Questioning Foreignness Is Like Being In La La Land, Says Raghuram Rajan

Raghuram Rajan

"We should not be so pessimistic and say that good times are over but we should be worried.growth had started falling from quarter which ended September past year", he said at an event to launch his book "I do What I do".

Raghuram Rajan is in India to promote his new book "I Do What I Do" and spoke to media in New Delhi.

He also talked about his departure from the RBI and said that "I never resigned, my term just ended".

"We need to have. professional boards in banks, independent of government and having the ability to hire or fire a CEO", he said.

That is why Rajan, who is now a professor of finance at the University of Chicago in the U.S., had to come back to India to exchange his old Indian currency notes with the valid ones after demonetisation. He said that the Central government had once asked him about the cost and benefit of such move.

"In my view, it never came back to us that here is a decision that you've to make or here's the timing we want to do this scheme", said Rajan. The BBB has "not so clearly distinguished in terms of distance from government and to some extent needs perhaps more work to strengthen its autonomy and independence", he said. He was vocal about the process since he gave his verdict verbally and did not approve it in writing as he was convinced that the short-term cost of note ban would outweigh the long-term gains.

Former head of the Reserve Bank of India, Raghuram Rajan said that India could sell stakes in state-owned companies to fund a bank recapitalisation and revive growth without straying from the path of fiscal consolidation. "My sense was that there was still time to persuade the government otherwise", he said. Rajan said, "If you're not prepared on Day 1 with all the currency that's being replaced - currency is important for economic activity - you will have a chilling of economic activity". "I think ultimately we need to put the responsibility on the boards, hold it to account, pay them for the job that they are doing, and ensure PSBs are governed", he said.

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