Saturday, July 4, 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

    Avalanche Canada Warns Novice Skiers, Sledders To Avoid Backcountry Over Easter Long Weekend

    Avalanche Canada Warns Novice Skiers, Sledders To Avoid Backcountry Over Easter Long Weekend
    Avalanche Canada has issued a special warning for Banff, Yoho, Kootenay, and Jasper national parks, Kananaskis Country in Alberta, the Purcells near Golden, B.C., and the North Rockies east of Prince George.

    Avalanche Canada Warns Novice Skiers, Sledders To Avoid Backcountry Over Easter Long Weekend

    Search For Missing Manitoba Boy Expanding; Underwater Recovery Team Brought In

    Search For Missing Manitoba Boy Expanding; Underwater Recovery Team Brought In
    The search for a missing toddler who disappeared while playing outside his rural Manitoba home is expanding to include bodies of water.

    Search For Missing Manitoba Boy Expanding; Underwater Recovery Team Brought In

    Former Military Man With PTSD Sentenced To 4 Years For Trying To Strangle Daughter In N.S.

    Former Military Man With PTSD Sentenced To 4 Years For Trying To Strangle Daughter In N.S.
    Robin Andrew Clifford of New Glasgow, N.S., was originally charged with attempted murder but he later pleaded guilty to aggravated assault.

    Former Military Man With PTSD Sentenced To 4 Years For Trying To Strangle Daughter In N.S.

    Crews Battle Fire In Massive Mountain Of Construction Debris In Nova Scotia

    Crews Battle Fire In Massive Mountain Of Construction Debris In Nova Scotia
    Ryan MacEachern, chief of the Kentville Volunteer Fire Dept., says they are hoping to bring in excavators to knock down the towering mound of garbage and then cover it with sand.

    Crews Battle Fire In Massive Mountain Of Construction Debris In Nova Scotia

    Alberta Lawyer For Parents Charged In Son's Death Says He Was Getting Better

    Alberta Lawyer For Parents Charged In Son's Death Says He Was Getting Better
    The toddler's parents, David and Collet Stephan, formerly of Glenwood, Alta., are charged with failing to provide the necessities of life for 18-month-old Ezekiel.

    Alberta Lawyer For Parents Charged In Son's Death Says He Was Getting Better

    Bout With The Great Ali 50 Years Ago Made George Chuvalo A Canadian Hero

    Bout With The Great Ali 50 Years Ago Made George Chuvalo A Canadian Hero
    It was the biggest fight in Canadian boxing history and it turned George Chuvalo into a source of national pride, even if he lost the one-sided contest to the man they call "The Greatest," Muhammad Ali.

    Bout With The Great Ali 50 Years Ago Made George Chuvalo A Canadian Hero