Raghuram Rajan - India’s Economy: How Did We Get Here and What Can be Done?

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.
Commentators:
Arvind Subramanian is a visiting lecturer at Harvard’s Kennedy School of Government and non-resident Senior Fellow, Peterson Institute for International Economics (PIIE). He is the former Chief Economic Adviser to the Government of India. Previously, he was the Dennis Weatherstone Senior Fellow at the PIIE, Senior Fellow at the Center for Global Development and Senior Research Professor at Johns Hopkins University. He had served at the International Monetary Fund (IMF) since 1992, most recently as Assistant Director in the research department (2004-07).

[@chetan7065]

Nirmala Sitharaman and Subramaniam Swamy have disliked the video.

[@coolboyi5738]

Lacture starts at 5:25

[@Akash_.]

🤭🤭

[@manzoorathar11]

Thank you.

[@shobhitsharma7148]

Thanks

[@josh8737]

You da MVP.

[@user-lv1wn5wq7n]

yes a waste of time before

[@lannightpandey6582]

Audio:-gliching in between Me:-lets turn on captions While Captions :-[inaudible]😑

[@ravis4205]

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.

[@nvspraneeth901]

BJP and sensible, bruhahhaha.. ur modi and his tughlaqi brain is behind the current crisis, no one else but he

[@theAraAra]

agreed!

[@anubhavs.sarkar4591]

Request the PM to listen to 'anti national' Amartya Sen. Raghuram Rajan and Abhijit Banerjee to better the economy

[@skmuzammilzeeshan6173]

Yup, rightly said. 👍 and that too, take these coherent implications into account before it's too late.

[@manofsan]

@@nvspraneeth901 I don't agree. Manmohan Singh wasn't an able steward of the Indian economy as Prime Minister, and furthermore he was just a puppet for Sonia Gandhi, which created a false centre of power in the govt apart from the PM. Manmohan did his best work as finance minister under Prime Minister Narasimha Rao - a govt that was wrongfully derailed by Sonia Gandhi. I, for one, feel that Sonia's entry into politics was a very bad development for India's politics. Someone who'd never ever previously shown any interest in Indian politics suddenly plunged in with a vengeance once she learned her family was about to be investigated for the Bofors arms scam. This was the wrong reason for someone like her to enter politics - at the apex level, no less - and it continues to be her reason for her desperate desire to have power at all costs. Because her desire for power exclusively guides her, as opposed to any great attachment to the country or any vision for it, then naturally her political instincts will be predatory and destructive.

[@covidwarrior2808]

It is dangerous to not to have a powerful opposition. The ruling party will do whatever it wants. Let's face it, the economy is in dire straits. Imagine sitharam with experience is running the finance ministry. Very sad.

[@covidwarrior2808]

@leafonabreeze I think you have blinkers on.think with your head or brain if you have one. By the I am not a congress supporter. It's better not to assume things. Will you understand the above or are you thick.

[@Ram_SV]

@leafonabreeze haha shitty minded you are, wonder your living status and kind of standards you will in, probably below par level. 😅

[@doge3436]

@@covidwarrior2808 It is a structural slowdown. There's a lot that was done to the economy in the congress rule. Demonetisation was a bad decision but more reforms are expected by NDA and they are more like to take groundbreaking steps than the Congress.

[@divyjain123456]

@@doge3436 IF this is a structural slowdown (I hope it's not, time will tell) the measures this government is taking is predominantly cyclical in nature like the repo rate cut for example. Who knows why demonetisation was done but that crushed the unorganised sector of this country which contrary to popular belief is quite important in India and drives much of the consumption in this country. If no big steps are taken it will only make it worse. Although corporate tax cuts and linking bank lending rate to repo rates is good. What really will decide the impact is the execution of these reforms ( for example how the bank deposit rates are linked to the repo rate, assuming that they will be linked)

[@theenglishlearningchannel259]

@leafonabreeze Well-chosen name for a mental featherweight like you!

[@Lohitpant]

Started it to see only for 10-20 mins. The way Raghuram Rajan simplified it, watched the whole 2 hours.

[@krunaldedhia5747]

Delighted to listen such an insightful analysis by one of India's Internationally reputed Economist. This guy is an authority in economics & specially Indian Economics, as he has "been there, done that". Its very sad that the CENTRALIZED , ARROGANT top commands did not listen him seriously, when the whole world eagerly waits for his next WORDS OF WISODM. For all the Evils in the Indian Economy today, there is no better doctor than Dr. Rajan today. If at all we are very serious about the Indian Economic Growth & are sensible enough to sacrifice personal egos for the larger good, we must get him back in action in India. India can not have a better FINANCE MINISTER than DR. RAGHURAM RAJAN today. This is what P V Narsimha Rao did in 1991, getting a non-political professional in actions & giving him full political protection to do what is right for the economy & the world knows how well we emerged out of the crisis eve, thanks to Rao - Manmohan Duo. Modi - Rajan duo can achieve 2X or 4X more growth, We can rectify all the mistakes of last 15 years & achieve 2X more in next 5 years than what we did in last 15 years. Anyways until these day dreams come true, Dr. Rajan on behalf of common citizens of India, we request you to keep on bringing up the right debates constantly to let the whole country know what we are doing wrong & how to get it fixed. You are doing a great service to nation, KEEP UP THE GOOD WORK ! .

[@rongsenimsong3058]

Raghuram rajan is internationalist economist. So no country can ignore him about his policy.

[@aaronmanuel6371]

Well India is doing these days

[@Lohitpant]

Guess what? India did.

[@sumyukthabarani3673]

Glad to listen Such an insightful analysis by one of India's internationally reputed economist. At all we are very serious about the Indian economic growth and are sensible enough to sacrifice personel egos for the larger good, we must get back in action in India. India cannot have a better finance minister than Dr. Raghuram Rajan today.

[@mirzaqureshi]

Respect our own Indian talant... Raghu did warned US of 2k8/9 recession. World made fun of his view... at present he saying demonize & GST very major step taken with no vision/ preparation.

[@vsvrp1995]

Great Talks.. arvind subramaniam asking for 2 more minutes, 2 more points was like party spokesperson fighting for time on tv debates..

[@nitikagahlot3095]

Thanks for uploading... Raghu is a gem of india

[@cloud-tutorials]

One problem with foreign educated economists is they don't know how system works at ground level. It is easy to criticize, but intelligence lies in making things work given constraints. As RBI governor, putting blind eye to fake currency is threat to national security.

[@mohmayakibaat8092]

Summary : 1. The economy of India due to reforms under NDA took off at around 2003-04 and the growth persisted until 2007-08 2. The policy paralysis of UPA 1 and UPA 2 and corruption in UPA2 along with global recession played an important role and the economic growth has been going down from around 2007-08. 3. Laws for bankruptcy etc works for some time and then people learned to circumvent them via courts where things get delayed indefinitely 4. The global recession caused a collapse in FDI, Consumption and exports. 5. Modi govt bought some good reforms like IBC, GST etc but the mediocre execution of GST and poor execution of Demonitization increased the stress of the economy. 6. The recent decrease in corporate tax rate might help increase investments but the corporates are looking for stable and predictable laws which the Modi 2.0 is not doing a good job of. 7. Bank mergers should have been delayed as these would divert their attention to the operations of merger instead of lending. 8. Regulatory oversight under UPA2 and Modi 1 has led to the present NPA crisis 9. Power and cell phone sectors has grown well but textiles have remained stagnant and Agriculture has been going down while still being the main source of occupation due to various issues and needs serious reforms. 10. Due to huge recapitalization under UPA2 in response to the global recession and the indiscriminate lending by NBFC led to high inflations in that period and the Modi govt has brought inflation down but some of the processes that helped drive it down too much like poor implementation of demonitization and GST increased the stress of the indian economy 11. Arvind subraniam believes that Modi 1 was hyperactivity with welfarism vision whereas UPA2 was policy paralysis. Raghuram Rajan belives the Indian union doesn't have a long term economic vision. 12. India needs to wake up to the fact that India needs to work harder on its economy to achieve the 10% growth rate, it won't happen if India feels entitled to such growth and sits on its laurels without working on it.

[@dimagkadahi4330]

Reforms in NDA helped INDIA to grow till 2008.. This is a joke kindly improve ur knowledge buddy..

[@mohmayakibaat8092]

@@dimagkadahi4330 I am not saying this, it was told in the video. Rajan said that NDA on the footsteps of narasimha rao carried out liberalizijg reforms which set the pace for growth. These reforms were long term and the growth effects set in during the end of the term and continued until the crisis. You can find it in the video.

[@dimagkadahi4330]

From early 1990s reforms started like LPG which helped us to grow till 2008. NDA govt added some good reforms in their term which helped India to grow after 2004. UPA 1 govt was not able to do reforms it had partners which didn't allow them to do. However the Investment cycle rose quickly in UPA 1 coz dey passed the projects and projects was completed by the tym..

[@dimagkadahi4330]

What's more imp is current govt have to realize that our economy is not doing good. What happened in past is gone. Modi 2 have to see beyond their plan of only winning elections and everything will be good. May not be as good as Raghuram Rajan but if u r in India u can feel were we r moving..

[@mohmayakibaat8092]

@@dimagkadahi4330 I too have said in my reply that nda 1 followed in the footsteps of narasimha rao reforms of 1990. But it is wrong to praise passed the projects and having them delivered on time, it is their job to do so. only in india we consider them as positives. If modi 1 or 2 has issues completing things on time it should be blamed, applause should be reserved only if a govt completes something before time or something at much lower costs.

[@shivanibiswal3269]

So privileged and grateful to have an access to the analysis and outlook of such insightful economists ... thank you Brown University 😊

[@dipankardatta5058]

§3

[@arindamdutta9371]

True

[@user-cw2tf5ib3l]

Thanks to both pandit ...for not mentioning easy to doing upper class's business and exclusion of local market objective............. heaven maker save India's capabilities

[@MithunOnTheNet]

Insightful talks, especially Raghuram's lecture. Just a suggestion, I think it would be better to use lapel microphones, especially if the lecturer intends to move away from the podium to point to something on the screen. There were many segments that were inaudible.

[@Dgf2354]

The talk is structured around growth, fiscal and credit. Wondering what the thought process was in defining this framework?

[@jayaramj9630]

arent those relevant key economic markers?

[@Dev_G07]

No matter what the political parties say about you sir but we salute you from the core of our heart with respect to your economic acumen.....

[@sidmoitra007]

Great! Like it very much! Appreciate!

[@VikasSharma05]

This is so much detailed and honest analysis with all the facts and along with the sources which makes it totally gemuine and trustworthy

[@adityagupta97]

There is only political vision, no economic vision. Every issue is going to be brushed under the rug if the approach to the issues is going to be thought from the political perspective. One of the 5 Rs Arvind Subramanian talked about was Recognition. If the government itself is not ready to recognize the issues and stay in denial, you can't expect the other 4 Rs.

[@kushagrayadav5468]

Reasons for the slowdown in the Indian economy and its solution by Rahul Mehta, an alumnus of IIT Delhi and New Jersey Univ USA(www . rahulmehta . com) what laws can improve the economy Part-1 (Issues behind the slowdown) kzbin.info/www/bejne/r4uuZ2SgqKlqa9U what laws can improve the economy Part-2 (Solution) kzbin.info/www/bejne/iV7Yln6hgdeNl9k

[@Muleslover]

Political vision without Economic vision is nothing but a disaster.

[@dharmachatterji9380]

Very fine informations, elaborated by graphs & datas, side by side other, economists, also busy with all these important things, we hope, sure our economists shall reach to fine solutions.

[@hemavaidyanathan5221]

A good lecture, marred by bad sound quality. Surely Brown can do something to fix that. I would love to rehear this, with better sound.

[@hemavaidyanathan5221]

Would Brown publish the second part also please! Hope the sound bite is better. Thanks.

[@praveenarya1105]

All the time my favourite economist. ....

[@Balaji-uz8kp]

That was such an insightful lecture. Thank you, Dr. Rajan.

[@kanchanw610]

One thing that economists fail to understand is GDP calculation. With 85% of non-corporate economy and 50% self employed, it is very difficult to calculate GDP output.

[@dr.prakasharumugam4086]

Thanks for sharing with the public

[@ashoksamraj]

A question to someone who might know, if informal sector is not measurable, probably the one way to measure it is through GDP and unemployment rate parameters keeping other factors a constant and then adjust for measured change in formal sector in these parameters proportional to their contribution to the same. Is this how its usually done?

[@watchfulmind9415]

Simply great!

[@rajeshshelke3590]

where is part 2 and lecture 2?

[@prateekpaul5844]

The stammering theatrics of Arvind Subramaniam bear testament to the difficulty of defending this government's "monumental mismanagement" of the economy, regardless of the falling rate of growth before 2014.

[@arunkumarpriyadarshisethi3412]

The speech is meaningful both the common man as well as the person sitting on the chair of upper class.(Arun, from ROURKELA Odisha INDIA)

[@sandeepsydney1573]

Thanks for video of great economists

[@payalsachdeva6239]

Where can we find the next video? As to what measures to take.

[@aryangoyal5363]

Were you able to find the source where we can see the 2nd part .

[@MeetMehta-pp7iw]

can the slides be made available?

[@prashant2430753]

sir what about your interest hike spree to combat food and fuel inflation.. which made credit so expensive that it led to msme closure...

[@muthusamyvee185]

Whatever u talk and think by breaking your head nothing will happen in India unless we have honesty at all level including common citizens

[@manojmangaonkar8780]

Yes.. fully agreed..ethics is the fundamentals of any sct

[@fanisandilya3468]

Agree with u. But in today times people are more concerned with themselves rather for the country. We can't blame them though, these kind of acts are being motivated by the failure of our politicians.

[@akshat549]

Two great personalities Mr. Rajan and Mr. Arvind Salute to these two.

[@watchfulmind9415]

They hv not said all, they have their professionalrestraints, but I pity LUCKY Mo for not giving them a free hand to serve the country.

[@doesntgiveash4378]

I love how casually dr. Rajan mentioned "mandir that they wanted to build" shows how little sound minds care about cheap tricks.😆

[@PratapSingh-yt8du]

Grand and excellent lecture

[@saurabhkumar-jo4bd]

Rajan sir banking got centralised , i.e core banking came that's a reform .in UPA era

[@sarojdas8862]

why the graphics year changed from slides to slides and year to year and items to items. why not take a particular period say 1990-2019 (zoom in and out). why u ignore 2008-09 and include 2018-19.!!!??.

[@ageless1003]

The problem with BJP is their political ideology overpowers everything even economic rationale. If they want to win election, they can do anything. This approach is hurting India BIG time.

[@manishjain6294]

I dont think so.

[@ageless1003]

@@manishjain6294 ok...i respect your opinion. Do let me know why do you think so ?

[@plreuokjhg]

Dude world is on slowdown, it is demand supply, maturity that plays role. People are buying big branded clothes , dining in hifi restaurant, having 50k mobiles ? One has to think the extra expenses people are spending on. Not to mention the exhorbitant real estate prices that rose sharply during congress regime. If you plant a tree it takes years to grow and bear a fruit , similar is with economy just 5-6 years NDA can’t destroy economy , it has been going on for pre NDA era

[@ageless1003]

@@plreuokjhg yes sir, BJP has destroyed the economy in 5-6 years by implementing policies like DeMo and hastly implemented GST. Sure world economy is on slowdown but so it was in 2008 as well.

[@vdiitd]

How did you come to the conclusion that only BJP's political approach is hurting Indian economy? If you had listened carefully, India is having problems since last 20 years. It's not just BJP, both parties are equally to be blamed for current state.

[@SatendraYadav-rb2un]

Difference b/w Raghuram and Arvind clearly seen here..and why world respect Raghuram more than Arvind

[@SatendraYadav-rb2un]

@@GabbarWaldHariSingh Pragmatist and successful?? Pls re- your facts sir..Mr. Arvind was so Pragmatist that during his tenure as CEA he was certifying DeMo as game chnager and when he was kicked out he termed DeMo as blunder...

[@pramit7745]

*man if quality* *Raghuram Rajan*

[@manofsan]

@16:00 - so regarding lower inflation preventing debt from being inflated away, as I recall it was Rajan himself who preferred an exclusive focus on anti-inflationary policies during his tenure. When Modi and Jaitley first came into office, they were dropping strong hints directly to the media that they'd like to see more stimulus-oriented policy from RBI, but to no avail with Rajan. You can argue about whether that would be good for price stability for the poor, but the fact is that lowering rates for monetary stimulus has always been the main tool of central banks everywhere. Since a large component of market behaviour is psychological, and since changeover to a new govt carries a significant psychological impact, I'd argue that this is actually the best time for a central bank to use some of its limited "ammunition" for rate cut stimulus, because that's a time when it would bear more fruit and have greater psychological impact. To me, that's how you get "more bang for the buck/cut", and that's why Rajan should have cut rates when Modi came into office - just as Modi and Jaitley clearly wanted him to do.

[@trojanhorse4ever]

Atleast he was better than idiots in Finance Ministry right now...he had the credentials to back his decisions. Yes come back and give your stupid logic now.

[@manofsan]

@@trojanhorse4ever ohh, credentials? Whenever I challenge Congis to explain their economic agenda, they have absolutely no idea what it is, but are sure it must be good because Manmohan has "Dr" in front of his name. Even if Manmohan is now a senile old man who can barely move his lips, Congis will insist that his economic spirit is with them. I assume that when he dies, they'll have him stuffed like a trophy animal, so that they can drag him to party meets. Will you pretend to me you were all inspired to join Congress Party because you heard Manmohan Singh was there? Give me a break.

[@samt1705]

Please enlighten me. 🙏🏼 What is the mandate of an RBI governor? Keeping inflation in check, through monetary policy.. or 'inflating away debt'? Whose responsibility 'debt' is?

[@samt1705]

29:24 where he addresses inflation in relation to the government.

[@manofsan]

@@samt1705 I never claimed RBI should be trying to inflate away debt - I said that RBI, like all central banks, has the ability to provide monetary stimulus to the economy, and that its limited rate cut ammunition would have been put to best use by lowering rates when the new govt came to power in 2014. Yet Chidambaram's crony Raghuram Rajan avoided stimulus to the economy at a time when it would have done the most good. Not only that, but Raghuram Rajan also made statements which amounted to meddling in politics - something that no RBI appointee should ever, ever do. Rajan made political statements during the Bihar state election - speaking like a surrogate for the Congress Party, instead of remaining apolitical like all his predecessors had. If Rajan wanted to go into politics, he should have run for election directly, and not snipe from an appointed post like he did.

[@SuperJd143]

Most Part I am able to hear Mr. Subramanian or the questions :/

[@yoshitam7975]

So much of this makes sense - on what's happening in India. So interesting! Thank you Dr. Raghuram Rajan!

[@vinody]

GST, agricultural minimum support price and interest rate cuts seem to be next. Who wants to disagree?

[@legendimmortal1989]

our finance minister blame you and monmohan singh for downfall of GDP ....... subramaniyam swami said that you have got zero knowge about econoy ...... and most funny thing is indian people belive in bjp govt.

[@biswabose8577]

So we should believe western dacoits?

[@legendimmortal1989]

@@biswabose8577 barking dog you sounds like like finance minister

[@biswabose8577]

@@legendimmortal1989 Yes thats what the british used to tell us in bengal when we hurt them !

[@boxofchocolates2134]

@@biswabose8577 dont you think BJP is looting psus to compensate for corporate tax and minimise fiscal deficit. This govt really has no idea for stabilising economy. I don't blame modi, he is neat but he is under immense pressure. He does not have strong economists on his side just like second term of upa.

[@biswabose8577]

@@boxofchocolates2134 Yup Possible ,The economy is under pressure, for both International and domestic reason.But if the looting of PSU is used for Public and social infra funding then it is better then looting PSU and pocketing the Money and shiphoning to overseas banks. As far state of economy and growth rate is concerned we certainly have a lot to desire under Modi considering he got absolute majority.

[@gsrcreations108]

Demonetization was like an unguided bomb that hits people very hard specially in remote areas and small businesses. Modi government spent all the money on social welfare. so we going to run out of money. if the Government will spend all the money on social welfare. So forget about growth. so many public welfare has been launched at one time like free housing plan, health policies, and pension policies and doesn't know how many more. and foreign investments are also not doing well. it happens when we place a non-finanace person in the finance ministry. The best part of all of it that Indians don't give up their patience in such a crisis.

[@Dgf2354]

GDP is a function of consumption, investments, net exports and government spending. Wondering why the slide (9 min onwards) shows only the first three and ignores Gov. Spending trends to define growth?

[@abhinavpandey1344]

He has shown that investment growth is falling...and in a country as large as india govt spending will not help in the long run in providing jobs and creating economic activities of the kind we want.

[@SamirKatti]

Govt spending adds to the fiscal deficit. Ideally gov spends to boost demand but historically this has created more problems instead of solving it. Gets worse when tax revenues tank & govt starts spending.

[@abhinavpandey1344]

@@SamirKatti but in present when interest rates are historically low and central banks dont have a room to stimulate growth it is being debated that fiscal spending has to take charge this time.

[@CnuFederer]

Why don't you provide body mic to speaker..

[@maratsubodh]

The 10% rate at which the black money got recycled as legit and became public sector bank investments is very correct. It would be interesting to run a check on the how many bank manager's kids left for developed countries to pursue fully paid educational programs - in fact to permanently settle abroad. A sharp look at small and medium bank managers assets post Nov 16 would makes things more clear.

[@adrashnd2264]

I strongly feel why can't one of these two be our financial minister and other in opposition. India will have debate on growth and it's a very healthy debate and we can have better economy. In spite of present one who finds way to blame on others

[@kimjin-hyub3413]

One was former RBI GOVERNOR. The other one CEA (Chief Economic Adviser ). . .They can,t do anything of their own .There has to be strong POLITICAL WILL backing them .

[@adrashnd2264]

@@kimjin-hyub3413 yes that's why i taught if they become Finances Minister itself it will be better

[@guharup]

One would think brown university would have better sound management

[@sheldonfernandes3588]

Raghu and Arvind have different meanings for "vision" I guess. Because Arvind's part didn't make sense if we take the meaning of vision in the way Raghu meant it because Raghu gave evidence.

[@Pdpfire]

The discussion starts at 1:36:00

[@travellerlife5522]

New Zimbabwe in the making under Modi Regime. The whole lecture points to one thing the more rulers control each and every thing (micro manage) the worse the economy reacts. Too much ambition is not good for Indian economy , you need a mixed , middle level approach .

[@chaitanyatalegaonkar8629]

Quite unintelligent statement, read about Zimbabwe before commenting

[@KaranBulani]

However fucked up audio was here. It was a good video. Debate was good

[@trojanhorse4ever]

A word of advice to Dr. Rajan, Dr. Singh and other sensible people from real economic background and who have the credentials to support their ideas... DON'T EDUCATE FOOLS IN POWER. You have done what you could have. Let their foolishness drive this insanity to economic doom, and let people beg and come back to you for help. You deserve respect, so take it. Don't give it for free to these stupid idiots.

[@AbhinandanNM]

Rajan is not an economist. He did engineering from IIT then studies some micro economics related to banking.

[@manzoorathar11]

@@AbhinandanNM macro economics is not just related to banking. It's the hawk eye view of countries economy with every part of it in view simultaneously.

[@dhanalakshmilakshmi418]

@@manzoorathar11 I too accept with sumeet.

[@divyjain123456]

@@AbhinandanNM I cant believe people don't know the difference between banking and macro economics. As if RBI being a central bank is just a banker. Wtf ? A central bank's policies need to work in tandem with the government's policies for growth and a healthy economy. Please read more books

[@divyjain123456]

@@AbhinandanNM and wtf is micro economics related to banking anyway?

[@yogendersharma3481]

Much educational materials 🤘

[@shrisub881]

You won't get a job from this you have to give bank SSC

[@content4355]

10:25 demand

[@pradeep.a.n3626]

If jaishankar can be made as MEA, then why can't people like Rajan can't be made as FM, Instead of Nirmala Sitharaman ? India seriously need strong opposition party.

[@priyabrataroy1423]

Sir, we need ur expertise to bring back the economic acceleration. Plz suggest the ways. Modis Government may dislike u but Indians are not guilty for the present Government s action .

[@AshishKumar-on2ud]

Priyabrata Roy they are for electing idiot chaiwala

[@1niw]

I think each state govts have a lot of land reserve and each state has a lot of labour unemployed./employed in informal sector. The govt should address these two main issues the other things like invtment laws ll come around.then the govt can regulate the remaining business.

[@jothivelr4204]

தமிழன் சிறப்பு வான் புகழ் அடையட்டும்.... Jai Hind🇮🇳

[@haribo123ism]

So the lesson is keep politics and economics separate.

[@haribo123ism]

@RR u should watch the full lecture on the Winston channel. He has actually mentioned why those scandals happened.

[@haribo123ism]

@RR what I'm saying is that he has the humility to accept the mistakes that happened during the upa Govt. You and BJP should learn those qualities atleast. BJP right now is too arrogant to notice its mistakes. Which is dangerous and scary.

[@haribo123ism]

@All In One Well when i said keep politics and economics separate that automatically meant control will be dispersed and not with one particular group.

[@omkarbhangle1908]

@@haribo123ism well said about arrogance

[@ShivendraVerma]

Now india touched highest export this year with 750 billion dollars which will go to 1 trillion in next 2 years 👍

[@chandrashekhardandekar1260]

The NPA was a problem created by bad policies adhered during UPA2 regime when Mr,Rajan was in activeo

[@dhawal2103]

Although, both are arguing, I think, one is seeing glass half full, and the other half empty, and both are correct. Major steps have been taken, but major steps are required to take things to final conclusion, Be it Agriculture, Debt in FCI, NHAI, Disscoms, PSEs privatization and governance, Judiciary , land, and Labour reforms. Untill then as both agree we will be wasting the demographic dividend. Hope this is heard by the Indian Govt.

[@apoorvejain3860]

I am a learner here, can anybody explain 16:04 "inflation was available in the past and so you could inflate away your debt, today with inflation so low its much harder to do that" ?

[@aravind9114]

Let's say you borrowed 100 rupees from your friend in 2005, during that period, the value of 100 rupees is high. When you are returning that 100 rupees in 2010, the value of 100 rupees might have decreased due to inflation and you could easily pay-off that money. But now, the inflation is not increasing but it's stagnant or low so the value of money remains more or less the same. If you had borrowed 100 rupees from your friend in 2010 and had returned it in 2019, you more or less feel you are returning the same value as the inflation is low.

[@apoorvejain3860]

@@aravind9114 Thanks a ton!

[@rahulbhalerao2266]

It really doesn't deal with price level and purchasing power of money. That is the precise reason interest is charged for loans. What it really means to say that inflation was available is that, the inflation was demand pulled. So, to satisfy the excess demand, borrowings increased and hence the inflation.Borrowing could be increased as long as it was demand pulled.Overall, lots of things of what he is saying don't add up. On the one hand he is talking of slow down even during 2006 to 2014 and showing the sky rocketing fiscal deficit. If, there is fiscal deficit what it really means that the government has spent the borrowing somewhere. The only mistake is on financing populist measures like farm loan waivers. He is also referring to NHAI borrowings now what is really going on here is the timing mismatch in the spending and the revenue streams. He should have said that the NHAI borrowings are being financed by TOLLS we pay on the highways.

[@anandjhave]

No one mentions the extravagant lifestyles [Rolls Royces etc] of the borrowers who defaulted. THIS AGE OLD WISDOM OF LIVING BEYOND YOUR MEANS ON BORROWED MONEY, should have alerted the lenders.

[@ross4541]

5:15

[@nazianafis]

1:31:54 "Governance reforms of Public Sector Banks ain't gonna happen"? Wow. I hope you're proven wrong, sir.

[@sagarpatel3962]

He will be right if they privatize banks , game is over , they lost power over banks and can't accumulate funds for election through shady banking

[@edwardsnowden2313]

@@sagarpatel3962 well well turns out he was right.

[@Shubhendu]

It seems like debate between UPA vs BJP shadowed under economics but with more progressive thoughts. Anyway it was a great watch.

[@ordinaryindian]

The "Friday" was the 11th of October ! The second lecture is already up on this channel , they took a bit of time to upload it.

[@Shubhendu]

@@ordinaryindian Thanks for correction.

[@Stockcryptocritique]

2.4 growth is great for rich 🇮🇳

[@nithinbshylesha7966]

I'm not sure, Why will loan waiver hold the economy, It will help to reduce the NPA, We must remember that the NPA are assessed in the PSBs which are subject of Union, Thus, Union must encourage State sponsered loan waivers, By offering some 20 to 30% of waiver expenses, Anyway Union will get it's investment of 20 to 30% back consolidated in the form of PSB revenues ... I feel this is the best remedy for the Agricultural sector rather than reforms, this will also force the State Governments to ensure the pretty profits in the agricultural trade, Agriculture in India is easy governable subject of state rather than Union ...

[@ni333able]

For short time that makes sense...but in the long run...We need to build water conservation sources for farmers and pay good price for their produce...Otherwise agriculture will become completely dependant on state ...

[@gururajkulkarni5959]

Why Dr.Raghuram Rajan is speaking on these topics now??? We know how he performed when he was in India as Chief Economic Advisor and also as Governor of RBI..He is therorition and now also he is speaking theory.... He should come out with credible contribution and performance...which we are yet to witness...

[@aklid2620]

Household savings are decreasing, household debt levels are increasing and somehow consumption is slowing down.If people are saving less and spending more that should increase consumption right?

[@vivekprasad7]

But unemployment is rising simultaneously and earning levels are not increasing with the same rate as before, so the net consumption is also decreasing.

[@aklid2620]

Thanks for the reply.

[@vendettav8390]

The public sector banks are eating up the nation. It's a saying here that "a person from top management promotion cost banks around 500 crore, as to please his bosses/govt he would finance some unbankable projects which eventually turn NPA. Their is hardly any know-how to the officials working at helm of the bank. A complete overhauling is required in PSBs. -A banker.

[@azsxdcfvgb766]

Where's Mark Blyth?

[@rickjames4727]

Shrek is by far the most entertaining economist -- smart too.

[@AS-wd5hb]

what is AQR on the slide at 1:06:11?

[@harveerrawat8489]

It stands for Asset Quality Review.

[@AS-wd5hb]

@@harveerrawat8489 thanks!

[@ganesganes463]

I

[@virnamisra1657]

When Quando was his first time here Mr A V

[@jhon1702]

Bharat ka Gaurav Raghuramrajan...

[@shabana_04]

13:45 FCI NHAI borrowing not reflected in the deficit 20:00 26:00 taper tantrum

[@LuciaGeneral]

Where is professor basu of Singapore

[@anuragmhaskey7365]

Lucia2017 General in Singapore 🇸🇬

[@maverickcruise]

Both Tamilians. Both intellectuals at a global stage.

[@jakharboy]

When S jaishankar can became foreign minister why can't raghuram rajan be finence minister..

[@holdmybeer123]

I don't see the point in RBI targeting inflation. RBI should align it's monetary policy depending on the "overall" fiscal deficits the government is running, on and off balance sheet combined. The REAL function of the central bank is to reign in government spending by making it harder for a profligate government to borrow. So far, all the RBI governors have failed India in this regard, not to mention the politicians who are only concerned about looting the taxpayers.

[@aliasjon8320]

57:57

[@k.ganesanganesan6825]

Law for Politicians. Rules Regulation manuals are for Officials. Indian Administrators failed.

[@anjanrakshit6742]

He is a great economist & having credentials from reputed institutes like iit, iim.but a great supporter of congress.

[@utkarshgupta7315]

He said out the reality

[@askvlogs9604]

Come out of pitty mentality of cheap congress bjp politics. A jet airways employ after lossing his job he had a special child and 90 lakh rupees in Punjab and Maharashtra bank died of heart attack and tabreez ansari also died out of heart attak. In reality Both are mob lynched.but you wont notice. In a chicken shop when the butcher takes out 1 chicken others gets aside and keep on eating their food and relax and don't give a shit to his life. They think nothing will happen to them.

[@kushagrayadav5468]

Reasons for the slowdown in the Indian economy and its solution by Rahul Mehta, an alumnus of IIT Delhi and New Jersey Univ USA(www . rahulmehta . com) what laws can improve the economy Part-1 (Issues behind the slowdown) kzbin.info/www/bejne/r4uuZ2SgqKlqa9U what laws can improve the economy Part-2 (Solution) kzbin.info/www/bejne/iV7Yln6hgdeNl9k

[@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.

[@gauravkatoch515]

If there are five economists in the room there will be five different views ...but i go with Raghu i have just read I do what I do and know about vicious cycle in India.Reduction of corporate taxes are the part this vicious cycle.If I was asked to do reforms i would have gone for GST which was hastily implemented.instead of reducing corporate taxes under make in India which i think is a failure i would have invested in services sector and look again towards IT,keeping in thought that our backbone is IT services sector and not manufacturing or textile which Bangladeshis are better in doing. No sensible economists can do demonetize when the country is still developing,it fractured our economy badly as we can see the results now.It was merely a political activity as election in U.P were coming rather than economic activity.

[@cloud-tutorials]

Good analysis but there are issues with his analysis 1) Automobile sector has built over capacity, but now car is no longer a necessity in urban sector due to parking, traffic issues. Uber and Ola, metro are doing good in Urban areas as alternatives to purchasing cars 2) Real estate is doing good in terms of demand, the prices have gone up significantly. But because no longer black money is used it's creating problems for sellers. Also real estate is overvalued in India in terms of prices. 3) You can't do demonitization if it is planned as suggested. 22% of currency was fake and previous government failed miserably. 4) Digital transactions have increased significantly in past 3 years. 5) Almost all economists forget role of state government in building economy. Many issues like agriculture, power distribution, land, primary education are state subjects. Many states are frequently doing farm loan waiver which is very bad investment.

[@cloud-tutorials]

@@MangoPickleGaming please read constitution where you will know what is state subject and federal subject. Regarding Indian economy please read India Uninc by IIM professor where you will get details of organization of Indian economy. It is only 15% corporate.Regarding Automobile, please google company production capacity of Automobile companies. Regarding fake note, please refer to finance ministry statement. To understand Indian economy it is better to trust people who lived and understand Indian society. The problem with economics is one size never fits all. Regarding Digital transaction, please google, you can see we have more increase in online payments than China, reported in many news papers.

[@daveduhre5088]

How come Indian economists do not realize that the GST levels are to high. GST on automobiles is 28%, which is ridiculous. It should be less than 10%. High levels of GST are robbing the buying power of people. GST levels should be immediately lowered to restore the buying power of the people especially the middle class. Indian economists and politicians seem oblivious to this back-breaking tax.

[@holdmybeer123]

The basic to do list remains the same, government spending needs to go down, interest rates need to go up and private property laws, land acquisition laws should he liberalized. Labor laws need to be curtailed, our labor laws cost manufacturing companies a hefty chunk. Rajan is wrong about ayushman Bharat. These funds are going into the hospitals owned by BJP netas directly, and in any case, providing healthcare is not a job of any government.

[@Kshanikam]

1. While Rajan agrees that waiving loan for farmers does not help farmers , why he did not question & stop his government when he was on top job. 2. He tries to paint a cozy pictures during his term, whereas most of bad loans happened during his tenure with least reforms. 3. If NDA was not ready to implement GST in 2018, how was his government ready when they wanted to do it 5 years prior He was on the top job with all power, thanks to the Dr. Manmohan singh, however he did not bring in any kind of reforms, he just rode the economic wave that happened globally and India was a strategic in that wave. In fact his tenure had least reforms in entire UPA1 & 2. Now he giving lectures to the world and India, why things are not working. UPA also had the most talented Montek Singh , however he was never given any power either. NDA has its own flaws especially in handling economy, however we need Doers than lecturers/theorist criticizing. We certainly need some strong visionary , not theorist to drive the economy both short term and long term.

[@ankitsharma3938]

So if problems are known when was in position couldn't do since politics...so why timepassing...only pushing it on others not fullfilling purpose of life when had power.....