Tuesday, December 16, 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

    Toronto Man In Contempt For Refusing To Hand Over Dangerous Doberman To Be Put Down

    Toronto Man In Contempt For Refusing To Hand Over Dangerous Doberman To Be Put Down
    In its ruling, Ontario's Court of Appeal sided with health authorities in finding Rob Szalas had defied the spirit of previous court orders by sending the animal to the United States.

    Toronto Man In Contempt For Refusing To Hand Over Dangerous Doberman To Be Put Down

    Canadians Mostly Didn't Link Syrian Refugees With Terror Risk

    Canadians Mostly Didn't Link Syrian Refugees With Terror Risk
    The telephone poll of 1,512 Canadians was carried out by the Immigration Department between Nov. 18 and 24, 2015 and had a margin of error of 2.5 per cent, 19 times out of 20.

    Canadians Mostly Didn't Link Syrian Refugees With Terror Risk

    'A Natural Thing To Do:' Yukon Premier, Son Shot Meat Served At Premiers Dinner

    'A Natural Thing To Do:' Yukon Premier, Son Shot Meat Served At Premiers Dinner
    The avid hunter and his son Taylor shot the moose and Dall sheep served to the provincial and territorial leaders at a private dinner Wednesday night.

    'A Natural Thing To Do:' Yukon Premier, Son Shot Meat Served At Premiers Dinner

    Legendary Band The Tragically Hip Kicks Off Farewell Tour In B.C.

    Legendary Band The Tragically Hip Kicks Off Farewell Tour In B.C.
    "I cannot believe I'm sitting here anticipating seeing them for the last time live," Hughes said upon arriving in Langley, B.C., on Thursday.  

    Legendary Band The Tragically Hip Kicks Off Farewell Tour In B.C.

    Watch Out For Surrey RCMP’s Counter Attack This Weekend

    Watch Out For Surrey RCMP’s Counter Attack This Weekend
    This weekend, Surrey RCMP will be engaged in CounterAttack activities in addition to their regular traffic enforcement.

    Watch Out For Surrey RCMP’s Counter Attack This Weekend

    Vancouver Police Investigating Pedestrian Involved Collision

    Vancouver Police Investigating Pedestrian Involved Collision
    The pedestrian has been taken to hospital with serious injuries. The driver remained at the scene.

    Vancouver Police Investigating Pedestrian Involved Collision