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

Raghuram Rajan is the Katherine Dusak Miller Distinguished Service Professor of Finance at Chicago Booth. He was the 23rd Governor of the Reserve Bank of India between September 2013 and September 2016. Between 2003 and 2006, Dr. Rajan was the Chief Economist and Director of Research at the International Monetary Fund.
Dr. Rajan’s research interests are in banking, corporate finance, and economic development, especially the role finance plays in it. The books he has written include The Third Pillar: How the State and Markets are leaving Communities Behind 2019, I do What I do: On Reform, Rhetoric, and Resolve, 2017, and Fault Lines: How Hidden Fractures Still Threaten the World Economy, for which he was awarded the Financial Times-Goldman Sachs prize for best business book in 2010.
Dr. Rajan is a member of the Group of Thirty. He was the President of the American Finance Association in 2011 and is a member of the American Academy of Arts and Sciences. In January 2003, the American Finance Association awarded Dr. Rajan the inaugural Fischer Black Prize for the best finance researcher under the age of 40. The other awards he has received include the Infosys prize for the Economic Sciences in 2012, the Deutsche Bank Prize for Financial Economics in 2013, Euromoney Central Banker Governor of the Year 2014, and Banker Magazine (FT Group) Central Bank Governor of the Year 2016.
Commentator:
Abhijit Banerjee is the Ford Foundation International Professor of Economics at the Massachusetts Institute of Technology. In 2003 he founded the Abdul Latif Jameel Poverty Action Lab (J-PAL), along with Esther Duflo and Sendhil Mullainathan, and he remains one of the lab’s directors. Banerjee is a past president of the Bureau for the Research in the Economic Analysis of Development, a Research Associate of the NBER, a CEPR research fellow, International Research Fellow of the Kiel Institute, a fellow of the American Academy of Arts and Sciences and the Econometric Society, and has been a Guggenheim Fellow and an Alfred P. Sloan Fellow and a winner of the Infosys prize. "

[@donaldtrump4902]

Well said Rajan, democracy is not about elections but what happens after it

[@neerajsahu2902]

Kind of weird to read from Donald Trump😝

[@ravis4205]

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

[@PseudoProphet]

Yes decentralization should happen, but only after all the Congress sleeper cells without each and every one of our institution are rooter out first.... Otherwise it would be meaningless. PS BJP is not a party of yes man's and frequent changes in their policies based on various critiques verifies this claim.

[@mohmayakibaat8092]

Compared to his previous lecture, this talk is almost full of politics than economics. I do agree with him that institutions must be strengthened but the reasons he give like judiciary being silent on 370 etc is not right..

[@balwindersingh-zo8us]

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

[@PseudoProphet]

@@balwindersingh-zo8us it will happen but not now, our public just isn't ready for it... Half of the people still vote for lotus not the BJP, what can expect from them. 😂😂😅😅

[@ravis4205]

@Shubham Agrawal both videos are exactly on similar topics, same speaker and part of same series of lectures. Wake up!!!

[@ramjiYahoo]

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

[@diddy976]

You should have a podcast version too for audio

[@manjulashanmugasundaram706]

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

[@buzoff4642]

Did I understand the speaker right, everyone was required to open a bank account, and understand you right, now they're getting billed for having one?

[@arnavkalra007]

@@buzoff4642 those accounts are zero balance accounts. But many people have other accounts which require a minimum balance. A big problem is lack of financial literacy in the country so poor people don't convert those accounts into zero balance accounts.

[@buzoff4642]

​@@arnavkalra007 Senseless scam. No good reason the default shouldn't be customer beneficial, as in zero balance/no fee account.

[@friendlyperson9691]

The more I watch Raghuram’s lectures, the more I lose hope in India’s future.

[@naveenswarnkar4180]

It's not the losing the hope but uncover the black dots for finding true light as eternal hope. Hope and light directed from hopeless and dark 🌑.

[@abinashkumarpuhan]

Very Insightful Indeed.

[@ramjiYahoo]

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

[@arvindhansda5380]

N J

[@arvindhansda5380]

Nnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnn

[@arvindhansda5380]

Nnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnn

[@arvindhansda5380]

Nnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnn N N

[@arvindhansda5380]

Nnnnnnnnnnnnnnnnnnnnnnnnnnnn

[@sekhar0591]

Very in-depth analysis of Indian economy

[@vishalsalagaray]

Eagerly Waiting to Watch... Finally I GOT it. "MAN OF LESS WORDS WITH GREAT TALENT" 👍 I Always Appreciate Whoever Person With GREAT Amount of Talent, and I think that's the Way Forward too... Guys, don't DEGRADE any Personas Reputation Either U may agree wit him or NOT, Just think it Expeditiously/ Subconsciously & Act Accordingly. We MUST Respect Everyone's Right to Express himself, BASIC CARDINAL FOUNDING PRINCIPLE OF DEMOCRACY. OTHERWISE there will be Chaos. NOTE - I m NOT here to TAKE anyone's SIDE, What My Instincts Said me Just Expressed with u ALL, Especially#Youthquake. Bcz In OUR MARATHI "Bhakti Culture" We taught that THIS WHOLE UNIVERSE IS MY HOME , & ALL ARE HIS CHILDRENS ( हे विश्वचि माझे घर ) Thanks.

[@solelysoul8543]

Don't get your bhakti wrong, Sir. What you quoted applies only to Self-realised souls. The commoners only believe it blindly. This belief made us weak in martial arts and so we were conquered repeatedly by invaders. The above gentleman has a right to express his views. However, is he speaking on behalf of vested interests ( George Sorus) ?? Beware of Jaichands. !!

[@ashoks5317]

One should own the responsibility, mere speaking has no meaning. One should quickly at what our people are and what we require. We are agreeable to take a haircut of 25000 crores in settlement of loan with Alok Industries but we are not ready to write of taxes of Rsc18000/ crores of Nokia/Foxconn. Even today it has a brand and allowing run we could have recovered the revenue and jobs to lakhs of people. Though these two issues may be different but in larger interest our Politicians should amend the laws .Didn't we forgo 1.25 crores as customs duty when Sachin Tendulkar having reached 27 century equalalling the records of Don Bradman though it is not as per rules. Didn't we give pension to Field Marshal Manekshaw after 36 years year before his death . and shamelessly spend Rs 35 lakhs to renovate a toilet by a baby.Shouldn't we be proud of this?

[@shilpakelkar4269]

Very well said . But talking from the dias and working on the ground must be lot more difficult . Wish what you spoke in general can be implemented .But we do need reforms and on big scale and in almost all the sectors you said ......if there is will there is well. strengthing insitution is so so must

[@mohmayakibaat8092]

Summary: You can read my summary for the first talk in the comment section of the first video(kzbin.info/www/bejne/ZmfYmZiqo8SDa68&lc=Ugx0_qQfu3-5z5ry6BZ4AaABAg), I might refer to that into this one. 1. Continuing from the previous talk and raghuram rajan focuses on Modi 1 & 2 in this talk. 2. Growth rate is slowing but Modi1 has been increasing welfare(fairly successful) programs so the govt would either have to increase the growth or spend less eventually. 3. According to rajan : what Modi 1.0 meant by minimum government and maximum governance was an efficient government that implements more schemes effectively and not privatization and liberalization. 4. There has been extreme centralization in Modi 1with powers vested in the PMO vs the extreme decentralization in UPA 1&2 where the PMO was not very weak, this has caused the PMO to mostly bypass the ministries and work directly with the bureaucracy in Modi 1 and 2.0. This has caused the various ministers to become hesitant when taking decisions or while considering reforms. According to raghuram rajan NDA seemed to have the right balance between centralization and decentralization 5. The effectiveness of the bureaucracy has been further lowered by the vigilance actions taken by the present government for past scams, hence bureaucrats are also hesitant in taking important decisions. 6. According to Raghuram Rajan, Modi govt(PMO) doesn't have a coherent vision which becomes problematic in a highly centralized administration 7. Rajan believes that the Modi 1 welfare schemes and his clean image was good enough for the public to re-elect him but he feels such schemes will not be sustainable with the current growth rate. 8. Rajan states that Majoritarianism would weaken national security as it might alienate minorities with majoritarian laws like triple talaq or Kashmir integration being passed (not sure why he calls these majoritarian issue). 9. Current respect that india achieves can only be maintained if economic growth rate is high. 10. Rajan belives India must not tread towards authoritarianism until middle income level as the indian political climate is more likely to lead it in a latin american path of populism and crises instead of east asian model of high growth. 11. India must strengthen its institutions and make them more independent. 12. There should be devolving of funding and power from center to state and state to municipalities but the indian municipalities have neither the power nor the funding. 13. New legislation that limits the ability of government to intervene, modify economic institutions and policies at will would be welcome. 14. More liberalized economy is needed and regulation must be effective(the middle way) and PSUs should be finalized. 15. Destressing systemic private players is also needed to prevent widespread damage to the very system. 16. Labour markets need to be improved by legislating more flexible labour laws as this is what is preventing indian firms to scale. 17. Export competiveness can also be achieved by exporting services like inviting foreign students to come to India, inviting patients to visit india instead of exporting doctors etc. 18. Growth slowdowns historically has been disastrous like in US, UK and Japan etc and we are taking similar measures so Abhijeet doesn't think recent measures would help india in any way. 19. Quantitative easing should be the way. 20. We need to come up with new ways of growth and come up with more deeper reforms.

[@kaknitin]

Couldnt agree more especially about Democracy, Big Market, Fast Growth and Secular nature

[@ajaysuryawanshi5277]

Very good

[@ramjiYahoo]

Minister Office Phone call bank loans were needed during Cong coalition time, to manage coalition parties pressure. That time we were needing a stable Govt . Dr Singh's ji had to compromise small things to achieve Macro Big targets. Minister Office Phone call bank loans were needed during Cong coalition time, to manage coalition parties pressure. @RahulGandhi @priyankagandhi I shouldn't blame only Dr Singh or @PChidambaram_IN for that

[@a123boyzone]

Nice.

[@kiwiwala]

It issue is not the 'vision thing'......India, today, has a VISION.

[@send2vivekk]

Abhijit Banerjee lecture is g8 (after Raghuram rajan after 1:00:00) 👍

[@balwindersingh-zo8us]

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

[@kunalyadav1348]

Just to add to your point, I was just listening a Quint interview of Abhijit Banerjee in which he mentions that centralization might be because of fear of corruption in various ministries which was faced by UPA-2

[@7delights]

Hi sir. i want to ask you one qst how Cm chandrababu naidu did in his tenure for AP

[@fatimahuma]

8:40 to 11:40 👍

[@nandakumar1780]

Whenever kinds of wine is life's culture's and not illegal.

[@virnamisra1657]

Actor director.. AC functioning superb .

[@beladave40345]

Large number of current NPA originated between 2006 to 2008 when UPA - 1 was in power which you have told to Indian Parliament Panel in the year 2018 after completion of your tenure as RBI government. Sir, can you let us know what kind of step you have taken to control this loan to become NPA. Sir, kindly also give example to students why you were unsuccessful in controlling loan to become NPA. What they should do to control bad loans.

[@prasanthbab1]

Bela Dave to bring real and reasonable governance it's not like making a chai or demonitization as RBI is answerable to many questions at last Finance minister should approve to make it possible. Raguram rajan was the one who initiated Bassil3 changes in Indian banking system fyi he was the core committee member of Bassil III committee which initiated by International regulatory frame work. You better know the background about any comment which you post hereafter prior to comment.

[@shabana_04]

32:40 35:30 43:00 51:00 52:35 1:28:00

[@harshitagoel7825]

I have one Question for Raghuram Rajan sir, the point where u mentioned that most PSBs(70% of total banking system) are failing and govt can't ignore the private sector banks....what about the Yes Bank collapse incident...?? Wasnt the whole malfunction propaganda by the elite that resulted in lost of trust & faith of all depositors?? And RBI came forward to help...so wherever private banks are on verge of collapsing, PSBs are always there to help....So, I didnt get the logic in this fact. Also, overall the lecture remained neutral but at some points I felt that sir was turning lil political & supporting the former FM who was actually guilty of wrongdoing..!

[@nandakumar1780]

Population and living hood, speed and balance... are different in country wise butt wee ?? Iff note balance than relatedly problems and it's branches growing future's are must should rma RE READ and Ready bee pree for itt....

[@nandakumar1780]

Jails may slowly be crowded ?? Or reduse for future's programs.

[@nandakumar1780]

Save the energy frome form of disturbance or protest butt conclude for against of lossing central energy.

[@MrUdayNarainPandeySharadNPande]

A Thiruvananthapuram fellow and Co chair integrale.. bannerji

[@nandakumar1780]

Class 4 only is nursery of multy abbility for person production place frome Rixawala to pilots of NDA and students of nation's. Butt not abbility for only higher education than money ability holders.

[@vijay-1]

Rajan himself was part of most undemocratic arrangement of upa government

[@kusumlata-of6dc]

FDI and globalisation ->foreign capital infused->different set of economic environment created. (Capital intensive technique adopted)->domestic industries extinct-loss of human employment->FDI created a pipeline to suck the wealth out of country leaving a skeleton. When people's wealth/saving sucked up, demand decreased so the FDI decreasing on the other hand domestic industries not evolved. Creating no cycle of employment generation in economic. Now our country is likely to come in vicious circle of poverty.

[@nandakumar1780]

Forests living's foods and efforts frome ?? Soo iff forests goo for thicker too thickness regularly till.. them's life's future ?? So why not kinds of sheed's spray in forest in rainy seasons for a new chance for sheed's and receiving land's than Respective response or aanger reply hooping from benifishiours.

[@nandakumar1780]

Unbalanced lifestyle is first. If it becomes balence than fearless atmosphere provide a warmth living's that is lickings personality ratio for future's a plant's of future's sheed's provide.

[@rajshekhart5886]

@1:37:00 Is Abhijit saying 'F*** you all', Let me give some chance to speak ! :D

[@pankajuchiha9232]

Yeah 😄

[@yashasshivamurthy4521]

Bhakts getting burned....

[@agrawalhitesh2670]

This speech leaves me 2 options - 1) Try to change Indian Politics(first people) Or 2) Leave India

[@Money_Hour]

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

[@nandakumar1780]

Local nobles or invite direct legally with knowledge and noble's for selfish nessh not butt friendly with normal living's.

[@nandakumar1780]

Land sale and purchase businesses or development of that's zones.

[@GM_-]

I think there were far too many leaders in the UPA with no mass base, but who held powerful union cabinet positions and exercised great power and influence. All based on their closeness to the Gandhi family. Likewise they favoured those career bureaucrats that curried favour with this coterie. A nice cosy club, all told. A necessary readjustment is underway. Like them or leave them, but people rise to the top in the BJP based on their mass base and track record, not based on their toadyism or chamchagiri index. Likewise the BJP is playing a waiting game of phasing out the old guard in the bureaucracy that was accustomed to taking their marching orders from successive Congress governments. Once these changes are made, I think the BJP will decentralise.

[@nandakumar1780]

Only local wines are illegal or jails for against from for money of foreign wines shops and wings of action of police.

[@philaxx8888]

Ask Rothchilds

[@ashoks5317]

With a population of 1300 million people and a exports of $330 billion ,and imports of $550 billion compare with Hungary with population of 10 million with exports of $125 billion. In India mere 7% paying taxes amounting to $20 billion and most of the money required to meet debt obligations and salaries/pension all your Dosa/Bonda economics requires a series thought. One thing you pridicticted correctly after Dosa economics is Bonda economics in which Nokia/Foxconn employees are gainfully employed. It is better to shut down IIT/IIM and many Babus in N/S block including trimming RBI to 25% and allow them engage in bonda/Chapathi/Roti/Agarbathi making business where they will earn some skills. Is there 50:50 Scheme that can be introduced. When there iso values don't expect any one to respect you. In fact no Japanese family invites a Indian because they are suspicious of their characters these Indian may steal cup and saucer.So never ever disclose you are a Indian by birth You are talking about decentralization, look at the Jonies charging Rs 17000/ to fill a pot hole in Mumbai Roads.If given full powers they will sell all the lakes for forming layout to be be swimming in rainy season. Beaucrats should see Dasarath Mahanji work and Abhinandan Kumar of super 30 .

[@asdfgh9300]

Jai Shree Ram !!! Mandir Wahi Banayengey !!!

[@prasanthbab1]

The simple answer to Mr Raghuram rajan question in terms of politics we don't have better alternative than Mr Modi at this moment because he's working selflessly for the India betterment, however if you consider success of any leadership decisions every coin has both sides example:- Demonetization was failure but article 370 and 35 A is successful and balancing fiscal deficit we need to have good international relationships which Mr Modi doing in a right direction so far. Hope I answered all your questions related to politics other than good governance which is not changed a lot for decades in India.

[@rakeshiyer5637]

lol betterment? Haha

[@kusumlata-of6dc]

There are n number of so called brilliant people in our country still have such issues like unemployment as existed during indipendence

[@krishdesai9776]

Because there are 1000n number of stupid people who don't let the brilliant people do their work

[@peterwang6452]

I don't think decentralization is the solution. When European countries were growing fast, they were all under dictatorship and highly centralized. China is still highly centralized. All Asian tigers were under dictatorship when they transformed themselves from poor to rich.

[@mukundshamlalshamlal5959]

It seems that raghuram rajan has been living under a huge stone, as his talk iS ill iNformed as to the state of the world economic situation.

[@nandakumar1780]

Birth's rights for voting only butt address of his:her's ??

[@harir3628]

Rajan Indian government has no idea and India grows at 7.5%

[@peterwang6452]

What do you mean by decentralization? Decentralization means many many things, not just about burning down the central government. Independence of all states is a kind of decentralization, which is obviously a bad idea.

[@NayanRanjanMukerje]

Raghu's lecture was very much un-expected from a person of his background.

[@nandakumar1780]

Personal loane or programme for Longest terms in mass population's for and see ammun's of loans = than investing that's ammun's for ?? More for one licks butt aggressiveness note butt required living's life.

[@solelysoul8543]

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

[@rakeshiyer5637]

The amount of chaddis/Bhakts seething here in the comment section is mindblowing. Economics is out of your reach. Stick to your cow science.

[@jhinkumama9541]

RBI governor, whose era had the highest number of fiscal scams. His tenure was marked by high inflation and difficult times for the common people. He is only capable of giving speeches which never translated to any meaningful action.

[@harir3628]

Rajan is not an economist. He is a finance guy. Ruined the SME sector in India. Offers general advice nothing particular. Just hot air.

[@hemavaidyanathan5221]

Is this a political lecture or an economic lecture?

[@virnamisra1657]

Kali ghata chaaye Mora jiya ghabaraye

[@Lucky-yt4cd]

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

[@victor2511suku]

I mean, he has offered solutions - in the form of broad ideas of market liberalization and democratization. However, we do need people to diagnose the issues with our economic state. We can't just complain that when people identify problems, they don't provide solutions. Diagnosis is as important as a cure, and it is the first step to solving the problem is to identify it. Now, I think India just lacks good governance overall and has for a long duration of time been void of a good leader who isn't just decisive but decisive with forethought. That is, their decisions are fast, and more importantly, well thought out (addresses the multifaceted nature of our multifarious problems). India needs to move towards a federal state, where states have more power to address their individual problems, with a centralized power capable of addressing interstate issues and facilitating communication and trade between them. Institutions need to be re-empowered to ensure a lower level of corruption and cronyism. Furthermore, I do think that the press really needs to start doing its job. Currently, as the ad-dollars favor pro-Modi news, they have no incentive to report any negative aspects of our policies and consequently keep our democracy in the dark. We need fair media, that is willing to criticize PM Modi with the same fervor and tenacity it criticized Manmohan Singh with. In many democracies, the press is seen as the fourth estate, another check on governmental institutions, and a tool to inform the people of any wrongdoing so they can move swiftly. Yet, we fail to see this again and again.

[@SparkyonPC]

Congratulations, you managed to say absolutely nothing. @Fin Stats

[@gomachanLovely]

sorry　Mr Razhan slory no pulobrem more important ９％.

[@architsinghal9006]

Hahaha The "Vision" Thing!

[@piyushnigam6848]

I was looking forward to hearing an economist who understood a bit of politics, however, this ended up being a political speech from someone who understood a bit of economics. Looks like Mr Raghuram is trying to take over the mantle from Rahul Gandhi to just find fault in what the current government has done with no care about what the country really needs. As an economist he would have primarily spoken about how this government spent too much time left of the center, fixing things for the poor of this country. Now that they have started thinking of improving the business environment and bringing up the economy, are they too late? What do they need to do now to correct the damage that they have caused to the SME eco system or even how the large businesses in this country have also started shutting down. However, that key message got so diluted here with all the Modi bashing that was necessary to the speaker. Let me take the example of how demonetization was discussed here. A politician would have highlighted the points that this was an inconvenience to people for three months because the people had to stand in line and it was a failure because the black money was not caught. An economist on the other hand would have spoken about not the inconvenience of those three months but about the impact it had on the cash economy which is showing effects all through the years and still has not recovered. From an economist point of view, demonetization while focusing on making the cash with corrupt politicians and bureaucrats traceable had a side effect of damaging real businesses which worked on cash - where this government failed was in controlling that side effect. If the cash economy was to be impacted then other sources of funds should have been made available to those valid businesses through policy changes at that time - the loan melas were needed right after demonetization and they should have thought about it then rather than now. There would be similar examples on each point taken up for discussion where I wish that good content was not diluted by the underlying political agenda.

[@divyjain123456]

So he can't talk about something that's on his mind ? Free speech ? No ? And in my opinion politics will always be an integral part of economics because it's the politicians that make the policy decisions especially in a country like India where we don't have independent institutions.

[@piyushnigam6848]

@@divyjain123456 there is a place for every dialog and if this was a press conference that he had called to speak freely it would have been fine. Then he could have picked up topics like why Trump's warm welcome to Modi was not about Modi etc. This was a forum to speak about how the economics of India has gone wrong and it getting diluted with all the political talk was the only disappointment.

[@divyjain123456]

@@piyushnigam6848 Maybe the topic of this forum was political economy. I am not sure.

[@piyushnigam6848]

Maybe you are right and this was meant to be primarily a political discussion. In that case I am pretty comfortable with what I hear here as I stop expecting it to be a speech from an economist on a pedestal and listen to it as just another politician from the opposition who has to rant about everything being wrong with the current government. No disappointment at all then.

[@sharathmandyam6103]

@piyush nigam please go see the first part of this lecture series before making baseless comments

[@harir3628]

Rajan should be charged for sharing secret data he had as the central bank governor to make money. He has made this a money making scheme.

[@dreamingguy1999]

There is a Great element of 'Sour Grapes' in what this man is saying.Its not every one or any one , who can be a sage.Good in Finance is different from good in other fields such a economics and nation running, ‘emotional quotient’ etc that you need to have to be successful, in the role you had been in.It would be better if instead of these ,’spilling of bile’, Raghu could him self gain wisdom and become a diplomatic speaker and some-one who can charm and win the hearts and can be transformational in India and could remain a proud son of the Soil and a Wise Citizen of the world.,For what, purpose is Raghu saying this--just to hurt--get his revenge. Is it not a waste of time.Is the current Govt at heart malicious.It has great dreams for India, but the conundrum is how to resolve it.You were in Power, if you had a winning way, besides your strict 'Finance' then possibly you could have contributed greatly to the same cause that, the current Govt is striving at.Just maligning the Govt can get your revenge in terms of the influencial among the auduence ,impacting(-/+) on the current govt's functioning in some way, we don't know yet,and thus , not helping the govt deliver to the needy people.Just get out of your petty mind , get wise and work for the nation and the people of the world. It is the people who elected the Govt., can that be undone and is there a way you Can to undo(Did we have a better choice this time--see the Congress--Rahul(‘Juvenile’) and the Lot). You are just in the process of your pettiness contributing to the misery of the people . Cheer-up.Come-up with Bright ideas.Have a pleasant mindset and admit your foolishness.And be useful and productive and just dont go about bitter. --The take home message for Raghu---neither, you,me or any one mortal can change the dispensation for the term of the current Government--its not as bad as you make it look. It has not set out to hurt the nation.In fact the top leadership has started with great ideals--but what they may be getting wrong is the path, they are experimenting with--Do we have may astute in our country--we need universal education and the democratic process to go on for several decades till we have a population with the Critical Mass of the Astute. We need more wise individuals.I hope more and more indians will go into top education and thus come with detailed vision on running the country and over a few decades we will have a critical mass of great minds ,who by then will streamline all aspect of nation building lets hope(it is hope--and working positively with good-will--fostering one-ness of our people and one-nesss with the rest of the family of cultures and peoples that is needed of people ,intellectuals like you, without losing perspective of the life of 80/85years that we each live).It is amaturish presently, but do we have better.The best our country has, like you ,are so lost in self glory, that ,your pride is more important than the development and growth of the country and more important,than the lives of the many many millions.There are many ‘back-channels’,by virtue of what you achieved in your life, where you can still keep passing on your great Ideas when you generate them .Demonitization etc were experiments lets say,again suggested by people who thought they knew what was good.Now there is no point in keeping talking on that,Rather, it would be wise to use your wisdom to convey positive messages in the direction of progress, so that people now in govt have may positive ideas and they may find one of your idea unique and useful. Be positive , and spend your life for the betterment, why waste time remembering and reminding your bitter experience/episode.Nation running is practical and some one has to take a call, is there a better way we know now ,than the election .Lets spend time on devising better ideas for a better world.

[@ranjithgopinathan1224]

Out and out political speech!!! He sounded more political than the most vocal opposition politician in India, only a matter of time he takes the political plunge 😊. He made Prof. Varshney sane!!!! 😊

[@genghiskha10Century]

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

[@nadiga1]

RR politician spoke rather RR Economist..!!

[@nirbhaynandan72]

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

[@amitpatilamit]

If I understood correctly, he was being sarcastic as none of the latin American models actually worked till date.

[@harshavardhanshinde3509]

Whoever says anything blatantly, honorable Gov say, he is not mentally fully Indian

[@pankajuchiha9232]

Ohh so how much does your certificate cost to prove my nationality... Is your certificate powerful than passport, voter ID?

[@nkrish9232]

Why this guys speaking like Congress jalra sometime its confusing

[@KhanTeam07]

For u bhakts...All sane people are Congress spokesman!

[@upamanyuchatterjee9595]

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

[@manmohansaklani]

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

[@qtiyapavideos8371]

Manu & Nidhi Videos and what made you to think so?

[@dhawal2103]

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

[@user-bf6ul8ok1s]

who decides who's corrupt? Ones political affiliations or courts or individual convictions? This is same Modi who couldn't provide impartial justice to 2001 riot victims so much so that cases were moved out of state. The now HM was barred from his own state. Not a single fact has been presented by the govt. on either demonetization or J&K till date so anyone's opinion is as good as yours. My personal opinion is J&K will be as "successful" as demonetization.

[@taysoonpoh9783]

India's greatest export ... her best and brightest... No nation can be great when they chase away their best talents!!

[@manmohansaklani]

Spot on...

[@dhawal2103]

@@user-bf6ul8ok1s u hv right to ur opinion, but if you think chidambram is not corrupt then I can't say much, and people get to know who is saying/ doing things honestly, I do know Dr Rajan is a great economist and his views in economy should be listened, but on political side he is being opinionated just like you are accusing me. N demon was controversial I don't deny that even a bit, but kashmir was necessary n was right thing. And again if you talk about 2001, better start from Godhra. I watched this and the other video without the lense of politics, but in this one, he missed the edge he had of being an expert. Now Congress jus plays him. He could be really a great asset if he doesn't try to be a politician!

[@user-bf6ul8ok1s]

@@dhawal2103 Here is my comment. "who decides who's corrupt? Ones political affiliations or courts or individual convictions? This is same Modi who couldn't provide impartial justice to 2001 riot victims so much so that cases were moved out of state. The now HM was barred from his own state. Not a single fact has been presented by the govt. on either demonetization or J&K till date so anyone's opinion is as good as yours. My personal opinion is J&K will be as "successful" as demonetization." - Which part of this do you find an accusation against you? Economy is "an area of the production, distribution, or trade, and consumption of goods and services by different agents.". Different agents involved politicians as well. It would be naive to think it doesn't so if he is speaking against political policies and actors its well within the domain of economics. Like i said, you can have any opinion you like but don't try to present J&K issue or any other as a factual matter if you cannot substantiate it with facts. The only reason you are softer on demonetization is because despite 50 day promise government has not presented any fact on the stated four goals or even the revised goals. On the question of what I think who's corrupt, If personal opinions are going to be the basis of who's corrupt then by that logic every opposition is going to be corrupt. On Godhara, did you know Modi's government couldn't investigate the case? A government can't anticipate law and order failure, it then can't investigate it or can protect its residents yet the fault lies with but not the government of the day. Its convenient for you to point fingers based on your political affiliation here on the internet but what you can't do is ask government questions why those behind Godhara or later in the riots haven't been punished yet. Now, this is called an accusation.

[@manofsan]

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

[@jarinwallah]

For all the personal attack, you fail to find a single issue with his line of reasoning. Speaks volumes about your critique.

[@manofsan]

@@jarinwallah "line of reasoning"??? He gave no reasoning, only propaganda. Which specific arguments of his did you find credible? He claims that India could get into a Latin American style debt trap, which is rubbish, since Latin America's foreign debt is denominated in US dollars, which India's is certainly not. He mainly talks about politics and not about economics. Tell me which specific argument made by him that you find most credible. I doubt you even understood most of what he said, and are just blindly taunting without knowing at all.

[@jarinwallah]

@@manofsan if it's economics you're looking for then please go to his previous lecture. Of course this discussion is about the interplay of politics and economy. So while accusing other of something we should also consider if we aren't guilty of the same. Now on possibility of Latin America like crisis, it should be clear that it's speculative point. Signs for this is a fiscal deficit touching 10% and ever expanding welfare programs combined with revenue pressure as reduced growth, tax cuts and low gst collection. Secondly while govt borrowing is not in dollar, corporate borrowing is so and has only been encouraged. Even the point about majoritarian govt you mentioned is based on how these govt have performed in thr past. A divisive politics can't be good for national security.

[@manofsan]

@@jarinwallah Rajan has gone out of his way to make everything about politics. Even when he was RBI governor, he completely transgressed basic limits by not remaining apolitical and by commenting on politics on the even of the Bihar elections. We now see Rajan nakedly whining on behalf of his crony Chidambaram who'd appointed him as RBI governor and given him that job. The "speculative" comparison to Latin America is really stupid, because India doesn't have US-denominated debt like Latin America does. India certainly needs social spending on the poor, and it's the Left who've always clamoured most loudly for it, so it's then hypocritical to fault Modi for doing this, but not them. Majoritarianism is a false label, since Muslims are the largest ethnic group in a sea of smaller ethnic groups, and are thus a plurality. The various disparate ethnicities of India are tired of being subjected to divide-and-rule by fake liberals who pretend that Muslims are the only minority, when in fact everyone in India is a minority, and Muslims are actually a plurality rather than being the smaller ethnic group.

[@prashantshukla8545]

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

[@qtiyapavideos8371]

Prashant Shukla you seem very close to cabinet.... chutiya

[@sandytalk9167]

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

[@Sendilshanmugam]

Keep your faith with two ignoramus person who are single handedly destroying indian economy and the idea of india for the past 5.6 years. because of trolls who doesn;t understand anything, this country is in current dark situation..

[@sasindranvm3366]

He is not getting exposed but our economy getting destroyed by Mandir Masjid politics..But Indians will realise and correct it right time

[@samratdr]

The Almighty did a terrible job when he put shit inside your head in lieu of brains.. one can only feel sad for the likes of you

[@user-bf6ul8ok1s]

Every real economist that I have heard or studied under made comments on political policies. I suggest taking a couple of classes in macro economics to find out for yourself.

[@manmohansaklani]

Right

[@akhileshdwivedi9973]

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

[@qtiyapavideos8371]

Akhilesh Dwivedi i have serious doubt if you have brains..

[@rakeshiyer5637]

do you even know economics?

[@akhileshdwivedi9973]

@@rakeshiyer5637 better than younplease

[@rakeshiyer5637]

@@akhileshdwivedi9973 Haha is that your comeback? Although your DP sums it up nicely on what are you basically into. You must be better in religious conspiracies bogus shit as well.

[@harshdesai9891]

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

[@amitpatilamit]

His first part was more related to economics. As he is talking about "now what" in this lecture and that involves government, he ends up referring politics.

[@shivaghuge6585]

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

[@user-bf6ul8ok1s]

Is everyone who doesn't share your view from Ford Foundation?

[@pulchritudinoussoul7756]

, 😂😂😂😂😂

[@PseudoProphet]

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

[@PseudoProphet]

@Rohan D but he's highly political, so everything he says is basically agenda driven, hence untrustworthy.

[@PseudoProphet]

@Rohan D Modi is a politician he doesn't pretend to be an economist like this fellow. Most people say factually correct things on both sides of the political divide, it's how they say it and in what context tat makes all the difference. Now if a great economist like him is spreading how Indian economy is going bust everywhere abroad, is that good or bad for India, what do you think?

[@PseudoProphet]

@Rohan D Modi takes big policy decisions, he doesn't micro manages the economy... He literally can't do that, he's just a human not some God who can do everything all the time. Also, recession is already there, since the day Trump first put tarrifs on China, but by the time Americans and the Chinese feel the real heat of the recession India will already be out of this temporary 2-3 quarter slowdown... The government has literally cut taxes by 10%. . No one can help businesses more, not anywhere.

[@amitpatilamit]

@@PseudoProphet I would like to understand why US-China trade war is hurting India more than those two countries. And that's the only reason for slowdown?

[@PseudoProphet]

@@amitpatilamit who said it's hurting us more, China is literally in the dumps right now, literally hundreds of companies are leaving China, they're losing millions of manufacturing jobs.... Samsung has shut down all phone manufacturing in China... And so on. it's just that when China lies about their economy, no one can do anything about it because no one really knows anything about China and what goes on there. But we do know that China has put a stop to all currency outflow from China, which only means that they're really down right now, and can't get back up, this fake facade won't last very long. The only thing that can save China at this point is a trade deal with the US which is impossible, or if they manage to get 30-40 countries in the world ( including SA Asia) to trade with them in Renminbi instead of the dollar, which is also unlikely. But obviously this is not the only reason for the slowdown, it's a natural downturn, theain reason behind it the absolute rotten banking and finance system we've had in our country for decades... Which kept lending money to big rich names without any backing or plan and then kept evergreening it... Causing a total collapse... This is much bigger in percentage terms then anything the US had to face during 2008 crisis.