Shekhar Gupta - Sir, if possible, please start a weekly book recommendation series too. A lot of people would like to read what the best minds are reading.
Insightful discussion. Two comments: your sound was terrible (RRs was fine), and commendable for allowing the guest to speak more! Often anchors find the temptation hard to resist.
People saying RR doesn't criticise UPA but in 1hr he criticised 1. MNREGA 2. Less reform period during 90s and 2000s 3. Redistribution model 4. Sporadic and irregular reforms He's s economist, may be biased but is quite neutral.
@@dipjyotimitra186 what I meant by that is inherent biases are natural in human beings and economic leanings towards one theory or the other is quite normal for economists. And as for our political class they want to rule and have power, they will never become a socialist democracy (ie France, Iceland) or liberal capitalists (USA)..... they will remain the staunch socialist kind of statist leader.
chump ..he hasn't criticized MNREGA....he just referred to it as an redistribution exercise.. its primarily demon, ill implemented GST and Lockdown that have screwed the economy to this point of disaster.. n guess who is father of these idiocies...
@@dipjyotimitra186 government does not want to discuss with opposition as they are almost monopoly. War on the economy continues with some caused due to wrong implementation of policies which is followed by pandemic. If you utter anything, the blame may go to Nehru.
@@MAC-vi7fy Modi supporters asking 'Where are the protests?' look cute. As if we have a climate where protests are taken very lightly. Today you can be slapped with the UAPA- an anti-terror law- over anything. A climate which cracks down on any disagreement with such ferocity mastered by the government and championed by its supporters can never lead to positive outcomes for the country, and certainly not for the economy. Because the government is no longer receptive to any feedback from those who disagree and has no incentive to not be rash with its policymaking, reflected in disastrous decisions like the demonetization and the manner in which the lockdown was implemented. But talking of protests, farmers have been protesting like anything. But of course they've been dubbed as incited by the Congress (when the same farmers have also vehemently protested against the Amarinder Singh government). By contrast, the UNDP report last year said the UPA lifted 270 million people out of poverty.
Watched till the last. Worth every second and the lat statement of respecting our institutions & letting them do their job to be a first world country or else we would be a third world country is a harsh rwality to our political class who are running the country.
Very surprised. Listen to the interview of Deepak Parekh and kV Kamath. Very balanced perspective. RR evaded Farm bills and Labor codes discussions and they will endorse the govt and SG won't ask him further. Though talented RRs political affiliations and bias against the present govt makes him to look at things with tinted glass.
Legend, LOL. He, Abhijit Bannerjee, Amartya Sen and other free-money-dole-out specialists are thrust on India by foreign countries with paid-praises in Indian media. This "legend" choked India's growth and did maximum damage to the Indian economy by raising interest rates "to curb inflation" most likely at the behest of foreign paymasters. This choked the growth of white economy. India's inflation is caused by myriad of other factors like Oil price, Rain irregularity, poor infrastructure and higher cost of transportation, counterfeit notes, lack of cold storages for food, smaller farm sizes, supply constraints, lack of automation, expensive electricity and outages etc and NONE of this is reined in by higher interest rates. But how to drill this into heads of his thick-skull bookish economist chamchas. In fact, to boost economy the govt should do the opposite. Bring down the borrowing rates into ground.
Point noted here: Restrictions put on import equally destroys export opportunities. Protecting domestic industries by increasing tax to foreign industries makes goods uncompetitive, low demand.
"We have a lot of strong institutions and we should try and respect them and ensure that they are allowed to do their job because when they do their job, we can be first world country. It is when we undermine them that we become third world country". Respected Raghuram Rajan was saying that. It's a sage advise. It's always wonderful and a matter of extreme joy for me to listen to this world renowned Indian. Also thanks to The Print for having him on #OffTheCuff
It don't apply uniformly for all sectors, there are two types of sector, the one where import duty helps one particular group or house of business another one the sector which protects the employment of nation. E.g. opening Agricultural sector is too disastrous for country like India where average farmer owns around 3acre land compare that with USA where avg farmer own 450 acre. If we open up Agri sector, you will get rice for Rs.15 a kg, Milk for Rs.20 a litre. But it would have destroyed almost 40% of your countries employment killing the purchasing power of the nation on the whole. We will get into the deadly loop of Congo, Ghana, South Sudan, Malawai, Zambia..etc. There are oversupply in some sectors, like Milk, Agri sector, milk is too oversupply in the world market that EU dumps it free on Africa killing most of Milkmen who are uneducated and backbone of the country. So let us not go into full fledged theory instead of linking them with practical.
@@vijays8555 gdp per capita of Ghana ($2200) much higher than India($2000). Stop the uninformed comments. Also, most African countries actually have a better quality of life than India!!
@@vnexal Ghana is better developed than India even 15 years before but EU dumbing its produce created high unemployment crisis in Kumasi area. Indian agricultural sector have to protected for the sake of creating consumer demand bottom up. No industry sector in the world is ready to employ 60cr people.
I belong to a middle class family in Bihar. My father is ex army man and after retirement, he started a jewelry business (our family business). So i can tell about the impact of corona on business (at least jewelry). During the complete lockdown, businesses were hit severely because people were saving money and not spending much but things got change after lockdown was lifted. It is a festive season, so businesses are picking up (obviously not to the level, it would normally been gone). Problem may be more severe in big cities but in rural/semi-urban areas which account for most of India, things are looking good going in the future (the reason behind this may be due to large informal sector operating in these areas). Anyway, govt stimulus will definitely help.
I AGREE 100 %. WE LOST A BRILLIANT PERSON LIKE HIM DUE TO THE UNEDUCATED BJP MODI N SHAH. OF COURSE THEY DON'T KNOW AND APPRECIATE SUCH A SMART PERSON. HOPE BJP LOSE BIHAR MISERABLY N NEVER COME BACK.
With respect to the broken Indian economy, we have got to a point where Govt. should set aside all previous differences with experts/institutions and get them together to have the best from all well wishers. And who better to start with than Mr. Rajan !
Very insightful discussion, talking about real problems and solutions with the indian economy, without politicizing it and taking sides.. if a 5 or 10 minute breakdown of this can be put up then people might watch and then follow to watch the whole discussion.. sometimes people see it is for an hour and they dont have patience
Good interview. Questions were in depth and answers were good and thought provocative. But I wonder, why on one hand he says that reforms were not carried out in a sustained manner, but on the other he was reserved in giving credit to Govt. on agricultural reforms and labour reforms. His view that improving governance in public sector banks is the most important way ahead and definitely not privatising them selling stake to big business houses, answered my long pending question in my mind on whether or not to privatise public sector banks and LIC. Thanks to Mr.Shekar Gupta and to Dr. Raghuram Rajan for the enlightening interview.
@@RK-bj8ho that’s a great combination for future stability, eventually something has to give, millions of jobs are needed and it’s only going to get worse as the population reaches 1.5 billion. We could have a complete breakdown of social stability over the next 30 years with hundreds of millions unemployed and many more leading unfulfilling lives because of a lack of opportunities.
My humble request to the print , please provide us with the summary or transcript of these important conversations. These are very useful and of great value for comprehending the state of economy.
Shekhar Sir a general suggest to use a boom mic or atleast some good table mic ... such interviews need to be carefully listened to using earphones, good quality sound helps!
Really a superb interview by Dr Raghjuram Rajan, India has listened to him carefully, hope our political establishment at the centre also realize all its efforts in economy were disastrous and hence must do the needful to save India and must consult experts and not sages and offer recipes like cow urine, neem or tulsi....to save our economy that is being infected by COVID 19
@Abhyuday Singh Have you heard about pathancot airbase attack? 2018 saw highest casualities of soldiers in J&K. The casualities were so high that it is more than the previous 10 years put together. Blind bhakth beliving whatsapp university
I read many pieces by economists that lack of manufacturing investments is because of lack of infrastructure and ease of doing business. It is astonishing this discussion does not involve huge investments in EDFC and WDFC and Mumbai -Delhi Industrial corridor and good improvement in ease of doing of business. We are underestimating importance of these projects.
This project will only be successful if we get foreign investments . And for foreign investments we have to do away with protectionism . Otherwise this projects are going to be white elephant .
@@abhishekt5522 this is chicken and egg problem isnt it? Everyone says India must not ban imports. But This is working for defence, is it not? And everything else is manufactured in China. No one else manufactures. So basically India is banning imports from China. Be it AC, Toys, Apps.. If you heard what RR said, FDI is on the rise. He mentioned it in passing like it is bad thing for long term.
Very good interview, however, Shekhar's voice was echoing very bad. I would also look forward for transcribed version of it in pdf format which would help me to study later.
The question should be, if the demonetisation wouldn't have happened would Covid crisis be equally damaging as it is, the answer is yes. So no point on connecting the dots.
Illiteracy & Educated illiterate- both are a big issue in India. In no country is _every_ Govt initiative a 100% success. But to make any initiative with below average success rate the focal point of all thats happening since only reflects illiteracy.
@@sunohumse Ok genius, What is the best plan of action from your point of view? Lockdown after 1 month instead of abrupt lockdown? Which leads to massive migration over lockdown fear? Don't just say things because you like to oppose. Think of the solution that would have worked...let me tell you there was no other way to control the migration except abrupt lockdown and get the villages ready for potential quarantine centres etc.
The answer is no. Because we would have greater fiscal space to mitigate the COVID induced economic crisis and embark on a far more robust spending programme, the sort every other BRICS economy has embarked on (which economists across ideological hues agree we need to beat the recession). Even Brazil has suffered COVID ravages. But their economy is in a better shape because of government spending. Which they could embark on because they weren't in the midst of a massive slowdown before COVID struck. Which we were
@@KM-ff2gm so yes. The dots do need to be connected. In the quarter before COVID, our GDP growth rate had plummeted to 3.1%- comparable to the growth rates of the pre-1991 era. And once again, economists across hues agree it was demonetization and a badly implemented GST that gave repeated shocks to the informal sector, which employs 94% of our workforce and contributes 45-50% of our GDP. All of this naturally affected tax receipts, well below the government's budgeted targets even before COVID struck. The dots need to be absolutely connected. Even if COVID would have brought us to the same spot minus demonetization and GST, we would've had much better fiscal health to do something about it. Which we now don't thanks to disastrous economic policies.
@@KM-ff2gm and I don't know about the best plan of action but a better one would've been to give people greater window of time than a 4 hour window, abruptly halt all means of transport, and commit police brutalities. Not only did this abrupt lockdown fail at preventing the migration of migrant workers (it anyway happened, that too with insurmountable human tragedies as they trudged thousands of kilometres) but we also failed miserably at checking the spread of cases, because we simply didn't test and trace adequately- the only reason one could see for the lockdown to begin with. And not just China but even Bangladesh and Vietnam did testing and treating much more vigorously, reflected in the rebound in those economies. It's not about opposing for the sake of opposition but fixing accountability for the greatest economic disaster this country will see post-independence. While COVID can certainly be termed an act of god and the lockdown necessary, the policies implemented before, during and after are definitely to blame for the sorry economic state we are in.
You should make a list of genuine questions that need answers asked by respected scholars in their fields and tweet it to the PM/PMO. #ThePrint has the might to be real and genuine. That's the need of the hour
He is Congress man, If Congress by any miracle can ever get power than may be, BJP is right wing party and these left wing economist have no place in the system, As far as best economist are concerned Arvind pangeria is way better than him
3 things which shackled the Indian Economy are GST, Demonitasation and Lockdown without proper roll out of reforms...these points are truly rightly put forward by Mr. Raghuram R.
@@shashikarkhanis9801 Being picked up university doesn't mean they are good for system, These left wing economist live in their own world of superficial ideas
While Modi’s the policies are generally on point, the problems are that neither the strategy nor implementation are coherent. Here is where I think the approach is falling short in India: 1) Despite his massive mandate, Modi is not thinking big enough or long term enough. Deng planned for China in 1-5-10-20-50 years. Modi has tended to pick and choose ones that capture his attention. What do you want the India of 2050 to be like. This sort of thinking is what led China to take over Tibet, and now driving their claims to Ladakh to build them an alternative highway for their trade. Where does India want to be in 50 years? 2) the people in charge of implementing are still the stale old bureaucrats and IAS. Modi needs to surround himself with the best of the best, incentivize the best of the best, including expatriate Indians who deeply understand how modern systems work in developed economies to come back and help build modern Dream India. Driving away Raghuraman Rajan was a major mistake for example, and INR devalued 15% after he was removed. Similarly Sam Pitroda built the framework that started the communications revolution. You need leaders like that in all sectors setting and implementing public policy. 3) not enough thought going into ramification of short term moves like demonetization or implementing lockdowns without considering how to feed and take care of tens of millions of migrants 4) not bringing along stakeholders when it will ensure longterm buy in, such as the recent reforms that were rammed through. What was the point of announcing CAA policies the way they did. Instead, should have had strong statement from PM that it would have zero impact on Indian Muslims, backed by major Muslim figures. The way it was done created so much negative impact on Brand India, including in friendly countries like Bangladesh. Now India is widely viewed negatively not only in Muslim countries but also in western liberal kinds which will hurt India 5) focus on the big items first - invest in education, healthcare, trade. On trade China started with ONE big SEZ situated near a big commercial port with proximity to major hub like Hong Kong. That allowed economies of scale. In India there are 100s of SEZs scattered all over. There is no focus. Build in Navi Mumbai and see it take off.
Indeed , Modi did import top economists in 2014 , 2015. But the problem with him is he thinks too big for his boots. No consultation, dialogue, interaction, with the elected representatives. Never listened to his advisers. Twisted and mauled institutions on the back of brute majority. My way or get out is his motto.. As a result all top Advisers have prematurely resigned and left. Modi only listens to Ambani and Adani I believe.
@@humptydumpty6641 You are right.. Indian economy was doing fairly well until November 2016 when that fancy idea of demonetisation came to his mind..Not just the Idea itself was bad,its implementation was horrendous... nobody was consulted or taken into confidence..be it reserve Bank, finance ministry, chief economic adviser...In cricketing terms it was like a hitwicket. A self destructive move...even in our family we can't take such rash decision and over here it was imposed on 125 crore people
On the growth part, my question would be the 'Make In India' whose objective was to improve the improvement in Ease of Doing Business Index, which it did actually. However,, the improvement in rank didn't led to growth in manufacturing, why did this happen? One of the reasons for stagnancy in growth is also the stagnant quality of IAS officers who lead the policymaking in India. Isn't it? The recruitment being horrible, easily get swayed by the political power, not many are experts, worse don't want to become one either. They are still being recruited on the basis of memory tests that tests their memory of NCERT book level concepts without giving any weightage to expertise or work experience at all!
@@Dronecomplexx that's how you judge people, is it? There are more endeavours in people's lives than just clearing a civil services exam 😂 I have handled government relations and CSR for various corporates, and have worked with many IAS officers at district and state level. My comment is based on my experiences with them for 5 years in my career. Since you are an Assamese, I should mention I am a graduate from IIT Guwahati. I should mention not all were same, but only a tiny stood out in my experience which is across 3 states. Professionally, I won't have been able to comment like this because *political correctness* is the norm of our policy/development sector. But, I could see why IAS officers can make great policy dragons on paper and not on ground. Really, more than half of the aspirants are unemployed, more a fourth have zero experience when they join services. The exam doesn't recognise work experience, management skills and leadership potential. It simply tests factual knowledge (prelims) which is build through rote learning of NCERTs and newspapers. Lakhs of graduates waste many years of their productive life, this is how India utilizes it's 'demographic dividend'.
Several reforms needed with well planed layout. If it's not done,we could face several severe challenges up ahead.Please God bring hope not just to its people but to whole world what India can contribute.❤Jai
Dr.Rajan, as usual, very precise and to rhe point. Insightful thoughts of the stalwart in economics. Thanks to SG and the Print for this infomative session with good questions.
I toh thoroughly enjoyed this, wish I could learn from Rajan Sir directly, he was so insightful. Learnt more from this interview than from studying economics for three years.
@@pranavpatel3576 India was growing at a steady rate, had the rate been maintained, most Indians would have jobs in the foreseeable future, since 2017 India has been shrinking, dimaag peh barf daal.
@Nitin Shekhar This guy predicted the 2008 meltdown .. he's legend in the academic field. He was responsible for bringing down retail inflation from 10 to 3%, formulated the UPI gateway that everyone takes for granted. Called the 'Surgeon' for finding out NPAs and was an early advisory body on creating IBC. Created space for new banks to operate (Bandhan etc.), created record forex reserves .. the list goes on and on. That too being tied to a coalition government with limited policy making capable. You must special kind of stupid to let your confirmation bias get the better off you. Raghu's CV has more points than BJP has criminals in the party.
@Nitin Shekhar I'm 17 ( I don't have an opinion over many things especially politics)and I'm just curious that how and why are you saying such stuff about him , I've read his biography, I've seen TH-cam videos about him which i think are from unbiased source ( study iq and similar channels) What I've concluded that he's a man which India needs ( again I'm 17 , i might be wrong but that's fine I'm here to learn) , his education background is far superior than almost everybody and i think i can say with confidence that you perhaps me too cannot ever fathom his intellectualism , now please i know you'll be reading this so i demand an answer from you that why did you write that comment ( I'm not being aggressive in any way , I'm just curious) peace ✌️
Why is this not uploaded on your podcast outlet? Also cheers for bringing in actual experts to cover topics. You've gained a new subscriber. P.S: Please fix the host's mic the next time.
Dear Arnab. We want this type pf discussion on republic tv. Regarding Sushant, rhea, etc... the law enforcement agencies are doing there work.. So please Mr Arnab.. focus on the core issues of the country. Jai Hind..!!
Modi needs to use Deng Xiaoping as his model, instead of Donald Trump. Both are nationalists but 180 degrees different in approach. Deng created a coherent strategic vision - national modern education, establishing a small number of large SEZs to establish economies of scale, transport and port infrastructure, and process infrastructure to implement. Brought together the sharpest minds and let them shape policy. Then followed through, making and systemically implementing bold decisions down to the grass roots in every town and village. Testing various models first in small ways then creating winning templates to spread rapidly nationally. Trump on the other hand is all about self serving, sowing division among people to strengthen his own power base. Assuming he knows better than experts. Using a small cabal of ill-skilled cronies to implement, often with disastrous results. If Modi had followed the Deng model, India today would be the number 1 candidate as a supply chain alternative to China. And build momentum to become a financial powerhouse, and true rival to China. Let’s hope Modi has the wisdom to learn and adjust his approach.
Totally agree. India & China's problems have been quite similiar. Deng's vision & blueprint for China was the key basis for China's transformation & emerging as a global power . And Dengs legacy has lasted China till date www.scmp.com/news/china/diplomacy/article/2172540/over-40-years-diplomatic-drama-rising-china-opens-and
Biggest adversary to laying the framework of India's growth in the long term is the country's multi party political system. Till that exists India will be fragmented & reforms will be reactive not systematically planned years before like in China Restrict Politics to two camps like in US UK. Restrict Elections to once every few years . Not some or the other elections going on through the year at some place or the other causing political ugliness, public disturbances and a drain on India's resources
@@asher2994 India is doing what China did. We are actually copying Deng Xiaoping from 2007. Dr MMS govt brought in Bharath Nirman, Modi rebranded it to Bharath Mala, Sagar Mala,DFC corridor, Golden Quadrlatoral, Diamong Quadrilatoral express highway etc.
@@spetsnazGru487 Almost all of what you are mentioning are the legacy of Atal Bihari Vajpayee. All that Sonia led MMS govt did was lay foundation stones or stall projects right at the start/ initial phase. Infra Projects remained in a limbo & only thing that increased steadily over the years were cost of the projects for which Govt kept releasing funds. Funds released but no work that was the highlight of Congress/ UPA govt Atal Bihari Vajpayee had a vision for India thats being implemented now. Most Infra projects are getting completed under 5 years
@@asher2994 I think Modi wants to follow -some- of Deng’s approach. The problems are that 1) he is not thinking big enough or long term enough. Deng planned for China in 1-5-10-20-50 years. Modi has tended to pick and choose ones that capture his attention. What do you want the India of 2050 to be like. This sort of thinking is what led China to take over Tibet, and now driving their claims to Ladakh to build them an alternative highway for their trade. Where does India want to be in 50 years? 2) the people in charge of implementing are still the stale old bureaucrats and IAS. You need to incentivize the best of the best, including expatriate Indians who deeply understand how modern systems work in developed economies. Driving away Raghuraman Rajan was a major mistake for example, and INR devalued 15% after he was removed. Conversely Sam Pitroda built the framework that started the communications revolution. You need leaders like that in all sectors setting and implementing public policy 3) not enough thought going into ramification of short term moves like demonetization or implementing lockdowns without considering how to feed and take care of tens of millions of migrants 4) not bringing along stakeholders when it will ensure longterm buy in, such as the recent reforms that were rammed through. What was the point of announcing CAA policies the way they did. Instead, should have had strong statement from PM that it would have zero impact on Indian Muslims, backed by major Muslim figures. The way it was done created so much negative impact on Brand India, including in friendly countries like Bangladesh. Now India is widely viewed negatively not only in Muslim countries but also in western liberal kinds which will hurt India 5) focus on the big items first - invest in education, healthcare, trade. On trade China started with ONE big SEZ situated near a big commercial port with proximity to major hub like Hong Kong. That allowed economies of scale. In India there are 100s of SEZs scattered all over. There is no focus. Build in Navi Mumbai and see it take off.
This is fantastic suggestion and guidance in bringing up revival to put economy on right track which is a hard talk in respect of governance and administration in line with streamlining of the entire system that will be very difficult to have the mind set of people, especially, those who are the power and administrators to undertake this entire change in attitude to create the desired climate for all these desired changes.
A larger number of bad loans were originated in the period 2006-2008 when economic growth was strong, Rajan said. He also said, "Too many loans were made to well-connected promoters who have a history of defaulting on their loans.". . Raghuram Rajan. He is the biggest creator of NPA
This man did maximum damage to the Indian economy by raising interest rates "to curb inflation" most likely at the behest of foreign paymasters. This choked the growth of white economy. Unfortunately he doesn't spare us and keeps coming back to haunt us just like another foreign paid stooge, the economist(free money dole-out specialist) turned politics commentator Amartya Sen. Rajan was offered top job at london in their central bank but he only wants to haunt us and refused that job. Biggest mistake of modi govt was not to fire him immediately when they came to power. Even when he is not around his students keep occupying key positions. India's inflation is caused by myriad of other factors like Oil price, Rain irregularity, poor infrastructure and higher cost of transportation, counterfeit notes, lack of cold storages for food, smaller farm sizes, supply constraints, lack of automation, expensive electricity and outages etc and NONE of this is reined in by higher interest rates. But how to drill this into heads of his thick-skull bookish economist chamchas. In fact, to boost economy the govt should opposite. Bring down the borrowing rates into ground. This will lower cost of capital for Entrepreneurs and expansion plans of existing industries.
@@ninthman2995 the inflation was touching 11% and all those measures taken by him were necessary to curb the inflation. The reason he resigned from RBI governer as he did not favour demonetisation as he felt the short term economic costs associated with such a disruptive decision would outweigh any longer term benefits from it That is what happening in the Economy. It's been 4 years now and India has not seen a single growth even after he had left. So in short "जिसका काम उसी को साजे और करे तो बुद्धु बाजे"
I am glad I found your channel Mr.Shekhar Gupta I always try to balance between left wing news and right wing news and right in the middle is where your content stands and its refreshing just as one would listen to their Uncle or grandpa. Great job.
The talent, brilliant experience minds like Raguram Rajan at the RBI could have very handy at a times like this one to steer the economy to safe place.
Raghuram Rajan remains one of the most sensible and sane voices in the Indian Financial system. The conflict between political economy, for votes, and Real economy for overall Development is always a difficult quagmire to negotiate. Nonetheless many of us look at Mr Rajan as one of the most successful Governors amd economists
India did well as long as the Chi na was not in WTO and we had trade surpluses with everyone. Even after the Chi na entered WTO it took them some time to get foothold in indian markets and local manufacturing was not YET destroyed by imports. So growth kept going on for a while irrespective of ruling party.
Bring in Trump, Boris Johnson, Michel Barnier, Xi Jinping, Ali Khameni-- for correct facts. Sanyal alone is a drop in the ocean. *And looking at India in isolation is an illiterate thinking*
![[Live] : ONE 168 วันนี้!! "โจนาธาน vs ซุปเปอร์เล็ก"](http://i.ytimg.com/vi/0jIN65KgJsI/mqdefault.jpg)
Shekhar Gupta - Sir, if possible, please start a weekly book recommendation series too. A lot of people would like to read what the best minds are reading.
Read what makes you feel good... read more of non-fiction
Loved the neutral tone of the interview, facts were stated without dramatization. Also very insightful. Always love the Shekhar Sir's overview style.
Insightful discussion. Two comments: your sound was terrible (RRs was fine), and commendable for allowing the guest to speak more! Often anchors find the temptation hard to resist.
I guess you haven't watched the one on one talks on TH-cam on several channel. Everyone let's the guest speak more.
@@noname-sk3hl I think he's coming from Republic or India today broadcast.
Hi! Thank you for your feedback. Do keep tuning in.
@@ThePrintIndia really appreciate the listening , i have seen guy in 'thewire' go berserk , no matter how little he knows
I was just thinking about the same thing
People saying RR doesn't criticise UPA but in 1hr he criticised
1. MNREGA
2. Less reform period during 90s and 2000s
3. Redistribution model
4. Sporadic and irregular reforms
He's s economist, may be biased but is quite neutral.
@@dipjyotimitra186 what I meant by that is inherent biases are natural in human beings and economic leanings towards one theory or the other is quite normal for economists. And as for our political class they want to rule and have power, they will never become a socialist democracy (ie France, Iceland) or liberal capitalists (USA)..... they will remain the staunch socialist kind of statist leader.
chump ..he hasn't criticized MNREGA....he just referred to it as an redistribution exercise.. its primarily demon, ill implemented GST and Lockdown that have screwed the economy to this point of disaster.. n guess who is father of these idiocies...
@@dipjyotimitra186 government does not want to discuss with opposition as they are almost monopoly. War on the economy continues with some caused due to wrong implementation of policies which is followed by pandemic. If you utter anything, the blame may go to Nehru.
@@MAC-vi7fy what about poverty than?
@@MAC-vi7fy Modi supporters asking 'Where are the protests?' look cute. As if we have a climate where protests are taken very lightly. Today you can be slapped with the UAPA- an anti-terror law- over anything. A climate which cracks down on any disagreement with such ferocity mastered by the government and championed by its supporters can never lead to positive outcomes for the country, and certainly not for the economy. Because the government is no longer receptive to any feedback from those who disagree and has no incentive to not be rash with its policymaking, reflected in disastrous decisions like the demonetization and the manner in which the lockdown was implemented. But talking of protests, farmers have been protesting like anything. But of course they've been dubbed as incited by the Congress (when the same farmers have also vehemently protested against the Amarinder Singh government).
By contrast, the UNDP report last year said the UPA lifted 270 million people out of poverty.
Shekhars sound is terrible! Major echo. Good microphone would help
Hi Saurabh. We apologise for the tech issue. Thank you for tuning in.
Agreed. Wish Shekhar could speak into a microphone being directly recorded. Would make for a much better experience.
It is a good video but there is a software using you could simply remove the echo ! Hoping for better sound quality in the future ☺️
A basic earphone should do the job. They are speaking directly via their desktop/laptop mic.
Watched till the last. Worth every second and the lat statement of respecting our institutions & letting them do their job to be a first world country or else we would be a third world country is a harsh rwality to our political class who are running the country.
Q1l
Very surprised. Listen to the interview of Deepak Parekh and kV Kamath. Very balanced perspective. RR evaded Farm bills and Labor codes discussions and they will endorse the govt and SG won't ask him further.
Though talented RRs political affiliations and bias against the present govt makes him to look at things with tinted glass.
🔥🔥🔥🔥 you bought in the legend for this episode
Legend, LOL. He, Abhijit Bannerjee, Amartya Sen and other free-money-dole-out specialists are thrust on India by foreign countries with paid-praises in Indian media. This "legend" choked India's growth and did maximum damage to the Indian economy by raising interest rates "to curb inflation" most likely at the behest of foreign paymasters. This choked the growth of white economy. India's inflation is caused by myriad of other factors like Oil price, Rain irregularity, poor infrastructure and higher cost of transportation, counterfeit notes, lack of cold storages for food, smaller farm sizes, supply constraints, lack of automation, expensive electricity and outages etc and NONE of this is reined in by higher interest rates. But how to drill this into heads of his thick-skull bookish economist chamchas. In fact, to boost economy the govt should do the opposite. Bring down the borrowing rates into ground.
Listening and reading ThePrint is so pleasing, true journalism in the era of cartoon channels(news channels)
Agreed
Point noted here: Restrictions put on import equally destroys export opportunities. Protecting domestic industries by increasing tax to foreign industries makes goods uncompetitive, low demand.
"We have a lot of strong institutions and we should try and respect them and ensure that they are allowed to do their job because when they do their job, we can be first world country. It is when we undermine them that we become third world country". Respected Raghuram Rajan was saying that. It's a sage advise. It's always wonderful and a matter of extreme joy for me to listen to this world renowned Indian. Also thanks to The Print for having him on #OffTheCuff
It don't apply uniformly for all sectors, there are two types of sector, the one where import duty helps one particular group or house of business another one the sector which protects the employment of nation. E.g. opening Agricultural sector is too disastrous for country like India where average farmer owns around 3acre land compare that with USA where avg farmer own 450 acre. If we open up Agri sector, you will get rice for Rs.15 a kg, Milk for Rs.20 a litre. But it would have destroyed almost 40% of your countries employment killing the purchasing power of the nation on the whole. We will get into the deadly loop of Congo, Ghana, South Sudan, Malawai, Zambia..etc. There are oversupply in some sectors, like Milk, Agri sector, milk is too oversupply in the world market that EU dumps it free on Africa killing most of Milkmen who are uneducated and backbone of the country. So let us not go into full fledged theory instead of linking them with practical.
@@vijays8555 gdp per capita of Ghana ($2200) much higher than India($2000). Stop the uninformed comments. Also, most African countries actually have a better quality of life than India!!
@@vnexal Ghana is better developed than India even 15 years before but EU dumbing its produce created high unemployment crisis in Kumasi area. Indian agricultural sector have to protected for the sake of creating consumer demand bottom up. No industry sector in the world is ready to employ 60cr people.
I belong to a middle class family in Bihar. My father is ex army man and after retirement, he started a jewelry business (our family business). So i can tell about the impact of corona on business (at least jewelry). During the complete lockdown, businesses were hit severely because people were saving money and not spending much but things got change after lockdown was lifted. It is a festive season, so businesses are picking up (obviously not to the level, it would normally been gone). Problem may be more severe in big cities but in rural/semi-urban areas which account for most of India, things are looking good going in the future (the reason behind this may be due to large informal sector operating in these areas). Anyway, govt stimulus will definitely help.
Please use microphone Mr. Gupta. RR's sound quality is better than yours.
He's one of the brilliant minds in the field of economics
I AGREE 100 %. WE LOST A BRILLIANT PERSON LIKE HIM DUE TO THE UNEDUCATED BJP MODI N SHAH. OF COURSE THEY DON'T KNOW AND APPRECIATE SUCH A SMART PERSON. HOPE BJP LOSE BIHAR MISERABLY N NEVER COME BACK.
@@hyd916 just remember even when RR was in charge we did not accomplish much, just saying
With respect to the broken Indian economy, we have got to a point where Govt. should set aside all previous differences with experts/institutions and get them together to have the best from all well wishers. And who better to start with than Mr. Rajan !
Tell me about the payments bank , do you agree with its failure and also without prior thinking about it's effect, how it was formulated.
Modi & Bhakts have too much ego to allow this to happen.
I hope the woman who said this is all an " act of God " is watching this
exactlyyy bro
Was shameful to hear this from a Woman (Mother) she can’t be that insensitive and uncompassionate.
She has the biggest expert in the world modi chacha why they need some1 else 😝😝😝😝😝😝😝😝
That was for covid not economic downturn
@Jason 👍
‘It is tempting to blame COVID for all our problems’
Brilliant assessment.
Even more tempting to blame it to god lol
Very insightful discussion, talking about real problems and solutions with the indian economy, without politicizing it and taking sides.. if a 5 or 10 minute breakdown of this can be put up then people might watch and then follow to watch the whole discussion.. sometimes people see it is for an hour and they dont have patience
Good interview. Questions were in depth and answers were good and thought provocative. But I wonder, why on one hand he says that reforms were not carried out in a sustained manner, but on the other he was reserved in giving credit to Govt. on agricultural reforms and labour reforms. His view that improving governance in public sector banks is the most important way ahead and definitely not privatising them selling stake to big business houses, answered my long pending question in my mind on whether or not to privatise public sector banks and LIC. Thanks to Mr.Shekar Gupta and to Dr. Raghuram Rajan for the enlightening interview.
All the Knowledge that’s shared in this Interview is Blah blahh to the Bjp and that’s the problem of India “Education “
Don't forget Dr swamy is in the BJP
Growth does not win elections in India ..... only emotional sentiments & parties expoits this
@@RK-bj8ho that’s a great combination for future stability, eventually something has to give, millions of jobs are needed and it’s only going to get worse as the population reaches 1.5 billion. We could have a complete breakdown of social stability over the next 30 years with hundreds of millions unemployed and many more leading unfulfilling lives because of a lack of opportunities.
We are missing good people when India needed them most.
We kicked them out. Because they didn’t match our foolish political interests.
@@ayethegreat4997 yes, our government forced them to quit.
𝙷𝚎 𝚑𝚊𝚜 𝚖𝚎𝚗𝚝𝚒𝚘𝚗𝚎𝚍 𝚖𝚞𝚕𝚝𝚒𝚙𝚕𝚎 𝚝𝚒𝚖𝚎𝚜 𝚝𝚑𝚊𝚝 𝚑𝚎 𝚠𝚘𝚞𝚕𝚍 𝚕𝚘𝚟𝚎 𝚝𝚘 𝚌𝚘𝚖𝚎 𝚋𝚊𝚌𝚔 𝚊𝚗𝚍 𝚝𝚊𝚔𝚎 𝚞𝚙 𝚝𝚑𝚎 𝚓𝚘𝚋. 𝚂𝚘𝚖𝚎 𝚙𝚎𝚘𝚙𝚕𝚎 𝚓𝚞𝚜𝚝 𝚙𝚊𝚒𝚗𝚝𝚎𝚍 𝚑𝚒𝚖 𝚋𝚊𝚍 𝚚𝚞𝚎𝚜𝚝𝚒𝚘𝚗𝚒𝚗𝚐 𝚑𝚒𝚜 𝚗𝚊𝚝𝚒𝚘𝚗𝚊𝚕𝚒𝚜𝚖. 𝙷𝚎 𝚒𝚜 𝚜𝚘𝚗 𝚘𝚏 𝚊 𝚔𝚊𝚘 𝚋𝚘𝚢 (𝚏𝚒𝚛𝚜𝚝 𝚁𝙰𝚆 𝚊𝚐𝚎𝚗𝚝𝚜)
It’s always a pleasure to listen the Economics Genius- Mr Raghuram Rajan
My humble request to the print , please provide us with the summary or transcript of these important conversations. These are very useful and of great value for comprehending the state of economy.
Shekhar Sir a general suggest to use a boom mic or atleast some good table mic ... such interviews need to be carefully listened to using earphones, good quality sound helps!
Hi Parikshit. Point noted, thank you for the feedback.
Really a superb interview by Dr Raghjuram Rajan, India has listened to him carefully, hope our political establishment at the centre also realize all its efforts in economy were disastrous and hence must do the needful to save India and must consult experts and not sages and offer recipes like cow urine, neem or tulsi....to save our economy that is being infected by COVID 19
Fantastic! Vintage Journalism! Keep up the good work! More power to you Shekhar!
Speaking very sensibly is that why he was made to quit his position😆
I m proud of both intellectual sir
Thank you Print team for bringing this to us. It's refreshing to see things like this.
India's loss. RR didnt back idiotic ideas like demonitization. That is why he was out and the country paid (continue to pay) a heavy price.
Exactly my thought but people are triggered if we say that
@Abhyuday Singh Have you heard about pathancot airbase attack?
2018 saw highest casualities of soldiers in J&K. The casualities were so high that it is more than the previous 10 years put together. Blind bhakth beliving whatsapp university
@Utkarsh Patil I am not a bhakth. Only Bhakths has access to Whatsapp uni
@Abhyuday Singh Do you know Feku is the VC of whatsapp uni. He has a degree that no one else have - fake degree
@Abhyuday Singh Get your brain right you blind bhakth
I read many pieces by economists that lack of manufacturing investments is because of lack of infrastructure and ease of doing business.
It is astonishing this discussion does not involve huge investments in EDFC and WDFC and Mumbai -Delhi Industrial corridor and good improvement in ease of doing of business.
We are underestimating importance of these projects.
This project will only be successful if we get foreign investments . And for foreign investments we have to do away with protectionism . Otherwise this projects are going to be white elephant .
@@abhishekt5522 this is chicken and egg problem isnt it? Everyone says India must not ban imports. But This is working for defence, is it not? And everything else is manufactured in China. No one else manufactures. So basically India is banning imports from China. Be it AC, Toys, Apps..
If you heard what RR said, FDI is on the rise. He mentioned it in passing like it is bad thing for long term.
Can you please start adding a podcast version of these interviews
Very good interview, however, Shekhar's voice was echoing very bad.
I would also look forward for transcribed version of it in pdf format which would help me to study later.
Always such a privilege to listen to Raghuram Rajan talk. So much clarity in thought. We need more of him and intelligencia like Amartya Sen etc.
Amartya Sen is a good economist , but being Educated in the west his outlook has also become western and his ways will not suit India
Very insightful advice by Raghuram Rajan. Thanks for sharing
Thank you Shekar and Rajan for this insightful discussion.
....happy to have RAGHURAM RAJAN .....with YOU....!!!
Very informative video by two smart guys... 😎
The question should be, if the demonetisation wouldn't have happened would Covid crisis be equally damaging as it is, the answer is yes. So no point on connecting the dots.
Illiteracy & Educated illiterate- both are a big issue in India. In no country is _every_ Govt initiative a 100% success. But to make any initiative with below average success rate the focal point of all thats happening since only reflects illiteracy.
@@sunohumse Ok genius, What is the best plan of action from your point of view? Lockdown after 1 month instead of abrupt lockdown? Which leads to massive migration over lockdown fear? Don't just say things because you like to oppose. Think of the solution that would have worked...let me tell you there was no other way to control the migration except abrupt lockdown and get the villages ready for potential quarantine centres etc.
The answer is no. Because we would have greater fiscal space to mitigate the COVID induced economic crisis and embark on a far more robust spending programme, the sort every other BRICS economy has embarked on (which economists across ideological hues agree we need to beat the recession). Even Brazil has suffered COVID ravages. But their economy is in a better shape because of government spending. Which they could embark on because they weren't in the midst of a massive slowdown before COVID struck. Which we were
@@KM-ff2gm so yes. The dots do need to be connected. In the quarter before COVID, our GDP growth rate had plummeted to 3.1%- comparable to the growth rates of the pre-1991 era. And once again, economists across hues agree it was demonetization and a badly implemented GST that gave repeated shocks to the informal sector, which employs 94% of our workforce and contributes 45-50% of our GDP. All of this naturally affected tax receipts, well below the government's budgeted targets even before COVID struck. The dots need to be absolutely connected. Even if COVID would have brought us to the same spot minus demonetization and GST, we would've had much better fiscal health to do something about it. Which we now don't thanks to disastrous economic policies.
@@KM-ff2gm and I don't know about the best plan of action but a better one would've been to give people greater window of time than a 4 hour window, abruptly halt all means of transport, and commit police brutalities. Not only did this abrupt lockdown fail at preventing the migration of migrant workers (it anyway happened, that too with insurmountable human tragedies as they trudged thousands of kilometres) but we also failed miserably at checking the spread of cases, because we simply didn't test and trace adequately- the only reason one could see for the lockdown to begin with. And not just China but even Bangladesh and Vietnam did testing and treating much more vigorously, reflected in the rebound in those economies.
It's not about opposing for the sake of opposition but fixing accountability for the greatest economic disaster this country will see post-independence. While COVID can certainly be termed an act of god and the lockdown necessary, the policies implemented before, during and after are definitely to blame for the sorry economic state we are in.
We should NOT focus on economy, GDP, environment, blah blah.. We should focus ONLY on Human Happiness Index.
You should make a list of genuine questions that need answers asked by respected scholars in their fields and tweet it to the PM/PMO. #ThePrint has the might to be real and genuine. That's the need of the hour
Hi Shrenik. Thank you for your feedback. Do keep watching #ThePrintOTC.
Mr Shekhar sir, thanks for your effort, thanks for RR for his knowledge of sharing
RR is gotta be the most charismatic, decorated economist from our country. We want him back.
He is Congress man, If Congress by any miracle can ever get power than may be, BJP is right wing party and these left wing economist have no place in the system, As far as best economist are concerned Arvind pangeria is way better than him
@@nitinpatel1039 He is particularly apolitical. And if you know your economics, there are no left and right wing. There is only numbers and theories.
@@angrybird29 apply this to Abhijit Banerjee and Amartya Sen u will get ur Answers
where was this fucking knowledge before bjp then ? why every Indian didn't have job and rich by 2014 ? just fucking chutiyas.
@@pranavpatel3576 cool cool, i'm sure your party's 'gow mutra' will give us all the answers and wealth we need.
Raghuram Rajan knows about Indian economy than anyone else.
3 things which shackled the Indian Economy are GST, Demonitasation and Lockdown without proper roll out of reforms...these points are truly rightly put forward by Mr. Raghuram R.
All left wing economist like him think money grow on trees that why they no longer wanted by any govt agencies
@@nitinpatel1039 thats why they get picked up by probably the best universities.
@@shashikarkhanis9801 Being picked up university doesn't mean they are good for system, These left wing economist live in their own world of superficial ideas
Western university always promote socialist academics in india to impoverish us... Look at Abhijit Banerjee
@@nitinpatel1039 I agree with you but certain things that are done can't be undone now.
While Modi’s the policies are generally on point, the problems are that neither the strategy nor implementation are coherent. Here is where I think the approach is falling short in India:
1) Despite his massive mandate, Modi is not thinking big enough or long term enough. Deng planned for China in 1-5-10-20-50 years. Modi has tended to pick and choose ones that capture his attention. What do you want the India of 2050 to be like. This sort of thinking is what led China to take over Tibet, and now driving their claims to Ladakh to build them an alternative highway for their trade. Where does India want to be in 50 years?
2) the people in charge of implementing are still the stale old bureaucrats and IAS. Modi needs to surround himself with the best of the best, incentivize the best of the best, including expatriate Indians who deeply understand how modern systems work in developed economies to come back and help build modern Dream India. Driving away Raghuraman Rajan was a major mistake for example, and INR devalued 15% after he was removed. Similarly Sam Pitroda built the framework that started the communications revolution. You need leaders like that in all sectors setting and implementing public policy.
3) not enough thought going into ramification of short term moves like demonetization or implementing lockdowns without considering how to feed and take care of tens of millions of migrants
4) not bringing along stakeholders when it will ensure longterm buy in, such as the recent reforms that were rammed through. What was the point of announcing CAA policies the way they did. Instead, should have had strong statement from PM that it would have zero impact on Indian Muslims, backed by major Muslim figures. The way it was done created so much negative impact on Brand India, including in friendly countries like Bangladesh. Now India is widely viewed negatively not only in Muslim countries but also in western liberal kinds which will hurt India
5) focus on the big items first - invest in education, healthcare, trade. On trade China started with ONE big SEZ situated near a big commercial port with proximity to major hub like Hong Kong. That allowed economies of scale. In India there are 100s of SEZs scattered all over. There is no focus. Build in Navi Mumbai and see it take off.
Nice,detailed analysis
Amazing analysis
Good man,but you know very well our population has been mass intoxicated
Indeed , Modi did import top economists in 2014 , 2015. But the problem with him is he thinks too big for his boots. No consultation, dialogue, interaction, with the elected representatives. Never listened to his advisers. Twisted and mauled institutions on the back of brute majority. My way or get out is his motto.. As a result all top Advisers have prematurely resigned and left. Modi only listens to Ambani and Adani I believe.
@@humptydumpty6641 You are right.. Indian economy was doing fairly well until November 2016 when that fancy idea of demonetisation came to his mind..Not just the Idea itself was bad,its implementation was horrendous... nobody was consulted or taken into confidence..be it reserve Bank, finance ministry, chief economic adviser...In cricketing terms it was like a hitwicket. A self destructive move...even in our family we can't take such rash decision and over here it was imposed on 125 crore people
SG, you should bring some of the present govt's experts and have a similar conversation with them.
On the growth part, my question would be the 'Make In India' whose objective was to improve the improvement in Ease of Doing Business Index, which it did actually. However,, the improvement in rank didn't led to growth in manufacturing, why did this happen?
One of the reasons for stagnancy in growth is also the stagnant quality of IAS officers who lead the policymaking in India. Isn't it? The recruitment being horrible, easily get swayed by the political power, not many are experts, worse don't want to become one either. They are still being recruited on the basis of memory tests that tests their memory of NCERT book level concepts without giving any weightage to expertise or work experience at all!
@@Dronecomplexx that's how you judge people, is it? There are more endeavours in people's lives than just clearing a civil services exam 😂
I have handled government relations and CSR for various corporates, and have worked with many IAS officers at district and state level. My comment is based on my experiences with them for 5 years in my career. Since you are an Assamese, I should mention I am a graduate from IIT Guwahati. I should mention not all were same, but only a tiny stood out in my experience which is across 3 states.
Professionally, I won't have been able to comment like this because *political correctness* is the norm of our policy/development sector. But, I could see why IAS officers can make great policy dragons on paper and not on ground.
Really, more than half of the aspirants are unemployed, more a fourth have zero experience when they join services. The exam doesn't recognise work experience, management skills and leadership potential. It simply tests factual knowledge (prelims) which is build through rote learning of NCERTs and newspapers. Lakhs of graduates waste many years of their productive life, this is how India utilizes it's 'demographic dividend'.
Amazingly elaborative & informative to hear views of Legendary Economist Raghuram Rajan sir !
Several reforms needed with well planed layout.
If it's not done,we could face several severe challenges up ahead.Please God bring hope not just to its people but to whole world what India can contribute.❤Jai
Dr.Rajan, as usual, very precise and to rhe point. Insightful thoughts of the stalwart in economics. Thanks to SG and the Print for this infomative session with good questions.
I toh thoroughly enjoyed this, wish I could learn from Rajan Sir directly, he was so insightful.
Learnt more from this interview than from studying economics for three years.
Anybody wants to set a shop they should have social security and smoothing of logistics and zero influence on banking structure
Excellent argument on how exports will benefit from imports!
Please add subtitles in hindi, tamil, telugu etc.
If only Bhakts actually bothered to listen to him before forming opinions out of thin air.
where was this fucking knowledge before bjp then ? why every Indian didn't have job and rich by 2014 ? just fucking chutiyas.
@Nitin Shekhar I am confused, can you be a bit less complex?
@@pranavpatel3576 India was growing at a steady rate, had the rate been maintained, most Indians would have jobs in the foreseeable future, since 2017 India has been shrinking, dimaag peh barf daal.
@Nitin Shekhar This guy predicted the 2008 meltdown .. he's legend in the academic field. He was responsible for bringing down retail inflation from 10 to 3%, formulated the UPI gateway that everyone takes for granted. Called the 'Surgeon' for finding out NPAs and was an early advisory body on creating IBC. Created space for new banks to operate (Bandhan etc.), created record forex reserves .. the list goes on and on. That too being tied to a coalition government with limited policy making capable. You must special kind of stupid to let your confirmation bias get the better off you. Raghu's CV has more points than BJP has criminals in the party.
@Nitin Shekhar I'm 17 ( I don't have an opinion over many things especially politics)and I'm just curious that how and why are you saying such stuff about him , I've read his biography, I've seen TH-cam videos about him which i think are from unbiased source ( study iq and similar channels) What I've concluded that he's a man which India needs ( again I'm 17 , i might be wrong but that's fine I'm here to learn) , his education background is far superior than almost everybody and i think i can say with confidence that you perhaps me too cannot ever fathom his intellectualism , now please i know you'll be reading this so i demand an answer from you that why did you write that comment ( I'm not being aggressive in any way , I'm just curious) peace ✌️
Onion or automobile which is right for political economy to keep an eye on?Onion has shown it's might in the past.
The Print should get Sanjeev Sanyal as a balancing voice to show what has been right with demonetisation.
This was a marvellous chit chat with Raghuram. Very interesting and informative.
Why is this not uploaded on your podcast outlet?
Also cheers for bringing in actual experts to cover topics. You've gained a new subscriber.
P.S: Please fix the host's mic the next time.
Dear Arnab. We want this type pf discussion on republic tv.
Regarding Sushant, rhea, etc... the law enforcement agencies are doing there work..
So please Mr Arnab.. focus on the core issues of the country. Jai Hind..!!
Shekhar - Your voice has some amount of distortion, while Mr. Rajan's mic works perfectly. Why can't your team, check it before the actual interview.
Hi Syed. We apologise for the tech issue yesterday. We have resolved the problem- do watch the discussion again. Thank you for writing in.
@@ThePrintIndia
Appreciate it! Thanks!
Always a pleasure hearing Dr Rajan. Long awaited.😌
Modi needs to use Deng Xiaoping as his model, instead of Donald Trump. Both are nationalists but 180 degrees different in approach.
Deng created a coherent strategic vision - national modern education, establishing a small number of large SEZs to establish economies of scale, transport and port infrastructure, and process infrastructure to implement. Brought together the sharpest minds and let them shape policy. Then followed through, making and systemically implementing bold decisions down to the grass roots in every town and village. Testing various models first in small ways then creating winning templates to spread rapidly nationally. Trump on the other hand is all about self serving, sowing division among people to strengthen his own power base. Assuming he knows better than experts. Using a small cabal of ill-skilled cronies to implement, often with disastrous results.
If Modi had followed the Deng model, India today would be the number 1 candidate as a supply chain alternative to China. And build momentum to become a financial powerhouse, and true rival to China. Let’s hope Modi has the wisdom to learn and adjust his approach.
Totally agree. India & China's problems have been quite similiar. Deng's vision & blueprint for China was the key basis for China's transformation & emerging as a global power . And Dengs legacy has lasted China till date
www.scmp.com/news/china/diplomacy/article/2172540/over-40-years-diplomatic-drama-rising-china-opens-and
Biggest adversary to laying the framework of India's growth in the long term is the country's multi party political system. Till that exists India will be fragmented & reforms will be reactive not systematically planned years before like in China
Restrict Politics to two camps like in US UK. Restrict Elections to once every few years . Not some or the other elections going on through the year at some place or the other causing political ugliness, public disturbances and a drain on India's resources
@@asher2994 India is doing what China did. We are actually copying Deng Xiaoping from 2007. Dr MMS govt brought in Bharath Nirman, Modi rebranded it to Bharath Mala, Sagar Mala,DFC corridor, Golden Quadrlatoral, Diamong Quadrilatoral express highway etc.
@@spetsnazGru487 Almost all of what you are mentioning are the legacy of Atal Bihari Vajpayee. All that Sonia led MMS govt did was lay foundation stones or stall projects right at the start/ initial phase. Infra Projects remained in a limbo & only thing that increased steadily over the years were cost of the projects for which Govt kept releasing funds.
Funds released but no work that was the highlight of Congress/ UPA govt
Atal Bihari Vajpayee had a vision for India thats being implemented now. Most Infra projects are getting completed under 5 years
@@asher2994 I think Modi wants to follow -some- of Deng’s approach. The problems are that
1) he is not thinking big enough or long term enough. Deng planned for China in 1-5-10-20-50 years. Modi has tended to pick and choose ones that capture his attention. What do you want the India of 2050 to be like. This sort of thinking is what led China to take over Tibet, and now driving their claims to Ladakh to build them an alternative highway for their trade. Where does India want to be in 50 years?
2) the people in charge of implementing are still the stale old bureaucrats and IAS. You need to incentivize the best of the best, including expatriate Indians who deeply understand how modern systems work in developed economies. Driving away Raghuraman Rajan was a major mistake for example, and INR devalued 15% after he was removed. Conversely Sam Pitroda built the framework that started the communications revolution. You need leaders like that in all sectors setting and implementing public policy
3) not enough thought going into ramification of short term moves like demonetization or implementing lockdowns without considering how to feed and take care of tens of millions of migrants
4) not bringing along stakeholders when it will ensure longterm buy in, such as the recent reforms that were rammed through. What was the point of announcing CAA policies the way they did. Instead, should have had strong statement from PM that it would have zero impact on Indian Muslims, backed by major Muslim figures. The way it was done created so much negative impact on Brand India, including in friendly countries like Bangladesh. Now India is widely viewed negatively not only in Muslim countries but also in western liberal kinds which will hurt India
5) focus on the big items first - invest in education, healthcare, trade. On trade China started with ONE big SEZ situated near a big commercial port with proximity to major hub like Hong Kong. That allowed economies of scale. In India there are 100s of SEZs scattered all over. There is no focus. Build in Navi Mumbai and see it take off.
Insightful conversation. Thanks @theprint anD SG sir
This is fantastic suggestion and guidance in bringing up revival to put economy on right track which is a hard talk in respect of governance and administration in line with streamlining of the entire system that will be very difficult to have the mind set of people, especially, those who are the power and administrators to undertake this entire change in attitude to create the desired climate for all these desired changes.
People like Rajan and SG cannot see fight against corruption as reform.
A big thank you for this wonderful discussion. You guys rock.
Nice Session.. Sensible questions by Mr Gupta(that's why I like Print). Valuable inputs given by Mr Rajan.
I think one of the best person to govern India's finances ..thrown out
Totally loved your conversation with RR!!!
We really miss you Mr. Raghuram Rajan
A larger number of bad loans were originated in the period 2006-2008 when economic growth was strong, Rajan said. He also said, "Too many loans were made to well-connected promoters who have a history of defaulting on their loans.". . Raghuram Rajan. He is the biggest creator of NPA
Kindly consider better acoustics in all of your broadcasts... Too much eco
Economically we are performing very poor.
Need intelligent and smart ppl in finance department.
This was very insightful and constructive !!! loved it !!
Love to listen to Dr Raghuram Rajan ❣️❣️
Disclaimer for NDA supporters 😀
Not NDA but the bjp Bhaktards 😂
This man did maximum damage to the Indian economy by raising interest rates "to curb inflation" most likely at the behest of foreign paymasters. This choked the growth of white economy. Unfortunately he doesn't spare us and keeps coming back to haunt us just like another foreign paid stooge, the economist(free money dole-out specialist) turned politics commentator Amartya Sen. Rajan was offered top job at london in their central bank but he only wants to haunt us and refused that job. Biggest mistake of modi govt was not to fire him immediately when they came to power. Even when he is not around his students keep occupying key positions. India's inflation is caused by myriad of other factors like Oil price, Rain irregularity, poor infrastructure and higher cost of transportation, counterfeit notes, lack of cold storages for food, smaller farm sizes, supply constraints, lack of automation, expensive electricity and outages etc and NONE of this is reined in by higher interest rates. But how to drill this into heads of his thick-skull bookish economist chamchas. In fact, to boost economy the govt should opposite. Bring down the borrowing rates into ground. This will lower cost of capital for Entrepreneurs and expansion plans of existing industries.
@@ninthman2995 the inflation was touching 11% and all those measures taken by him were necessary to curb the inflation.
The reason he resigned from RBI governer as he did not favour demonetisation as he felt the short term economic costs associated with such a disruptive decision would outweigh any longer term benefits from it
That is what happening in the Economy. It's been 4 years now and India has not seen a single growth even after he had left.
So in short "जिसका काम उसी को साजे और करे तो बुद्धु बाजे"
Great talk and thanks for the arrangements, keep expecting more.
Insightful interview! Thanks Print group!
A very informative insight to the current state of Economics👌👌👌
Just wow!!
Everything was ok during UPA, everything is bad in Modi govt. What was the achievement of RG in UPA's era?
Sound of electronic speaker is Poor. Please check it and improve.
You guys are keeping journalism alive in India. Make a patrion for gathering support and help your great cause
Extremely stimulating and insightful discussion
I am glad I found your channel Mr.Shekhar Gupta
I always try to balance between left wing news and right wing news and right in the middle is where your content stands and its refreshing just as one would listen to their Uncle or grandpa. Great job.
He was a brilliant economic reformer of India.
Dr Raghuram Rajan is unmatchable. More of him in various debates will bring in change in India and India in future will be a better place to live.
Sir the answer where the economy is going is to read the logistics data how much and how well the goods are going
Just one side observation for print team. Quality of Shekhar's camera is of inferior quality. Raghurajan one was very clear
"Like the Taj Mahal at the time of famine" - Sekhar Gupta, savagery at its best. :D
Such an insightful interview, would love more such legends invited in this show.
#ShekharGupta and #ThePrint: Good journalism. Keep it up guys.
The talent, brilliant experience minds like Raguram Rajan at the RBI could have very handy at a times like this one to steer the economy to safe place.
A very good assessment.
truth and only the truth is laid out - explicit bold honest talks
Raghuram Rajan remains one of the most sensible and sane voices in the Indian Financial system.
The conflict between political economy, for votes, and Real economy for overall Development is always a difficult quagmire to negotiate. Nonetheless many of us look at Mr Rajan as one of the most successful Governors amd economists
Thank you very much Shekhar Gupta to bring our beloved governor raghuram rajan
Please bring Sanjeev Sanyal again and ask him tough questions on economic decline.
India did well as long as the Chi na was not in WTO and we had trade surpluses with everyone. Even after the Chi na entered WTO it took them some time to get foothold in indian markets and local manufacturing was not YET destroyed by imports. So growth kept going on for a while irrespective of ruling party.
Bring in Trump, Boris Johnson, Michel Barnier, Xi Jinping, Ali Khameni-- for correct facts. Sanyal alone is a drop in the ocean. *And looking at India in isolation is an illiterate thinking*
It is always exciting to listen to Dr. Rajan.