Thursday, December 18, 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

    Bhupinderpal Gill, Gurpreet Ronald Found Guilty Of Killing Gill's Wife

    Bhupinderpal Gill, Gurpreet Ronald Found Guilty Of Killing Gill's Wife
    Ottawa Resident Jagtar Gill Was Found Dead In January 2014 On Her 17th Wedding Anniversary

    Bhupinderpal Gill, Gurpreet Ronald Found Guilty Of Killing Gill's Wife

    Parents Charged After Baby Left In Car Outside Toronto-Area Costco

    Parents Charged After Baby Left In Car Outside Toronto-Area Costco
    York Regional Police say they were called to the Markham, Ont., store Tuesday evening and found the child in a car with the windows closed.

    Parents Charged After Baby Left In Car Outside Toronto-Area Costco

    Chatham, Ont., Police Reviewing Policy Of Making Women In Custody Remove Bras

    Chatham, Ont., Police Reviewing Policy Of Making Women In Custody Remove Bras
    Police in an Ontario community are reviewing their policy of requiring women to remove their bras while in custody, after coming under fire from a judge who admonished the force for the practice.

    Chatham, Ont., Police Reviewing Policy Of Making Women In Custody Remove Bras

    Justin Trudeau Vows New Child Benefit Will Meet Poverty Reduction Targets

    Justin Trudeau Vows New Child Benefit Will Meet Poverty Reduction Targets
    Trudeau says the benefit is the most significant measure Canada has ever taken to reduce poverty rates.

    Justin Trudeau Vows New Child Benefit Will Meet Poverty Reduction Targets

    Man Accused In Deaths Of Calgary Mother, Daughter Appears In Court

    Man Accused In Deaths Of Calgary Mother, Daughter Appears In Court
    Edward Downey appeared in court on closed-circuit television today — nearly a week after he was charged with first-degree murder in the deaths of Sara Baillie and Taliyah Marsman.

    Man Accused In Deaths Of Calgary Mother, Daughter Appears In Court

    Woman Accused Of Hiding Baby Remains May Have Had Pregnancy Troubles: Lawyer

    Woman Accused Of Hiding Baby Remains May Have Had Pregnancy Troubles: Lawyer
    WINNIPEG — The lawyer for a woman accused of concealing the remains of six infants has raised the idea that she may have had trouble carrying a baby to term.

    Woman Accused Of Hiding Baby Remains May Have Had Pregnancy Troubles: Lawyer