish On NDP's Future Despite Party's Loss In Manitoba
    "I like to see myself as not the last one standing but in fact the first in a new wave of NDP governments," said Notley in an interview Wednesday.

    Rachel Notley Bullish On NDP's Future Despite Party's Loss In Manitoba

    Accused In Bosma's Death 'Really Happy' After Hamilton Man Vanished: Trial Hears

    Accused In Bosma's Death 'Really Happy' After Hamilton Man Vanished: Trial Hears
    Marlena Meneses says her boyfriend, Mark Smich, had told her he was planning to steal a truck in the days leading up to May 6, 2013, when Bosma disappeared after taking two strangers for a test drive in his truck.

    Accused In Bosma's Death 'Really Happy' After Hamilton Man Vanished: Trial Hears

    Transportation Safety Board To Look Into Crash-landing Of Plane In Newfoundland

    Transportation Safety Board To Look Into Crash-landing Of Plane In Newfoundland
    A spokesman with the Transportation Safety Board said three investigators were en route to the small town to begin examining the Beechcraft 1900 that had 14 passengers and two crew members on board.

    Transportation Safety Board To Look Into Crash-landing Of Plane In Newfoundland