Former RBI governor Raghuram Rajan has known as India believing the hype round its robust financial progress ‘the best mistake’. (File Photo/PTI)
NITI Aayog member and economist Arvind Virmani says Raghuram Rajan’s feedback appeared like these made by world specialists who’ve by no means been to India
After Raghuram Rajan known as India believing the “hype” round its robust financial progress ‘the greatest mistake’ and mentioned there are vital structural issues that must be fastened, the previous RBI governor has now come underneath hearth.
In an interview with Bloomberg, the 61-12 months-outdated economist has mentioned, “We’ve got many more years of hard work to do to ensure the hype is real. Believing the hype is something politicians want you to believe because they want you to believe that we have arrived.” But it will be a “serious mistake for India to succumb to that belief,” Rajan added.
He additionally mentioned it’s unlikely that India is not going to be a developed financial system by 2047 including that it will be “nonsense” to speak of that aim “if so many of your kids don’t have a high school education and drop-out rates remain high”.
The remarks by Rajan attracted sharp feedback from specialists.
Mohandas Pai, chairperson of Manipal Global Education, in a publish on X mentioned, “Silly arguments by RR (Raghuram Rajan), school dropout rates are down, college enrolment increased, huge jobs created, Wrong comparison about chil subsidy given over many years, to annual spend on HE.”
NITI Aayog member and economist Arvind Virmani additionally mentioned Raghuram Rajan’s feedback appeared like these made by world specialists who’ve by no means been to India.
“During the 1990s BOP crisis, we used to have a word for visiting WB, IMF and other MDB economists: ‘Parachute economists’. Sad that a former RBI Governor sounds like that to someone who has worked on Indian economy for 1/2 a century,” Virmani mentioned in a publish on X.