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| 26 October, 2020, 08:52 PM IST | E-Paper

    Raghuram Rajan cautions against import substitution

    "In order to export, you have to import. Don't erect huge tariffs and focus on creating right environment for production in India," he said.

    RBI more accommodative than many central banks in the world: Raghuram Rajan

    Underscoring the challenges for the central bank Rajan said, "I would say that let RBI do its job and they have a difficult job balancing slow growth and inflation is picking up."

    Privatise select PSU banks, dilute role of DFS: Raghuram Rajan

    "Re-privatization of select PSBs can then be undertaken as part of a carefully calibrated strategy, bringing in private investors who have both financial expertise as well as technological expertise; corporate houses must be kept from acquiring significant stakes, given their natural conflicts of interest," the paper said.

    Centre's 'Atmanirbhar Bharat' campaign shouldn't result in protectionism, says Raghuram Rajan

    Observing that it is not yet clear to him what the government means by 'Atmanirbhar Bharat', Rajan said if it is about creating an environment for production, then it is a re-branding of the Make in India initiative.

    Fall in GDP alarming; time for bureaucracy to take meaningful action: Raghuram Rajan

    "The sharp decline in economic growth should alarm us all. The 23.9 per cent contraction in India (and the numbers will probably be worse when we get estimates of the damage in the informal sector) compares with a drop of 12.4 per cent in Italy and 9.5 per cent in the United States, two of the most COVID-19-affected advanced countries,"Rajan wrote in a post.

    What is holding up the long-awaited ITC rally?

    According to Tandon, the evolving concept of ESG-themed investing is being reflected in the stock market reception of ITC. Citing the views of financial experts Aswath Damodaran and Raghuram Rajan, he held that ESG will work until it is not at odds with shareholder returns.

    Raghuram Rajan raises concerns on India's GDP growth data, says numbers should alarm us all

    Terming the 23.9 per cent fall in the economic growth in June quarter alarming, former Reserve Bank Governor Raghuram Rajan has said bureaucracy should come out of complacency and take meaningful action. Emphasising on the importance of government relief or support in the given scenario, he pointed out that it is "meagre" so far.Raghuram Rajan raises concerns on India's GDP growth data, says numbers should alarm us all

    GoI’s plan to conserve resources for a future stimulus is self-defeating, says Raghuram Rajan

    The pandemic is still raging in India. So, discretionary spending, especially on high-contact services like restaurants, and the associated employment, will stay low until the virus is contained. Govt-provided relief becomes all the more important.

    Countries fighting COVID-19 in decentralised manner doing better: Raghuram Rajan

    Citing the example of Germany and South Korea, Rajan said that these countries have allocated resources at the centre but left the details to provinces. In case of India, he said, as a result of the nation-wide lockdown, which was imposed after four hours notice with effect from March 25, the regions which did not have coronavirus cases at that time suffered economically.

    Govt should focus on spending on profitable firms to boost economy: Raghuram Rajan

    Speaking at NCAER's India Policy Forum 2020, Rajan said in the pandemic, unlike normal recession, there is enormous amount of destruction, which has happened to households and also to firms, and that's where relief and repair has to come in along with stimulus.

    India needs to look beyond what rating agencies think, says ex-RBI governor Raghuram Rajan

    The Indian government has announced several initiatives to help the poor and small- and medium-size businesses, but actual cash outgo from the government's measures has been estimated at just about 1% of GDP. Several attribute the fiscal prudence to fear of a downgrade after Moody's cut India's rating and outlook in early June followed closely by a change in outlook from Fitch.

    Raghuram Rajan explains how to fix India's debt-laden banking system in the middle of Covid storm

    Even before the stalled infrastructure projects of previous regimes had been cleaned up, the current government pushed lending to small and medium firms. NPAs from this sector are now alarming and, in time-honoured fashion, may be pushed under the carpet. We must do better, and GoI may now have no option.

    Raghuram Rajan explains how best to stimulate the economy

    Rajan says ‘monetisation’ is a good option in the short-term and within reasonable limits.

    US-China conflict to impair global trade which is vital for India's reopening: Raghuram Rajan

    Cautioning that there will be "deeply damaged firms" in the economy, Rajan said the post-pandemic recovery has to be accompanied by a process of repair. "There's going to be enormous bankruptcies in the United States certainly and quite possibly in Europe also as we repair the economy, reallocate resources, restructure capital structures," he said.

    No free lunches: Raghuram Rajan says monetisation by RBI has a cost and cannot be everlasting

    He said central banks in many emerging markets are resorting to such strategies and disagreed with votaries of the "modern monetary theory" who support this, making it clear that there are no free lunches.

    Another round of lockdown will be devastating, says Raghuram Rajan

    "India needs to be cleverer about reopening the economy," Rajan noted. He also said that it was all too easy to have a lockdown forever, but that would not be sustainable for the economy.

    Raghuram Rajan sounds a note of caution, says NPAs may see unprecedented rise in 6 months

    "The level of the NPAs is going to be unprecedented in six months from now if we really recognise the true level of NPAs...We are in trouble and sooner we recognise it, better it is because we really need to deal with the problem,” Rajan said during a session at the India Policy Forum 2020 organised by NCAER.

    Focusing on ratings is 'nuts', Raghuram Rajan wants India to do Covid-control first

    “In this environment, focusing on a credit rating is just nuts. Your credit rating just does not depend on your level of debt, it depends on how you are going to grow out of the debt. We cannot worry about spending. We certainly have to focus the spending but we have to repair the damage now,” Rajan said during an NCAER online conference .

    Raghuram Rajan's 3-point plan to get India out of the coronavirus grip

    We have to think about a staggered restart to the economy, says RBI ex-Governor.

    Spend where you need to, spend what it takes: Raghuram Rajan

    We need to restart economy as soon as reasonably safe, says former RBI Governor.

    Raghuram Rajan cautions against giving communal colour to coronavirus

    Despite rebound in economic activities in H2 of 2020, global growth will still be negative this year, he said.

    Ready to help India in dealing with Covid stress if asked, says Raghuram Rajan

    Rajan is part of an IMF external advisory group to provide perspectives on Covid's global impact.

    Govt should cut back or delay less important expenditure: Raghuram Rajan

    Coronavirus cases in India rose to 4,281 as of Monday evening, as per Ministry of Health.

    Congress to air Rahul Gandhi's conversation with Nobel laureate Muhammad Yunus on Friday

    Congress's chief spokesperson Randeep Surjewala said the world over, the coronavirus pandemic has exposed serious fault lines in societies and the glaring inequalities that aggravated the crisis.

    Rajan: Allow promoters to renegotiate under IBC

    Rajan said that after Covid, there was a tendency to take a stand that this is a new kind of situation and requires a new kind of process and therefore cases cannot be referred under the Insolvency and Bankruptcy Code (IBC).

    RBI is compromising on financial stability, need to recapitalise system, says Viral Acharya

    Former Dy Governor Viral Acharya returned to the New York University to teach in 2019, prematurely ending his term after a tussle with the government over the RBI’s autonomy. He, along with governor Urjit Patel and his predecessor Raghuram Rajan, cleaned up the banking system and introduced tough rules to ensure unscrupulous borrowers don’t game the system.

    What led to Urjit Patel's premature exit from the RBI? Inside his tell-all book

    “Instead of buttressing and future-proofing the gains thus far, an atmosphere to go easy on the pedal ensued. A case of our old failing of a premature pronouncement of victory, perhaps? Until then, for the most part, the finance minister and I were on the same page, with frequent conversations on enhancing the landmark legislation’s operational efficiency.''

    Raghuram Rajan says migrant workers need money for vegetables, cooking oil, shelter; foodgrains not enough

    India's stimulus is inadequate in providing recovery of an economy pummelled by COVID-19, Rajan said.

    There was enough time to put together plan for Yes Bank, says Raghuram Rajan

    SBI is set to pick up 49 per cent stake in crisis-hit Yes Bank under RBI's reconstruction plan.

    View: Bad bank not an optimum solution to mounting bad loan menace in India

    The objective of the bad bank is undoubtedly laudable. It however needs to be subjected to the test of realism and pragmatism. The then RBI governor Mr Raghuram Rajan felt that bad bank creates a moral hazard enabling banks to continue with their reckless lending practices.

    India needs to leverage farm sector performance to push growth: Ex-RBI Governor Subbarao

    "The rural economy is doing slightly better than the urban economy which is still grappling with COVID-19. Rural economy, which accounts for 65 per cent of population and 25 per cent of GDP, is actually proven to be a buffer because of expanded MGNREGA spending...," he said at a webinar organised by economic think tank NCAER.

    Government focussing more on political, social agenda than economy: Raghuram Rajan

    India can still reverse its slowing economic growth by paying attention to key issues, he said.

    Raghuram Rajan says fight the virus first, worry about stimulus later

    The spread of coronavirus is pushing the world toward its worst performance since the financial crisis.

    India needs Rs 65000 cr to help poor while combating Covid crisis: Raghuram Rajan

    In conversation with former Congress president Rahul Gandhi on the Covid-19 crisis and how India can win the pandemic as well as economic challenges, former RBI governor Raghuram Rajan talks about possible ways of revival in an unprecedented global crisis. Watch the excerpts of the conversation here.India needs Rs 65000 cr to help poor while combating Covid crisis: Raghuram Rajan

    Former RBI governor Patel pens book on dealing with NPA issue

    Titled 'Overdraft: Saving the Indian Saver', the book focuses on the non-performing assets (NPAs) issue that has afflicted Indian banking in recent years, its causes and Patel's efforts as the RBI Governor in dealing with it.

    View: Constant interaction between society, State and market through communities is key for progress

    A dispassionate reader will find many common thoughts in Thengadi’s and Rajan’s ideas. Samaj, Sarkar and Bazar — society, State and market — have to work as per complementary needs of each other.

    India needs a new covenant for growth in a post-Covid world: Raghuram Rajan

    The former RBI governor said that India cannot remain under a lockdown forever.

    Can't be in lockdown forever, have to focus both on lives and livelihoods: Raghuram Rajan

    Former Reserve Bank of India Governor Raghuram Rajan emphasized that India cannot be in lockdown for long, and will have to focus on livelihood along with lives. India extended a nationwide 21-day lockdown to May 3 from April 14 earlier in an effort to contain the spread of the coronavirus pandemic in the country; a move which is likely to hurt economic growth heavily and also risk the livelihood of many in the country.Can't be in lockdown forever, have to focus both on lives and livelihoods: Raghuram Rajan

    IMF MD ropes in Raghuram Rajan, 11 others to key external advisory group

    Georgieva said that even before the spread of COVID-19 and the dramatic health, economic and financial disruptions it has brought, International Monetary Fund (IMF) members confronted a rapidly evolving world and complex policy issues.

    India in growth recession; extreme centralisation of power in PMO not good: Raghuram Rajan

    The starting point to address this slowdown will be for the Modi govt to acknowledge the problem, he said.

    India’s construction, property industries in trouble, says Raghuram Rajan

    The RBI should carry out an asset quality review of the NBFCs for their exposure to realty, infra.

    You cannot allow rating agencies to decide policy: P Chidambaram

    ‘If need be, monetise part of the fiscal deficit, print money. There is a sovereign right’

    Calls for debt monetisation gain traction as COVID-19 cripples economy

    Conservative monetary economist and former RBI chief Raghuram Rajan, over the weekend, has also pitched for monetising public debt and higher fiscal deficit in a ''measured'' manner to protect the economy and the poor and the vulnerable in these ''abnormal times''.

    India lockdown day 37 wrap: Roundup of all the major developments

    Veteran Bollywood actor Rishi Kapoor passes away at a Mumbai hospital Thursday morning, after ailing for a while. Former RBI chief Raghuram Rajan says another round of coronavirus lockdown will be devastating for the Indian economy. US scientists hail a potential breakthrough in the fight against pandemic as trial shows patients responding to antiviral drug remdesivir. All this and more in Thursday's news wrap.India lockdown day 37 wrap: Roundup of all the major developments

    Lockdown, Day 37: Make-or-break May for India

    Compared to other countries, India has been faring fairly well, with a slower doubling and lower mortality rate than the US, Italy, Spain, UK. As the May 3 deadline nears, the next month could be make-or-break for India's virus fight.

    Suppressing criticism bad for government: Former RBI Chief Raghuram Rajan

    The government would benefit from advice of experts and therefore suppressing criticism is bad, Rajan said.

    What matters most is health of real economy, not fiscal deficit: Rajan

    The government has to think about a staggered restart to the economy, former RBI Guv said.

    Raghuram Rajan ko gussa kyu aata hai (with apologies to Pinto)?

    Rajan stands in stark contrast with exemplary restraint shown by professional central bankers.

    India's fiscal deficit 'conceals' a lot, warns Raghuram Rajan

    The country's growth slumped to a six-year low of 5% in the April-June quarter.

    Virus crisis is a chance for India to finally reform its economy

    The lockdown is likely to result in recession, millions of job losses and possible starvation among the poor.

    View: How India can restart the economy after lockdown

    The former RBI boss says what the country faces today is an economic emergency.

    Lockdown may not be enough to contain coronavirus spread in India: Rajan

    “It may be hard to prevent infections from spreading,”the former Reserve Bank of India Governor said.

    Economic slowdown 'very worrisome', new set of reforms needed: Raghuram Rajan

    Raghuram Rajan said "a fresh set of reforms" are now needed to boost the economy and growth rate.

    Making sense of India's growth in the times of Coronavirus

    For FY20, GDP is now estimated to grow by a decade’s low of 5%.

    Raghuram Rajan, Janet Yellen didn’t apply to replace Mark Carney

    Rajan was named second most likely to get the job in a survey by Bloomberg News.

    View: Why Raghuram Rajan is wrong about foreign currency debt

    A foreign currency denominated sovereign bond, issued in modest quantities would have a salutary effect on the external rating and pricing of the Indian sovereign credit risk, and a step in the right direction.

    RBI's gradual shift from transparency to forbearance towards stressed sectors

    RBI has resisted pressure on a package for NBFCs, but permitted banks not to classify defaulters in MSME, realty.

    India needs low tariffs to draw supply chains and create jobs: Raghuram Rajan

    "Our problems, in general, is overly high tariffs rather than overly low tariffs. There may be some cleverness we need to figure out what works best," former RBI governor Raghuram Rajan said. He said one of India's big issues is how to become a part of both the regional as well as international supply chains.

    Two-third of my tenure as RBI governor was under BJP, Raghuram Rajan reminds Sitharaman

    Raghuram Rajan, who faced a stinging attack from FM, reminded her that two-third of his tenure was under BJP.

    State-run banks should be freed of constraints: Raghuram Rajan

    He is also of the view that there is no guarantee that privatisation will be a panacea.

    Raghuram Rajan on NYAY: Needed for economic inclusion

    Former RBI Governor, Raghuram Rajan while speaking with Supriya Shrinate of ET Now on Rahul Gandhi's proposed NYAY scheme announcement as a mechanism to provide cash support to the economic backward segment, says that it is a means to create mechanism for economic inclusion. He, however, adds that there needs to more initiatives and checks to make it a fiscally viable project.Raghuram Rajan on NYAY: Needed for economic inclusion

    Raghuram Rajan says he will return if there is an opportunity to be of use

    Raghuram Rajan said he is "very happy" where he is, but is open to opportunities.

    India's PCB had 'Worst Phase' under Manmohan Singh, Raghuram Rajan: Nirmala Sitharaman

    Finance Minister Nirmala Sitharaman has said that the Indian public sector banks had the "worst phase" under the combination of former Prime Minister Manmohan Singh and RBI Governor Raghuram Rajan.Delivering a lecture at the prestigious Columbia University's School of International and Public Affairs here on Tuesday, Sitharaman said that giving all the public sector banks a “lifeline” is today her primary duty.India's PCB had 'Worst Phase' under Manmohan Singh, Raghuram Rajan: Nirmala Sitharaman

    Indian public sector banks had "worst phase" under Manmohan Singh, Raghuram Rajan, says Nirmala Sitharaman

    The Finance Minister while delivering a lecture at Columbia University's SIPA said that she respects former RBI governor Raghuram Rajan for his work but pointed out that loans were given based on phone calls during his tenure.

    Governments should learn to tolerate criticism, suppressing it can lead to mistakes: Raghuram Rajan

    Raghuram Rajan said governments that suppress public criticism do themselves a gross disservice.

    Deposit insurance hike: RBI says not to hit banks balance-sheets

    The RBI does not see any major impact on banks' balance-sheets due to the five-fold hike in deposit insurance.

    Raghuram Rajan says capitalism is 'under serious threat'

    Rajan said he believes that capitalism is breaking down because it is not providing equal opportunities.

    Raghuram Rajan in the frame as UK contemplates a foreign central bank boss

    The question is whether Brexit Britain is ready to hear them from another foreign Bank of England governor.

    Bad populism is the ‘road to serfdom’ for economies: Raghuram Rajan

    Rajan said populism done right can make capitalism work better for people, but that’s not always the outcome.

    India attractive in itself, not just as alternative to China: PAG Boss

    In India, the focus will be on export-dependent sectors like pharma and outsourcing as much as private consumption themes around financial services, retail, food and beverages and healthcare.

    Growth without jobs means nothing: Raghuram Rajan

    Raguram Rajan, former RBI Governor, in an exclusive conversation with ET Now's Supriya Shrinate in Davos, has said that we have to move towards a more job-creating economy, all the growth will go for nothing if it does not create good jobs.Growth without jobs means nothing: Raghuram Rajan

    Former RBI Governor backs Deepika Padukone's silent protest, EC Ashok Lavasa's impartial duty

    In a blog on Linkedin, Raghuram Rajan said the news of a gang of masked assailants breaking into one of India's leading universities, Jawaharlal Nehru University, and then going on a rampage for hours, attacking students and faculty, entirely undisturbed by the police, is "worrisome".

    Budget 2020: What is growth recession & why should the government worry about it?

    Growth recession is a situation in which growth slows down for a few quarters but does not turn negative. Growth recession is not exactly a recession as understood in common parlance which entails two consecutive quarters of negative growth leading to massive unemployment.

    Protectionism doesn't really help preserve jobs: Raghuram Rajan

    Protectionism does not preserve jobs & offers little defence against automation, the former RBI Guv said.

    Team Nirmala: A look at FM's team that is led by finance secretary Rajiv Kumar

    Finance minister Nirmala Sitharaman gears up to present her second budget amid wide expectations of major reform measures to reverse the economic slowdown. ET takes a look at her team that is led by finance secretary Rajiv Kumar.

    History behind, Das-led RBI charts new trails sans acrimony

    Even as it eased the rates, the RBI slashed growth estimates by an unprecedented 240 basis points since the rate cutting cycle began in February to a low of 5 per cent. The central bank's youngest Deputy Governor ever -- Viral Acharya -- quit six months before his three-year term was to end in June 2019.

    Raghuram Rajan's to-do list for the next government of India

    According to Rajan, India badly needs to have a strong job-creating economic growth to avoid a slump.

    Arun Jaitley on Raghuram Rajan helping Congress with proposed NYAY scheme

    When former governors join the political mainstream, the whole cause propagated for autonomy of the institutions gets impacted, said Arun Jaitley, Finance Minister, in an interview with ETNOW. Arun Jaitley on Raghuram Rajan helping Congress with proposed NYAY scheme

    Do away with farm loan waivers: Raghuram Rajan

    Only a subset of farmers get loans, It often goes to the best connected not most poorly off, said Rajan.

    Let us restore historical trust to our GDP numbers: Raghuram Rajan

    "First generation reforms are still very relevant and important. Let us de-license."

    Raghuram Rajan on Jet bailout: Not necessary for every company to go through IBC

    In conversation with ET Now's Supriya Shrinate, former RBI Governor Raghuram Rajan says that Bankruptcy code should act as a shadow and should be the last resort for resolution of stressed assets. He says there is a need to shorten the time in the bankruptcy code by ending an endless sequence of appeal and counter-appeal. Listen in Raghuram Rajan on Jet bailout: Not necessary for every company to go through IBC

    Raghuram Rajan questions Narendra Modi's minimum govt, maximum governance promise

    Rajan questioned Modi's 'minimum govt, maximum governance' and policy changes on e- comm industry.

    Poverty alleviation schemes should not be a permanent process: Raghuram Rajan

    Whatever you create, you do not want that to hold people back from looking for jobs, says Rajan

    The Minimum income scheme is about better targetting, empowering people: Raghuram Rajan

    There is a level of income support at which people would prefer not to work. Studies show targeted schemes do not necessarily create laziness: Raghuram Rajan to ET NOW.The Minimum income scheme is about better targetting, empowering people: Raghuram Rajan

    The Minimum income scheme is about better targetting, empowering people: Raghuram Rajan

    There is a level of income support at which people would prefer not to work. Studies show targeted schemes do not necessarily create laziness: Raghuram Rajan to ET NOW.The Minimum income scheme is about better targetting, empowering people: Raghuram Rajan

    Words Of Wisdom: When Uday Kotak, Ajit Doval, Raghuram Rajan Spoke About Economy, Leadership & Life Goals

    The Lalit Doshi Memorial Lecture (LDML), instituted in the name of the eponymous former civil servant, has been hosted in Mumbai annually since 1995. On Monday, August 5, Uday Kotak became the 25th speaker to deliver it. The LDML speaker club is an illustrious one (even though the absence of any female speakers in the list is jarring). Here’s a look at what past speakers have spoken about in the address:

    Farm loan waivers kill credit culture, says Raghuram Rajan

    Referring to the issue of farm distress, Rajan said loan waivers cover only those farmers who have taken loans from the formal system.

    Raghuram Rajan on what India should vote for in 2019 general elections

    Rajan said it would be a misrepresentation of facts to say that people didn't want jobs.

    Performance on MUDRA loans: PSBs vs. private banks

    Owing to high level of NPAs, concerns have been raised over Mudra becoming the source for next bad loan crisis.

    Funds to boost NBFCs, HFCs and Realty may flow soon

    Rs 20kcr proposals likely to get nod in 2 weeks; FM promises support to any sector that needs help. Finance minister Nirmala Sitharaman promised support to any other sector that may need help following a finance ministry presentation on ‘Major Interventions to Boost the Economy’ in the Capital on Friday.

    A wealth-creation idea whose time has come: credit risk fund

    This is a type of debt MF that invests in debt instruments that are rated low on credit.

    Centralisation of power in PMO not good for economy: Shiv Sena

    The central government wants the finance minister and RBI governor under its control, an editorial in Sena mouthpiece 'Saamana' claimed, adding that the present BJP-led dispensation is not ready to listen to economists as it considers the economy as a "share market gamble".

    Ex-RBI Governor Raghuram Rajan to get Yashwantrao Chavan national award

    Rajan will be presented the award at a function here on March 12 on the occasion of 106th birth anniversary of late Yashwantrao Chavan.

    Is India ready for the future: A talk by Raghuram Rajan

    With the rise of NPAs, Rajan advised to “clean up” the system, and claimed the “bankruptcy code has to be one element of the larger cleanup plan.”

    To save capitalism, we need to save communities: Raghuram Rajan

    It is the neglected third pillar, the community, that needs more consideration today, Rajan said.

    Paytm payments bank eyes small fin model

    Sharma said the payments bank will approach the government and the banking regulator for a small finance bank licence as it can leverage the model using technology enabled low-cost operations — a central theme of small finance banks, according to the RBI.

    Raghuram Rajan: Dissonance between GDP, employment numbers; need to restore historical trust in our data

    In this conversation with ET Now's Supriya Shrinate, former RBI Governor Raghuram Rajan cites 'dissonance' between GDP and employment numbers and calls for an 'outsider' look at the statistics. He says India was never questioned about the credibility of data and there is a need to restore that historical trust. Listen-in.Raghuram Rajan: Dissonance between GDP, employment numbers; need to restore historical trust in our data

    Neglecting social issues not just myopic but dangerous: Raghuram Rajan

    Rajan has called for a return to empowering local communities as an antidote to growing despair and unrest.

    Shaktikanta Das faces an increasingly tough balancing act

    Das has worked tirelessly to restore relations with govt after a bitter public spat that led Urjit Patel to quit.

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