Raghuram Rajan has delivered some uncomfortable economic truths in a career spanning the International Monetary Fund and powerful positions in his native India
He added that protectionism offers little defence against the job destroying effects of automation and Artificial Intelligence, which often are the larger source of job losses
Several state governments have announced loan waivers for farmers
Last month, the government revised the economic growth rate upwards to 7.2% for 2017-18 from 6.7% estimated earlier
'The Third Pillar' is a book of good intention, great thoughts, lost in a preachy style.
He said authoritarian regimes arise "when you socialise all the means of production"
An exclusive excerpt from former RBI governor Raghuram Rajan's latest book
Raghuram Rajan announced last week that banks can swap dollars raised through FCNR deposits for rupees at a fixed swap rate of 3.5%, much lower than the market rate of 7-8%.
Rajan has come out with a new book "The Third Pillar: How Markets and the State Leave the Community Behind" in which he analyses critical issues plaguing societies globally
Ex-RBI governor had written to EC to take issue off the table
To achieve macroeconomic stability, the nation needs to maintain low and stable inflation, Rajan and Gopinath prescribed in a report
The government should incentivise all banks to take up activities it thinks desirable, not impose it on a few, said Rajan
'The two successive shocks of demonetisation and the GST had a serious impact on growth in India'
The kind of project that gets done depends on the Prime Minister, he said
Rather than blaming each other, countries should see how best they can benefit from cross-border flows
The PMO also declined to provide information as to when it received the communication from Rajan and on the note sheet of action taken
Both MUDRA loans as well as the Kisan Credit Card, while popular, have to be examined more closely for potential credit risk and to avoid recurrence of crisis, says former RBI governor Raghuram Rajan
The rupee crashed below the 72-mark to end at a life-low of 72.45 against the US dollar
'A larger number of bad loans were originated in the period 2006-2008 when economic growth was strong,' said Raghuram Rajan
It's absurd to blame former RBI Governor Rajan for the consequences of demonetisation