Raghuram Rajan — India in the World: The “Vision” Thing


  1. Can't agree more on the need for strengthing and independence of institutions and sensible decentralization of power.
    I am not against modi at all but this is one of the insightful, comprehensive critical evaluation of indian economy. BJP should take all the sensible vision, suggestions, policy guidance of these incredible economists into account so that some course correction can be done which is essential.
    Real change comes from Critique rather than YES MEN who deny or downplay every symptom.

  2. Now I think he exposed himself by talking on political narrative of congress party.. he is not a economist he is congress piddi..

  3. Raghuram Ranja, Mihir Sharma, Gita Gopinath, Abhijit Banerjee, Amrtya sen, Arundhati, Pranab Roy (NDTV) = Ford Foundations baby (Christian Missionaries with Hindu Names)

  4. @19:10 Rajan is now whining on behalf of his close buddy Chidambaram, who gave Rajan his job as RBI governor. He's also methodically reciting a lot of well known Congress Party talking points, using their loaded terminology. This partisan and cronyist display shows why Rajan himself is now seen as a mole left inside RBI to trip up the new BJP govt when it came to power. Even during his tenure as RBI governor, he veered into politics, making nakedly political statements on the eve of state elections in Bihar, which were quickly seized upon by opposition parties during the campaign. As RBI governor, Rajan should have maintained assiduous professionalism while in office, and kept strictly aloof from politics instead of compromising himself on that. No RBI governor before him had ever done that, which is to their credit and to his lasting discredit.

  5. uhh, would have been a great lecture if not for Kashmir, Chidambram, now if You support the corrupt, you'll be called stupid, good economist, very poor political analyst. and very wrong on kashmir.

  6. In my opinion as long as you allow government to interfere in banking systems we will continue to see issues like what we see today. On one hand FM looks the other way when it comes to PMC fiasco but then PM & FM blatantly and openly play with banking system with things like Mudra schemes or loan melas dictating how they should run their business. How about government disburse loans from its own budget using its own infrastructure? Once those loans will start to show up in government's balance sheet we shall see the true efficiency of a government. Club that with Modi's authoritarian regime its a cluster F.

  7. Problem is when you are Congress sympthyser, you would sound like you are going with your agenda…even when you are presenting the facts….

  8. Eagerly Waiting to Watch… Finally I GOT it.


    I Always Appreciate Whoever Person With GREAT Amount of Talent, and I think that's the Way Forward too…

    Guys, don't DEGRADE any Personas Reputation Either U may agree wit him or NOT,
    Just think it Expeditiously/ Subconsciously & Act Accordingly.

    We MUST Respect Everyone's Right to Express himself, BASIC CARDINAL FOUNDING PRINCIPLE OF DEMOCRACY.

    OTHERWISE there will be Chaos.

    NOTE – I m NOT here to TAKE anyone's SIDE, What My Instincts Said me Just Expressed with u ALL, Especially#Youthquake.

    Bcz In OUR MARATHI "Bhakti Culture" We taught that THIS WHOLE UNIVERSE IS MY HOME , & ALL ARE HIS CHILDRENS ( हे विश्वचि माझे घर )


  9. why we follow the latin american model in case a more authoritarian regime come he gave a rather childish reason!!! i mean kuchh v ?? i agree many of his narration on this govt but on some issue or tpoic he is behving/commenting like kid!!

  10. Raghuram Raj accomplish of PC who ignored the banks NPA where pc chid was doing phone pe loan n banks lost lacs of crore n now he conspires against govt fm outside india with internatiinal media

  11. I was looking forward to hearing an economist who understood a bit of politics, however, this ended up being a political speech from someone who understood a bit of economics. Looks like Mr Raghuram is trying to take over the mantle from Rahul Gandhi to just find fault in what the current government has done with no care about what the country really needs.

    As an economist he would have primarily spoken about how this government spent too much time left of the center, fixing things for the poor of this country. Now that they have started thinking of improving the business environment and bringing up the economy, are they too late? What do they need to do now to correct the damage that they have caused to the SME eco system or even how the large businesses in this country have also started shutting down. However, that key message got so diluted here with all the Modi bashing that was necessary to the speaker.

    Let me take the example of how demonetization was discussed here. A politician would have highlighted the points that this was an inconvenience to people for three months because the people had to stand in line and it was a failure because the black money was not caught. An economist on the other hand would have spoken about not the inconvenience of those three months but about the impact it had on the cash economy which is showing effects all through the years and still has not recovered. From an economist point of view, demonetization while focusing on making the cash with corrupt politicians and bureaucrats traceable had a side effect of damaging real businesses which worked on cash – where this government failed was in controlling that side effect. If the cash economy was to be impacted then other sources of funds should have been made available to those valid businesses through policy changes at that time – the loan melas were needed right after demonetization and they should have thought about it then rather than now.

    There would be similar examples on each point taken up for discussion where I wish that good content was not diluted by the underlying political agenda.

  12. As many as 21 public sector banks (PSBs) and three major private sector lenders have collected a whopping Rs 5,000 crore from customers for non-maintenance of minimum balance in their accounts in 2017-18

  13. INDIVIDUAL IS ECONOMIC UNIT. INDIVIDUAL IS THE SMALLEST MINORITY IN THE WORLD THAT MUST BE APPEASED. INDIVIDUAL’S HUMAN RIGHTS & ECONOMIC RIGHTS ARE MOST IMPORTANT & MOST INDIAN INDIVIDUALS ARE IN INFORMAL SECTOR…..PM Modi has appeased individual & therefore received wide spread mandate & he rightly understood economic challenges facing the country. Employment is in the formal & informal sectors. Since Indian economy has grown from 11th place (2014) to 5th (2019) place in the world during last 5 yrs. job gains are likely to be in both sectors. International Labour Organization (ILO) report 2018 found that 88.2% employment in India was informal. According to World Economic Forum's 2018 Report, Machines & Robots will handle 52% of current work tasks by 2025, so the net gain in employment in the formal sector would be much smaller.

    Modi Govt. rightly identified the ills unlike Raghuram Rajan's UPA Govt which showered unprecedented Rs. 34 Lakh Crore loans on big businessmen a third of which have become NPAs. The Govt. has given 2% interest rate subvention on loans to all MSMEs while MUDRA loans are very helpful for generating gainful employment in the Small & Micro (self-employment) sectors. Till date MUDRA Loans of 7.5 Lakh Crore have been given to 13 Crore people of which over 4 Crore are new entrants. The 8th March, 2019 report by Confederation of Indian Industry CII showed that the net jobs created in the MSME (Micro,small & Medium Enterprises) sector in last four years has been 13.5 – 14.9 million per annum.” Housing has rightly been assisted by interest subvention while interest subvention of MSMEs has been linked to their GST compliance bringing them into formal economy. With lower bank interest rates, lower property prices & Govt. subsidies MSME sector (the biggest job creator) opportunities are within easy grasp of enterprising individuals. The job crisis in India may only be for educated job seekers & not for educated entrepreneurs, the job creators.

    Recreation & Tourism, SMEs, IT, Housing, Healthcare (Ayushman Bharat) & value addition in agriculture have enormous potential to create huge jobs. Cities like Venice, Barcelona, Amsterdam, Paris, Vienna, Swiss cities are surviving with tourism acting their backbone. Well-paying white-collar work in the formal public & private sector is a minute section of the total labor market. Coveted management trainee positions in multinationals, banks, big domestic conglomerates & tertiary services sector (finance, banking, telecom) take in a very small number of employees each year. The solution is entrepreneurs in MSME & self-employment sector which is world wide trend.

    In India the Govt’s job should be to Improve quality of informal work & provide social security benefits as market forces are cruel & they run on profits. The Govt has rightly introduced for workers of informal sector : (1) Pradhan Mantri Shram Yogi Maandhan PMSYM for monthly pension after the age of 60, (2) Ayushman Bharat for healthcare, (3) PM Jeevan Jyothi Bima Yojna : free life insurance scheme & (4) PM Suraksha Yojna for accidental death or disability. These social security schemes provide compensation to low wage earners. Modi Govt has rightly avoided Socialist pitfalls. Instead of giving doles, it has given incentives. Demonetization, introduction of GST, implementation of Insolvency & Bankruptcy Code and elimination of over 3.5 lakh shell & shady companies are basic steps to make India a civilized, tax-compliant, less cash-greedy and more equatable society in the world.

  14. Stop idolizing this Rajan fellow… He's nothing special, his successor Urjit Patel has exactly the same qualifications and experiences as he had… But Congress and their minions kept making fun of him like he's was a nobody.
    Rajan wanted to be the FM of India but That day will never come, and now he's bad mouthing us like a sore loser. 🖕🖕

  15. I just completed 28 minutes of this video, and it seems that Raghuram Rajan is speaking a more political language, rather than economic one.

  16. Summary:
    You can read my summary for the first talk in the comment section of the first video(https://www.youtube.com/watch?v=06uhetn_P5M&lc=Ugx0_qQfu3-5z5ry6BZ4AaABAg), I might refer to that into this one.

    1. Continuing from the previous talk and raghuram rajan focuses on Modi 1 & 2 in this talk.
    2. Growth rate is slowing but Modi1 has been increasing welfare(fairly successful) programs so the govt would either have to increase the growth or spend less eventually.
    3. According to rajan : what Modi 1.0 meant by minimum government and maximum governance was an efficient government  that implements more schemes effectively and not privatization and liberalization.
    4. There has been extreme centralization in Modi 1with powers vested in the PMO vs the extreme decentralization in UPA 1&2 where the PMO was not very weak, this has caused the PMO to mostly bypass the ministries and work directly with the bureaucracy in Modi 1 and 2.0. This has caused the various ministers to become hesitant when taking decisions or while considering reforms. According to raghuram rajan NDA seemed to have the right balance between centralization and decentralization
    5. The effectiveness of the bureaucracy has been further lowered by the vigilance actions taken by the present government for past scams, hence bureaucrats are also hesitant in taking important decisions.
    6. According to Raghuram Rajan, Modi govt(PMO) doesn't have a coherent vision which becomes problematic in a highly centralized administration
    7. Rajan believes that the Modi 1 welfare schemes and his clean image was good enough for the public to re-elect him but he feels such schemes will not be sustainable with the current growth rate.
    8. Rajan states that Majoritarianism would weaken national security as it might alienate minorities with majoritarian laws like triple talaq or Kashmir integration being passed (not sure why he calls these majoritarian issue).
    9. Current respect that india achieves can only be maintained if economic growth rate is high.
    10. Rajan belives India must not tread towards authoritarianism until middle income level as the indian political climate is more likely to lead it in a latin american path of populism and crises instead of east asian model of high growth.
    11. India must strengthen its institutions and make them more independent.
    12. There should be devolving of funding and power from center to state and state to municipalities but the indian municipalities have neither the power nor the funding.
    13. New legislation that limits the ability of government to intervene, modify economic institutions and policies at will would be welcome.
    14. More liberalized economy is needed and regulation must be effective(the middle way) and PSUs should be finalized.
    15. Destressing systemic private players is also needed to prevent widespread damage to the very system.
    16. Labour markets need to be improved by legislating more flexible labour laws as this is what is preventing indian firms to scale.
    17. Export competiveness can also be achieved by exporting services like inviting foreign students to come to India, inviting patients to visit india instead of exporting doctors etc.
    18. Growth slowdowns historically has been disastrous like in US, UK and Japan etc and we are taking similar measures so Abhijeet doesn't think recent measures would help india in any way.
    19. Quantitative easing should be the way.
    20. We need to come up with new ways of growth and come up with more deeper reforms.

  17. I do not know whether he knows something about law.I have serious doubt on his intellect completely out of words many times says it all.h

  18. When an economist start speaking about religion and communal issues you know he is influneced and there is a political tone thats coming out of his mouth. I am an admirer of Mr.Rajan, and respect his views on economics, and I agree there are problems with current government, some of the points regarding administration he made is absolutely right, and his performance as governer on some front also good, he handled inflation pretty well but at some front he gone wrong as well. I dont want to get into details but I think swamy is right, this man is western by his thoughts, I understand criticizing is nesserry, but not like this. His contribution to indian ecnomy as of yet is -ve, he got his education from this land but he hardly ever contribued to this country, I am not praising current government, I know we have problems, I just like persons with solutions rather then ranting about problems. He is clearly referring to congress, anyone with commnsense can recognize that, despite knwoing the courrption charges againest the former FM, he is advocating,I agree with that as well, Its not like congress didnt do anything well, I just dont buy most of the points he said. This man loosing my respect day by day,. He should stick to what he is good at. And now the current govt should come out of the denial mode and fix this god damm economy,

  19. Agree with some of his points to revamp the economy but his political analysis is obviously too biased. Some of his arguments on national security being weakened by majoritarianism is juvenile. I don't see where or how he sees majoritarianism in this egalitarian construct. His comment on minorities being labelled "the other" seems driven by a really poor understanding of what minorities are.

  20. thanks for uploading the full speech vide- Prof Raghuram sir is very neutral and speaks the facts- He seems neither pro-modi nor anti modi- Only Indian medias prematurely labeled this speech as anti-modi- our thanks and indebtedness to Prof Rajan for his suggestions, views to improve India

  21. Prof Raghuram Sir, appreciates and acknowledges Prof Abhijit last week (well before Nobel prize announcement) – appreciating Prof Abhijit's works

  22. I think , if we talk about decentralisation , we shouldn't have to see economics and politics differently . If in politics you are taking votes on "ONE" name – then that person will automatically feel responsible , because if anything goes wrong , people directly blame whom they have voted for.
    My point is – Mr.modi cant decentralise its power , because people have voted for him , not for his govt. And In this politics , economics goes on same path .

  23. Minister Office Phone call bank loans were needed during Cong coalition time, to manage coalition parties pressure. That time we were needing a stable Govt . Dr Singh's ji had to compromise small things to achieve Macro Big targets. Minister Office Phone call bank loans were needed during Cong coalition time, to manage coalition parties pressure.



    I shouldn't blame only Dr Singh or


    for that

  24. This government is gonna sustain forever from now 🤠Don't worry you ll see a political stability in this region🤓

  25. At least both of you not deserve to given lecture on democracy, you not deserve for it communist. How you can justify NAYA scheme in India. Stupidity on highest level, it may goes terrable to indian economy. Sometimes Nobel goes to fault one, you are one of them.

  26. Under your leadership as RBI Governor, all Banking scams happened which start busted in Modi government. Any comment on this Mr. Rajan

  27. I subscribed to this channel after hearing his great visionary speech. I am not sure many of our past PMs would be having the grip on concepts the way this man has. Shame on us Indians who let this man go away.

  28. He is guy of former finance minister and he is also on loop for corruption for loan to crony capitalists.
    He may also feel heat of anti corruption crusade.

  29. A truly brilliant person is humble and minds his own business.
    One who considers himself brilliant also considers himself indispensable and seeks to advise others. Usually, by becoming a mouth piece for vested interests.
    Bharat(India) will survive, Sir. It was the greatest civilization in the world and has withstood horrors. Don't provide your shoulders for others to shoot from.
    Your credibility ? able.

  30. There is a Great element of 'Sour Grapes' in what this man is saying.Its not every one or any one , who can be a sage.Good in Finance is different from good in other fields such a economics and nation running, ‘emotional quotient’ etc that you need to have to be successful, in the role you had been in.It would be better if instead of these ,’spilling of bile’, Raghu could him self gain wisdom and become a diplomatic speaker and some-one who can charm and win the hearts and can be transformational in India and could remain a proud son of the Soil and a Wise Citizen of the world.,For what, purpose is Raghu saying this–just to hurt–get his revenge. Is it not a waste of time.Is the current Govt at heart malicious.It has great dreams for India, but the conundrum is how to resolve it.You were in Power, if you had a winning way, besides your strict 'Finance' then possibly you could have contributed greatly to the same cause that, the current Govt is striving at.Just maligning the Govt can get your revenge in terms of the influencial among the auduence ,impacting(-/+) on the current govt's functioning in some way, we don't know yet,and thus , not helping the govt deliver to the needy people.Just get out of your petty mind , get wise and work for the nation and the people of the world. It is the people who elected the Govt., can that be undone and is there a way you Can to undo(Did we have a better choice this time–see the Congress–Rahul(‘Juvenile’) and the Lot). You are just in the process of your pettiness contributing to the misery of the people .
    Cheer-up.Come-up with Bright ideas.Have a pleasant mindset and admit your foolishness.And be useful and productive and just dont go about bitter.

    –The take home message for Raghu—neither, you,me or any one mortal can change the dispensation for the term of the current Government–its not as bad as you make it look. It has not set out to hurt the nation.In fact the top leadership has started with great ideals–but what they may be getting wrong is the path, they are experimenting with–Do we have may astute in our country–we need universal education and the democratic process to go on for several decades till we have a population with the Critical Mass of the Astute. We need more wise individuals.I hope more and more indians will go into top education and thus come with detailed vision on running the country and over a few decades we will have a critical mass of great minds ,who by then will streamline all aspect of nation building lets hope(it is hope–and working positively with good-will–fostering one-ness of our people and one-nesss with the rest of the family of cultures and peoples that is needed of people ,intellectuals like you, without losing perspective of the life of 80/85years that we each live).It is amaturish presently, but do we have better.The best our country has, like you ,are so lost in self glory, that ,your pride is more important than the development and growth of the country and more important,than the lives of the many many millions.There are many ‘back-channels’,by virtue of what you achieved in your life, where you can still keep passing on your great Ideas when you generate them .Demonitization etc were experiments lets say,again suggested by people who thought they knew what was good.Now there is no point in keeping talking on that,Rather, it would be wise to use your wisdom to convey positive messages in the direction of progress, so that people now in govt have may positive ideas and they may find one of your idea unique and useful. Be positive , and spend your life for the betterment, why waste time remembering and reminding your bitter experience/episode.Nation running is practical and some one has to take a call, is there a better way we know now ,than the election .Lets spend time on devising better ideas for a better world.

  31. Mr. Rajan feel divisive populism based on castes that Congress preached was okay? sounds like uniting population is seen as 'divisive' but dividing is seen as progressive? it almost feels like sour grapes here – while his policies did contain inflation initially, him sustaining it for too long starved the small and med industries out of capital and hence lead to downturn & hence his firing. The party that called that out is termed as majoritarian. yes, 5% is bad and this govt needs to focus on future than blame the past. However, his reasons around majoritarianism is not apt to the current ruling party.
    The fact is that India has been inherently open culture – if conversion forces could assimilate (which is what current govt is trying) then things will be fine socially. Instead, if the abrahamic religions indulge in forcible conversion via money, propaganda, fear mongering then it disrupts the social culture.

    wish someone had raised these?

  32. I think there were far too many leaders in the UPA with no mass base, but who held powerful union cabinet positions and exercised great power and influence. All based on their closeness to the Gandhi family. Likewise they favoured those career bureaucrats that curried favour with this coterie. A nice cosy club, all told.

    A necessary readjustment is underway. Like them or leave them, but people rise to the top in the BJP based on their mass base and track record, not based on their toadyism or chamchagiri index. Likewise the BJP is playing a waiting game of phasing out the old guard in the bureaucracy that was accustomed to taking their marching orders from successive Congress governments.

    Once these changes are made, I think the BJP will decentralise.

  33. Sir Raghuram Rajan, I am sorry but u said public doesn't care as modi-2 came,
    i want to clear ur doubt, sir we choose modi coz we dont have any other relevant option..,
    if you stand for P.M., I surely vote you

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