The accountant-cum-ideologue is believed to have played a key role in many of Narendra Modi’s economic policies, such as demonetisation.
Solutions involve either an immediate fiscal or monetary stabilisation policy, or pushing through further supply-side structural reforms.
Opposition parties and leaders may or may not be able to cobble together a coherent counter-narrative, but citizens are beginning to take note of the abuse of public confidence and poll promises.
More than a fifth of large companies did not earn enough to pay interest on their loans and the pace of new loans fell to the lowest in more than six decades.
Any flippant talk of rupee devaluation would only damage India’s reputation as a credible, mature emerging economy and make crucial imports more expensive.
Former RBI head says he warned of the potential pitfalls if preparation was not adequate, concludes that demonetisation has not been an “economic success”.
Prachi Mishra, a Columbia University-trained economist who spent nearly 10 years working for the IMF, joined the RBI as a “specialist adviser” in November 2014.
The three year-long CBI investigation into Jatin Mehta’s Winsome Diamonds has finally come to an end. While there are a number of questions still remaining, will the guilty be punished?
Prakash Kashwan’s Democracy in the Woods: Environmental Conservation and Social Justice in India, Tanzania, and Mexico shows, choosing between land rights of the peasants and forest dwellers and environmental sustainability is a false choice.
The RBI official has proposed creating “bad bank”-type institutions to buy and restructure stressed loans, along with an approach to banks and defaulters that he called “tough love.”
Given the imperious attitude of new leaders to institutions of the old order, the questioning of central bank independence is a given.
India’s economy had some positives in 2016, but issues like joblessness, lower agricultural incomes and the demonetisation aftermath remain matters of concern.
Cases are delayed as courts have not been using statutory remedies available to them – an issue that has been noted by the Supreme Court and ex-RBI governor Raghuram Rajan.
India buys six times the merchandise it sells to China, which is its largest trade partner.
The policy statement put out by the RBI is consistent with an accommodative stance of monetary policy and has largely unexceptional goals.
Low interest rates are demanded in the name of helping small and medium-sized enterprises, but in reality, it is the over-leveraged corporates that will most likely benefit from it.
There is a need to coordinate efforts to direct credit to the crucial sectors of the economy to stimulate growth, otherwise the same mistakes made in the past with infrastructure loans will be repeated
Patel’s nomination has been hailed as an example of continuity of Raghuram Rajan’s policies; if this is so, then what was the need to let Rajan go in the first place?
An ‘inflation warrior’, Patel is the eighth deputy governor in the Reserve Bank’s history to be made its governor and the sixth with experience at the IMF.
Subbarao talks about the challenges he faced as governor of the RBI, his book “Who moved my interest rate”, and more.
“I was open for staying a little while longer to see [my initiatives] completed, but at the same time I was perfectly happy to go.”
The argument that higher education is not a merit good and the government ought to spend on school education instead, is a false binary.
Economist and professor at the University of California, Berkeley Pranab Bardhan spoke to The Wire about global discontent amongst the working class, the Modi government’s policies, the need for employment generation, the controversy around Raghuram Rajan and more.
Policy makers should conduct deeper analysis of how many subtle factors shape inflation and its effects on the Indian economy.
Women customers are made to jump through hoops to get any work done at a bank – all in the name of ‘RBI rules’.
In his letter, Yechury also demanded that the government release the names of the top 100 loan defaulters and create an action plan to monetise their assets.
The Centre is wrong in assuming that Rajan’s exit will make things easy. The institutional integrity of India’s central bank is at stake.
Among the 30-share Sensex pack, 26 stocks were in negative zone.
Surely the voice of true nationalism deserves to be heard in the real corridors of power and not on Twitter
The government’s policy will have to ensure that foreign investors and the stock markets do not lose confidence.
No matter who did what, in order to reduce possible economic uncertainty, the government’s absolute first duty is to announce a successor without delay.
The RBI governor’s no-nonsense attitude in dealing with debt default did not go down well with the big business interests, leaving the political class feeling uncomfortable and insecure.
There is no dearth of talent to replace him as head of the Reserve Bank. But the question analysts are asking is how much freedom his successor will have.
My ultimate home is in the realm of ideas, says the Reserve Bank of India governor in note to staffers
An inability to think out of the box has cost India years in terms of industrial growth and jobs
Rajan’s extension seems imminent because the global opinion appears to suggest that an extension to the RBI governor’s tenure would provide much needed stability to the domestic financial system.
It is critical to maintain a balance between the concern of corporates and the requirements of households while setting interest rates.
The Modi government needs to take swift action to bring down interest rates drastically if it wants to kick start an economic recovery
With the world’s economies growing ever more interconnected and the current recession-like conditions in many key economies, India needs to build a robust firewall in the event of a global crisis.
The most vocal campaigner is Rajya Sabha MP Subramaniam Swamy who has publicly said Raghuram Rajan must be removed