India's Cup Is Half-Full, Let's Not Beat Chest: RBI Chief Rajan To NDTV
Amidst uncertainty over his second term and criticism of his policies, Reserve Bank of India Governor Raghuram Rajan speaks to NDTV in an exclusive interview.
Here are the highlights:
• Will make list of willful defaulters public, but you will chill all risk taking if you name and shame business people who make business decision that went awry.
• When you give a personal guarantee, your assets are banks' property. In that circumstance when you have lavish displays you are basically using public money.
• I am happy with GDP numbers; give or take 1%. Happy that GDP change is consistently positive.
• With growth numbers statisticians have done as good a job as they can. GDP growth is significantly high since costs have come down.
• Competitive businesses not worried about rupee; Hyundai and Ford won't Make in India if not viable.
• Banks can't lend at 4% and pay 6% on deposits.
• People want rates down, but will they deposit at 4%? No. Low interest rates is not a god-given right.
• Want to emphasise that we shouldn't get complacent in India. We have a lot to do.
• It will be wrong for us to beat our chest and say we are best in the world. I don't think any minister would say that.
• We are a country which is growing reasonably strongly, but we have a long way to go even on the basis of our own potential.
• My opinion on Make in India distorted. All I said is with world growth slow, we may have to, for the moment, Make in India largely for India.
• My decisions based on analysis & consultations; I go to sleep well at night except when I am jet-lagged.
• I try to do what I think is right; my work is hard work, it's not glamour.
• One obviously listens to advice from government, but can't succumb to wishes of any party.
• My conversations with Arun Jaitley are extremely cordial; we respect each other's position.
• It may surprise you but I have not had even one serious disagreement with Arun Jaitley.
• Won't answer on second term but long-term intent to return to academia. My ultimate home is in the realm of ideas.
• A lot of people these days are writing my obituary in the papers. Gives me time to reflect on what remains to be done.
• When there is criticism there is also the other side. Unknown people have written me letters. My unions have supported me.
• Certain allegations so fundamentally wrong that to address them is to give them legitimacy they don't deserve.
• Welcome genuine criticism of our policy but will not address ad hominem attacks.
• My mother-in-law always says be a karmayogi. My work shows my love for my country.
Here are the highlights:
• Will make list of willful defaulters public, but you will chill all risk taking if you name and shame business people who make business decision that went awry.
• When you give a personal guarantee, your assets are banks' property. In that circumstance when you have lavish displays you are basically using public money.
• I am happy with GDP numbers; give or take 1%. Happy that GDP change is consistently positive.
• With growth numbers statisticians have done as good a job as they can. GDP growth is significantly high since costs have come down.
• Competitive businesses not worried about rupee; Hyundai and Ford won't Make in India if not viable.
• Banks can't lend at 4% and pay 6% on deposits.
• People want rates down, but will they deposit at 4%? No. Low interest rates is not a god-given right.
• Want to emphasise that we shouldn't get complacent in India. We have a lot to do.
• It will be wrong for us to beat our chest and say we are best in the world. I don't think any minister would say that.
• We are a country which is growing reasonably strongly, but we have a long way to go even on the basis of our own potential.
• My opinion on Make in India distorted. All I said is with world growth slow, we may have to, for the moment, Make in India largely for India.
• My decisions based on analysis & consultations; I go to sleep well at night except when I am jet-lagged.
• I try to do what I think is right; my work is hard work, it's not glamour.
• One obviously listens to advice from government, but can't succumb to wishes of any party.
• My conversations with Arun Jaitley are extremely cordial; we respect each other's position.
• It may surprise you but I have not had even one serious disagreement with Arun Jaitley.
• Won't answer on second term but long-term intent to return to academia. My ultimate home is in the realm of ideas.
• A lot of people these days are writing my obituary in the papers. Gives me time to reflect on what remains to be done.
• When there is criticism there is also the other side. Unknown people have written me letters. My unions have supported me.
• Certain allegations so fundamentally wrong that to address them is to give them legitimacy they don't deserve.
• Welcome genuine criticism of our policy but will not address ad hominem attacks.
• My mother-in-law always says be a karmayogi. My work shows my love for my country.
