Former RBI Governor Raghuram Rajan Says India’s Growth Rate Much Lower Than 8.5%

#RaghuramRajan #FirmerFinanceMinister #IndiaGrowthRate #IndianEconomy #GDP
Former Reserve Bank of India (RBI) Governor Raghuram Rajan says if one takes away the 'fluff' from India's growth numbers, its real rate of growth could be around 6-6.5% and not 8-8.5%. Speaking at an event at Northwestern University's Kellogg Business School, Rajan suggested there were two faces to the Indian economy, “One is a face we all see which we talk about in conferences about China plus one, Apple creating factories in India. The other face is a hurting middle and lower middle class, which is desperate for work.” Rajan also said that PM Narendra Modi’s dream of having a developed India by 2047 was not easy and would need growth rates of 9-10% over a sustained period of time. The economist is also not convinced of India’s growth numbers. According to Rajan, “Let's say we're growing at 6 to 7%, the big question is why aren't we seeing inflation at this rate of growth? What creates this kind of inflation is when you are growing fast and you run out of supply. Typically your labour, wage rates start going up but in India they are not. For a fast growing country, for agricultural employment, growth is a travesty. Why do people find jobs in agriculture? That's low productivity. They should be finding jobs elsewhere."
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[@2010anilshukla]

What was the growth rate when he was the RBI governor?

[@shibashisdutta8042]

Hahaha. Don't ask him that please. Ask him what all things India is doing poorly. Even worse than Pakistan and he will happily come up with a huge list. I think his source of data is Gandhi family

[@yourmom9608]

That blown away during his farting years

[@flaminmongrel6955]

It wasn't his job was it? he was a governor he manages the RBI and currency based on government policies. What else blame the Cabinet secretary for the problems of government?

[@PIG_ALLAh]

​@@flaminmongrel6955Inflation laughing in corner during his tenure.

[@JitzyJT]

@@flaminmongrel6955 it was his job to keep the inflation down which he did not

[@Nidhin.chandrasekhar]

If poorest countries grow fastest then why the hell were we growing so slow during the 50s,60s ,70s and 80s under the Nehru Gandhi rule

[@subhrajitgupta5535]

Poor countries with free market! India liberalised in 1991 under Congress

[@MarketVisionHub]

​@@subhrajitgupta5535who was stopping them doing the same before 1991

[@subhrajitgupta5535]

@@MarketVisionHub Everyone and every party was then illiberal. They still are today

[@kumar.193]

Are you saying we were poor country without faster growth before 90s so we should continue the same way?

[@mexicanmomo]

INDIA was under congress from 1947 to 1991 . Who stopped them to open market ? Had crisis not happened, we would have moved at 2 percent hindu growth rate​@@subhrajitgupta5535

[@jaidebbakshi7707]

He is influenced and now also talks like pappu

[@shibashisdutta8042]

@SKayal-wg4ug ya. Very respected work. He predicted recession every year. But nothing happened. Just he missed COVID time. But if I predict recession every year. Sometime it will match. Cause recession happens.

[@imjai345]

​@SKayal-wg4ugthose who are good at academics are generally poor in application

[@varunkhugshal9049]

He talks like one, but he is not one, he is very smart, so he can twist facts very easily...

[@user-tp2tm6fy9i]

​@SKayal-wg4ug finest breed 😂😂😂😂😂

[@athirameretty6611]

I really do not why people are calling this joker to any meeting

[@cybeast0076]

Former RBI Governor Raghuram Rajan is useless since his plans all failed outright and his jealous of the current RBI Shaktikanta Das Progressive Policies.

[@DevPatel-bb5jd]

Car sales are increasing and 2 wheelers sales not - well that tells me that more people in middle class can buy cars not necessarily that middle class is getting crushed.

[@dual_wave]

Literally. This man feels like he's giving a doctrine on how exactly are we still poor. Meanwhile my friends are all on abroad trip each year being in middle class. His metric analogy too feels sadistic. Like how proportionally we are not proportional😂

[@AA13494]

@@dual_wave there will never be 100% equality in any political system. some ppl will also outperfom most.

[@dual_wave]

@@AA13494 cycle of life. Some outperform early, some later, but with character...

[@AA13494]

@@dual_wave how do u know that ppl who outperform others lack character?? Most ppl who lack character are dominant obc castes like your caste. who fake being victims leftist are very crafty with justifying their own failures with sweet nothings and baseless rhetorics.

[@AA13494]

@@dual_wave it is not cycle of life, ppl who outperform leave their wealth for their next gen. even if they die without character, they hv enuf money to buy character like TATA, mahindra, who earn money off of indians and then pay for anti-hindu research in foreign uni.

[@khushalgala2013]

Has anyone asked for his advice?

[@subhrajitgupta5535]

People go to him for advice.

[@user-tp2tm6fy9i]

​@@subhrajitgupta5535 😂😂😂😂😂😂

[@saibalsahoo8597]

​@@subhrajitgupta5535Bank NPA UPA era vs NDA era = 12% vs 3% 😂😅😂

[@subhrajitgupta5535]

@@saibalsahoo8597 UPA gdp nominal growth 11.6%. NDA 6.8%

[@AA13494]

@@subhrajitgupta5535 ppl got to him for propaganda especially leftists. and he gives them a hand job and helps them to relieve

[@shubham3756]

He will remain obselite for more 10 years ,don't worry just see the growth of India Raghu 😂

[@kumar.193]

Where are the manufacturing jobs?

[@deedcomicsanime2964]

@@kumar.193 cry more

[@akkuandtinu1107]

Why do u even call him for discussions and debates?

[@brandondsouza5927]

Yes sir, India is eagerly waiting for you to give your opinion. Tell him who his daddy is.

[@radio_nowhere]

Dude invites himself. Needs to sell books.

[@varunkhugshal9049]

Without conflicting views discussions get boring

[@subhrajitgupta5535]

He is right! Modi has given poor growth. Dr Singh have 11.6% nominal growth vs 6.8% nominal growth under Modi

[@PIG_ALLAh]

When can you elaborate Idiot 😂😂😂😂

[@vikramaditya47_]

Thats true but andbhakt wont agree

[@arcaakvira]

they didn't have a f'ing golbal pandemic, wars, world war 3 tension ,

[@subhrajitgupta5535]

@@arcaakvira They had even worse, 2008 financial crisis that lowered growth for 3 years. but still registered 11.6%. Stop being a gober bhakt

[@arcaakvira]

@@subhrajitgupta5535 even the world id in a recession rn get over it namazi

[@wolfmangoland7972]

Raghuram Rajan was fired by the Modi government, so he always makes nonsensical and negative comments. He should know inflation is hurting every country in the world. He is educated, so he should know that there is nothing any Indian government can do to bring petrol/gasoline prices down. India did better than most by purchasing from Russia at a discount. He lives in the US and the US is struggling with economic growth and high inflation. The same is true with EU countries.

[@varunkhugshal9049]

He completed his tenure.. he wasn't fired.. he wasn't rehired

[@GowthamV07]

@@varunkhugshal9049 No the truth is he was fired. If he was good modi government would have kept him.

[@varunkhugshal9049]

@@GowthamV07 firing would have been if he was not allowed to complete his tenure...

[@manmohanyadav971]

He tried very hard to continue. Even Obama supported his interest in the extension of his tenure. However, for many reasons, he was not committed to Indias growth, and he overstayed his welcome. Firstly, he did nothing for the fake money coming from Pakistan. Secondly black money was running at 48 per cent. Thirdly, he was a green card holder with his wife and 2 children American citizens. How can a country give such a sensitive position to a foreigner? During his tenure, the country economy went down.

[@therealkendallroy]

@@GowthamV07 do you think ain't any good? maybe the competence of the NDA government has to be questioned lmao, not that of one of the most respected economists out there.

[@rajx7120]

We pay so much tax for all freebies. Obviously, we are hurting. You oppose reforms in agriculture, labour and manufacturing. And then cry wolf about unemployment. Then your favourite parties, increase freebies for lazy people.

[@balajireddy7396]

He is most irrelevant guy to India. PERIOD

[@biswaroopmaiti2943]

Middle class does not buy two-wheelers anymore, not like they used to. It is mostly the delivery people who buy them. Have you seen the heat, it's dangerous to be on a two wheelers! More people would rather use public transport if they cannot buy a car.

[@flaminmongrel6955]

I agree with him, the only people who are being milked to keep both the rich and poor happy are the middle class people. Poor cannot and won't pay tax neither will the rich.

[@lakshaybansal8266]

Where does he gets statistics 😂

[@shibashisdutta8042]

From pappu

[@pratapkurup1113]

​@@shibashisdutta8042hahaha! Pappu and his wayanad gang!😂

[@pradeeptudu5974]

Manmohan Singh was far better, sincere and hones than Modi. Yes middle class are suffering. Price rice up to sky and unemployment has highest in Modi era.

[@naanthaan7597]

That is because a of your bad policy during your RBI governor tenure. You made RBI as a telephone operator and got sanction all the loans were phone.

[@ariesnr3343]

Where is the full video..show the slipper shot rebuttal given by arvind subramaniam...

[@sukkumargeorge7768]

He is wrong. Growth in Agricultural employment is the basic uplifting of a country’s poverty line. 4 wheel vehicle sales going up VS 2 wheel sales going down shows growth in the middle class.

[@Rajesh-vl1xq]

India will remain poor for ever . 7% GDP growth is not sufficient for a country where 60% population live under poverty line and the government is busy on other less important issues .

[@dhirushah8114]

How can such a economist say that the middle class is a loser whereas you can see the difference that middle class can afford to spend the money and that they can spend the money

[@senthil3770]

Why don't you give this in a press meet along with Mr Rahul Gandhi?

[@JitzyJT]

Mr Rajan....The same could be said during your tenure.....Infact the economy was even worse during Manmohan's second term.........

[@user-vk7pp6xm7v]

Raghuram Rajan is right....indian government is worst in giving employment to youth

[@sharathahuja8261]

Mr. Rajan: Can you offer us a solution to the recurring problems of drought and flooding in Karnataka? Can you offer us a solution to the traffic problems of Bangalore and Karnataka.

[@AeonMusicRecord]

There is no need for btTV to interview RR. Totally not required

[@sridharvolesari4833]

What else this person will say.. after placing india into fragile 5 during his term..congratulations

[@Insearchofwealth]

Its easy for him to sit in America and critisize current govt. While willfully ignoring mistakes of lost opportunities in previous 60 years !!!!

[@harir3628]

You can be from IIT IIM but if you have no moral compass or have a huge ego you become Rajan. He is irrelevant keeps talking. No one wants to hire this so called brilliant finance person who has never studied economics.

[@subhrajitgupta5535]

You gave no data. Shows your merit.

[@sukhen]

I Never trust this Raghuram Rajan ,.

[@pikachuthunderbolt3919]

Speak like hell but we wont take pappu to next level. Why india wasnt grow good from 2000s to 2010s.

[@makarandadke7973]

FAILED RBI governor... Only Big talks with NO CONTENT...

[@kamathkamath6150]

Rajan is hurt badly because his mentor Dynasty Party won't come to Power till 2034. Poor Rajan, Pappu's world class economist

[@krishnadgd]

He has NO Knowledge on Indian Economy neither what works.. just giving garbage out.,,realyy how can he be called Economist?Half knowledge is dangerous!!!!!

[@varunkhugshal9049]

He has knowledge.. he is very smart, he just twist facts bcs of political compulsions

[@MrUdayNarainPandeySharadNPande]

C V retrieval CV 105. And a line you didn't Erase despite being around

[@wolfmangoland7972]

Raghuram Rajan was against manufacturing during and after his tenure. He wanted India to continue only in service (computer consulting etc). He does not understand that computer consulting does not help less educated people or people in non-tech fields. Modi government is pushing for manufacturing but without a proper infrastructure of roads and railways, not many businesses will ever invest their money. Congress never thought of developing a dedicated commercial rail corridor or highways. Raghuram Rajan was fired by the Modi government, so he always makes nonsensical and negative comments. He should know inflation is hurting every country in the world. He lives in the US and the US is struggling with economic growth and high inflation. The same is true with EU countries.

[@446samba]

Agriculture workforce is not at all growing instead in reality it’s sinking so much.

[@sumitsarkar1799]

Why is he called for the option???? What was he doing when he was RBI governor??? He is a cheap and useless person.....

[@rajupodiyan3147]

Age of Change has already started 📚🏫

[@RamaraoManda-k4i]

He is the person who started upi dont forget.that

[@mausumihalder2232]

Insightful conversation.

[@umedsingh1634]

Job security is main concern and also salary is not fixed

[@Ato88yi]

Rich people are growing making money.country is growing but poor families are getting poor n poorer. Why. Due to govt does not look after the poor families .

[@AA13494]

thats not true. every1 is becoming rich. the gap will alws be there.

[@GowthamV07]

This guy literally made india not grow during his period with congress. Why is he now complaining when india is growing and millions of people are lifted from poverty??

[@Bharat_the_earth_owner]

He has been saying all this 😂😂

[@naveens1387]

Post whole of the video.. our ex. financial secratary will answer him ..to all the issues he has raised...

[@GururajBN]

RR should stop talking and cribbing about India. His crocodile tears for the Indian middle class won’t help them. There’s a Kannada proverb which roughly translates thus: “If the oil extractor’s wife shows sympathy for the baby, its scalp won’t be cooled!”

[@AA13494]

whats that suppose to mean??

[@jayaramanpr8159]

Commentor shoul know the reason why PM Modi do not like Mr.Raghuram Raghan. Simply saying anything is not correct .

[@webdeveloper2432]

Does per capita income of 15000 - 20000 make a country a developed nation? You mean a GDP of almost 20+ Trillion dollars makes you feel India becomes a developed nation and till then it is poor? If what your theory is right, except for US and China, all other countries in the world are underdeveloped. Guys, if this guy can get so many awards and recognition in the US, imagine what professors in India with logical ability can be. We should fix that. Recognize the talent in India. Fix the inferiority complex in the country. We as a country are much better than what we think.

[@nikunjkavadia]

True if you know the defination of the Developed country and if you consider the inflation for next 20 years😂😂😂

[@webdeveloper2432]

@@nikunjkavadia :D :D :D Definition kya hai?

[@rameshpudhucode6862]

He meant $15,000 to $20,000 per capita income. Not trillions

[@webdeveloper2432]

@@rameshpudhucode6862 Currently India's percapita income is around $2000 and GDP $4 trillion around. Do the math! What are you studying? 2nd standard?

[@user-tp2tm6fy9i]

It's 2700 not 2000​@@webdeveloper2432

[@saibalsahoo8597]

Bank NPA UPA era vs NDA era = 12% vs 3% and Average inflation UPA era vs NDA era = 8% vs 5% Please don't spreading lies 🇮🇳😊🙏

[@SueU-x9u]

He is a congrass gay like Ragu/Raju

[@ravishshah2565]

Give solution. We all know problems

[@maxyogi]

Consumer and consumption capacity simply does not add up with India's metrics of 'advancing' self determinism and autonomy. I find it hard to recocile it's Demand with with it's Demand for Jobs.

[@Spr-no9oy]

Anyone checked the situation in US and Europe.lately?

[@Alchemist6490]

He is just against Modiji. He is so blinded and became another Pappu. He can't see any good in the present government. Only criticism no constructive suggestions.

[@AlokKumar-ht4qs]

well said...govt is doing well. but. so many parts of economy need to be more adressed for. employment creation

[@shibashisdutta8042]

Isn't it true for all countries and all ages. He predicted recession every year in last few years. Just missed the COVID time.

[@nikunjkavadia]

​@@shibashisdutta8042no....

[@rajx7120]

Reforms in agriculture and labour are needed for job creation. And who is opposing the most? Pappu and pappu's economist.

[@446samba]

I am from village in India we are not getting agriculture workforce in most of the villages but he is saying agriculture workforce is growing in India does this guy have brain? Does he will say what he say simply based on reading books instead of checking real ground reality facts?

[@eespn4764]

Not former he is failed rbi governor😢 do not white wash what he has done to economy during his tenure, now a days a jealous and puppet person, think of young minds he is poisoning now in college 😢

[@Aum697]

Enough. This man keeps talking nonsense ...

[@MrUdayNarainPandeySharadNPande]

Letterums and the fine art of Writing Well. Rottweiler and The Nib

[@sachinbharatvilla]

Did Gov Rajan peddle govt narrative when he held the post ?

[@SOS_12]

useless

[@sharathahuja8261]

I wonder why he's circulating around like hot air.

[@jayaramanpr8159]

You are correct Mr.Rajan. Inflation, corruption, and population are very very high in India at present . No action by India govt. to address these core issues during last 10 years. Please note that we meed not to compare Congress party with BJP. BJP is supposed to have a vikasith Bharat. I do not belong to any political party in India.

[@arcaakvira]

modi term has the least inflation in the history of india even JP morgan and IMF and World bank have agreed on this

[@selvarajchellamuthu9890]

Congress Politician Rahuram rajan

[@JM-lh8wj]

Astronomical taxes and no benefits, of course it hurts.

[@Max-de4np]

Election me.... Barsati medak hai pappu ka chhota bhai 😂😂😂😂

[@roxymax8917]

3:44 tabhi to farm bill laye the, we need corporate investment to improvise agriculture sector. But tumlogo ne to bada virodh karte the

[@jayaramanpr8159]

What is the use of constructing concrete buildings in India which only helps builders in India to grow and mainly responsible for climate change in India. Indians needs to produce one child per couple in order to solve Indias problem. Somany educated and rich Indians also produce minimum 2 children which is high setback for India. Inflation is very very high in India. Absolute povertyvin India aftersomany years of independence. I do not beling to any political party in India.

[@AA13494]

while muslims produce 6-7 in rural india and 3-4 in urban india like mumbai and your issue is hindu couples having 2 kids. hypocrisy ki bhi seema hoti hai. urban rich indians shud hv minimum 4 kids to balance the population jihad done by the violent 2nd majority

[@sibyjoseplathottam4828]

Seems BJP trolls are out in force when a Economist who knows facts presents some hard truths.

[@AA13494]

rice bag convert giving gyaan

[@vikramaditya47_]

Well I am surprised to see so many hating who says Truth. Nomial gdp was higher in congress era than in bjp

[@arcaakvira]

that's cause people were dying? what did they do when we had 26/11 said sorry to the terrorists? if that's what get's us growth we don't want it

[@stylishmitochondria2556]

How come not even one prediction of his doesn't come out true ever...i mean not even one

[@Aesthetic-i8w]

Rafhuram, You were RBI governer and were useless. You have the courage to comment on others. I do not think you care about India. All You care is about your position, wealth. Your comments are utterly disgusting as always

[@sharathahuja8261]

Mr Rajan: Bangalore has a World Class airport but third class infrastructure and other facilities. Potholed Roads, overflowing drains, stinking Garbage, dangerously dangling overhead cables. Can you offer us a solution to solve these problems

[@Alpha-qh4sb]

The sepoy. Talk for his master

[@skanthaadsigns]

This guys makes a living in the US but hardly talks about US-Middle Class issues that are bigger than India's...

[@MrUdayNarainPandeySharadNPande]

Folly and Foibles et thoust in Armour

[@palanisamiarrasu5353]

India started growing after this congress guy was kicked out of RBI

[@radheyshyamjohar4698]

❤❤

[@swapnilshivhare31]

Political ex governor

[@alpha-engineer]

The only fluff I see is in his head and the political wiring inside it. Let’s call it for what this is - Rajan is a proxy economist/spokesperson for the Congress party. He was one of the worst performing RBI governors that India has had … let’s debate that first!

[@mediaonline5241]

What a looser this fellow… cannot tolerate India’s success

[@smimtiaz4556]

🤨

[@YoZen_Azken]

Modi is keep on doing he is downplaying . He is not telling what congress has done with India in 70 years. Congress first divided India into Pakistan and Bengladesh and then further let China occupied Aksaichin mountains

[@saibalsahoo8597]

Propagandist Ghu-ghu-raam 😂😅😂

[@yourmom9608]

Why raghuram is in pain because of the imaginary numbers ??? Definitely he is a part of some thread

[@YoZen_Azken]

You BusinessToday guys are jokers sitting with another joker who spread SOROS words

[@chetanpatil1654]

😂😂Commie raghuram rajan has got proposal from Pappu gandhi for india's Finanace minister, if comgress come to power. So Commie raghuram rajan is doing his best to defame modi and bjp.😂😂