Reimagining India's Economic Future with Dr. Raghuram Rajan & Rohit Lamba

Dr. Raghuram Rajan, Former Governor of RBI along with Rohit Lamba, Economist at Pennsylvania State University, discuss their book Breaking The Mould with Author Shiv Shivakumar.
Where is India going today? Is it surging forward, having just overtaken the United Kingdom to become the fifth-largest economy in the world? Or is it failing to provide jobs for the millions joining the labour force? What should India do to secure a better future?
In an intriguing conversation, Dr. Rajan discusses how we can accelerate economic development by investing in our people’s human capital, expanding opportunities in high-skilled services and manufacturing centered on innovative new products, and making India a ferment of ideas and creativity.
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[@sridharvolesari4833]

Imagining the fragile 5 economy days.. thanks to the man and his govt of those daya.

[@AravindanUmashankar]

Dr.Raghuram Rajan , WE owe him a public office and free hand ..he had a lot of ideas and intent .. our country will be served well ..

[@nandakumar-xq2qi]

Sure ...for him to burn taxpayer money and throw parties at the governor's residence in Carmichael road . What has his contribution been . Even U Chicago does not want him . What has been his achievement other than helping set upnhis family business WATERFIELD ADVISORS . It is the Tam Brahm lobby that wants to hoist him again . He killed the MSME ecosystem ...What do u want him to finish off . Spare the guy . We will crowfund for him to stay in Chicago . We do not want a return of those GABBAR days of this RBI governor

[@maku8075]

All useless Western social democrats stupid ideas

[@Car-T90]

Like saying no to manufacturing and importing everything we need from outside. He sounds dumb everytime he opens his mouth!

[@yatinbansal8326]

His resume. Don't you think facts are important. Unless opinions are more important.

[@MrUdayNarainPandeySharadNPande]

Overhearing at South Campus

[@mmBharath2024]

Why does he talk about India sitting in US? He is talking more about Indian economy now than when he was at RBI

[@Manikanta-hh7wp]

RBI offcicials shouldn't talk much about Economy. That's obvious unless you are Andh Bhakth

[@dalitnotepower4497]

And why should Urbanites pissing in Delhi talk about Rural India ...

[@kirakd7204]

​@@Manikanta-hh7wp😂and unless you are chmchas you remember to speak about economy when you can't do shit but when you can you ought say zip ur mouths

[@kirakd7204]

​@@Manikanta-hh7wp70 saal maa chuda rahe thee khangressi? ab yaad aa rhi sab cheejo ki? 😂

[@RV-pr9oq]

India is lot better when he sits in USA not in India. This guy thinks too much of himself and is a belony aka full of nothing.

[@finegentleman7820]

Huge respect to Dr. Rajan and his wisdom. Man has a spine to speak the truth. Very informative and educational video. Thank you.

[@krisi7562]

When yours is the only comment of its kind so far, you have to be a fine gentleman 7820 times. Please examine what Dr. Rajan did as the Governor of RBI - in his 'wisdom'.

[@aryansingh-ne9je]

He's sure a capitalist in ideas but hasn't surrendered to Fascism!

[@aryansingh-ne9je]

@@krisi7562 who was the Impotent Finance Minister at that time🐷

[@contrarian322]

You confuse theoretical knowledge to wisdom .

[@parikshitsharda4377]

He never speaks the truth. He is more a political beast, than a true economist. Except the 2008 economic downfall, all his other predictions have been wrong. He is just a Kongi stooge. Remember his interview with RG "I cannot see Indian GDP growth crossing 5%." but it was 7.2%. He was not analyzing any economic parameters, it was just his wish that the Indian economy tanks, then there is chaos and his Kongi masters' govt comes to power and he can be FM.

[@Nitin_Killawala]

Beautiful paintings as the backdrop of the splendid interview 😋

[@yatinbansal8326]

In his first speech as RBI governor, Rajan promised banking reforms and eased curbs on foreign banking, following which the BSE SENSEX rose by 333 points or 1.83%. After his first day at office, the rupee rose 2.1% against the US dollar. As Governor of the RBI, Rajan made curbing inflation his primary focus, bringing down retail inflation from 9.8% in September 2013 to 3.78% in July 2015 - the lowest since the 1990s. Wholesale inflation came down from 6.1% in September 2013 to a historic low of -4.05% in July 2015. In a 2014 interview, Rajan said his major targets as governor of the Reserve Bank of India were to lower inflation, increase savings and deepen financial markets, of which he believed reducing inflation was the most important. A panel he appointed proposed an inflation target for India of 6% for January 2016 and 4%(+-2%) thereafter.[41] Under Rajan, the RBI adopted consumer price index (CPI) as the key indicator of inflation, which is the global norm, despite the government recommending otherwise. Foreign exchange reserves of India grew by about 30% to the tune of $380 billion in two years. Under Rajan, the RBI licensed two universal banks and approved eleven payments banks to extend banking services to the nearly two-thirds of the population who are still deprived of banking facilities.

[@dalitnotepower4497]

That's well argued Boss, instead of celebrating this exceptionally gifted mind, Caste Nationalists still fear him because of his commitments for *Inclusive & Diverse* India; my own life experience in east UP and my ongoing investigation show that the Upper Castes have Ruled the Society, and that is very deeply rooted in these Caste-Supremacists Central Nervous System; that' the reason I describe these guys as Psychologically tormented due to Constitution, Liberalism and Markets that has destroyed *Vastu-Vinamay* and replacing the same by Bajar Order...

[@parsh365]

Inflation is a function of demand and supply. Nothing else can influence inflation other than these two factors sustainably. Measures by the RBI - basically controlling money supply, either by increasing interest rates, reducing money supply - are like paracetamol reducing fever but not tackling infection. There is a fallout with RBI measures. The economy could slow down. The RBI isn't answerable for that. Who gets the stick? The government and the people.

[@kiransrimaan]

@@dalitnotepower4497 : Rajan is a Brahmin , you guys will never find a cure for your crippling inferiority complex ...free loaders ...

[@ItsMe-rl9ho]

I feel they are assessing Indian economy from an US lens...those parameters dont hold good for India...

[@aryansingh-ne9je]

There's no lens dude... Seems like you, yourself have put on the glasses of Fascism...

[@suresh-dv7he]

India as bright star in global economy is a sore eye RR. He predicted doom and gloom for India. That is proof of his incompetence .

[@harishkantak1349]

Despite 40 + years in IT , how many world class software products infosys or tcs have created?

[@MrUdayNarainPandeySharadNPande]

Bichouna. A reminiscent in decanter

[@LongDefiant]

This material is being picked up in the West. The Economist magazine reprinted an article about Rajan's and Lamba's book. As an American I would warn you to be very suspicious.

[@aryansingh-ne9je]

He's sure a capitalist in ideas but hasn't surrendered to Fascism! Don't worry🤗

[@BDude21]

Of course it is being picked by the West. They are propping him up because their primary beneficiary Pappu has turned out to be a dud and they need a guy who speaks eloquently to impress the English press of India that he is the new economic messiah. Cliff notes: He is not. He loses.

[@nandakumar-xq2qi]

We have seen his stint as RBI governor , where he destroyed the MSME ecosystem His contribution was supporting one of his close family members launch a financial services ( WATERFIELD Advisors) firm during his stint as the governor . Would that qualify as Conflict of Interest ? He used the India stint to throw parties in the Governor's residence at the Indian taxpayer money ...and regular bytes to build his image

[@theniravpanchal]

​@@aryansingh-ne9jeCongress is most fascist party.. party whose dalal he is.

[@ragul3204]

Are you an American or a bhakt?

[@VijayPatil-gh7jy]

Hi Raghu is US citizen he should contest for US presidential election hence he should stop wasting his time to visit india and stop talk about his views. When he was working in RBI he should talk about his achievements rather than criticizing Modi government.

[@aryansingh-ne9je]

MODI IS AFRAID OF CRITICISM😂

[@dalitnotepower4497]

Yes, Smartphone is developed in the US, henceforth, all those fond Cow Dung Biscuits must discard this machine...

[@sundareshanal1849]

RR was made to feel that he was God's exclusive gift to India when he took over as Governor RBI. He fondly accepted that verdict. Pulp media painted im as IndianaJones-Keynes-Gregory Peck all packaged into one. The Left and the woke crowd has now taken him over and he has been playing the social oracle for a few years. His tiring sermons on democracy and inclusiveness are tiringly repetitive and hopeful of hitting the target some day. Plain fact - he is pissed off on being removed. He misses the limelight and has been going horribly wrong on his technical predictions for many years now. His warning of looming recession and low growth for India were almost in the manner of a prayer. His partisanship in misinterpreting statistics would embarrass a post graduate student. His misrepresentation or non acknowledgement of work done in the health sector & stack , on boarding of Ayushman to over 25 crore despite being a state domain. Infra and DPI, DPD OCEN ONDC which has been dramatic to say the least. How does one create jobs?Financial inclusion of SMEs is unthinkable without mass credit. Which is what is being achieved in population scale. Yet RR is at his setmonising bit all the time. The syrupy sermon on Services sector - again ignoring the huge govt focus on that sector. Why ? Who is he actually fronting for ? Is his mission and standing as an economist compromised ? All evidence points to that. A simple bureacrat at RBI is now doing a commendable job. That would hurt the ego of all the three economists who were together at the helm in the past at RBI. If RR is an honest commentator he should have something good to say about Indian economic performance. He is openly miffed and pissed at hearing anything positive about India. The western bloc which is obviously backing him will dump him when convenient. Dr. Rajan , swallow your ego , go back to ur academia, shut yourself up, work seriously with scholars, shed your spurious avatar-status and create genuine work instead of doing political skullduggery using your academic capital. You will be bankrupt very soon. Remember this - your star status and charismatic appeal are over. Write memoirs if you feel like. But get back to genuine hard core academic research. That is who you are meant to be.

[@aryansingh-ne9je]

He's sure a capitalist in ideas but hasn't surrendered to Fascism! And what you know of the Keynesians, the whole world was Keynesian until the Neoliberalism kicked inn, Now they're turning back because it's leading back to Feudalism🤣

[@user-vj7fp9vw9p]

100% Correct.Since RR lost the job as Governor fully confused what to do. Writing Book and finding Problems in 1.4 billion people Country is easiest job. Rajan now advisor for Tamilnadu Govt why can't he change Chennai.As he said for every rain Chennai getting flooded now use your ideas and show. Rajan slowing loosing what ever little respect he earned.

[@suresh-dv7he]

Point blank. RR is smart but useless. Useless because lack of sincerity. Modi is sincere.

[@aryansingh-ne9je]

@@suresh-dv7he Sincerity towards Adani💀

[@ragul3204]

​@@user-vj7fp9vw9p What has Chennai floods got to do with him. He is an economic advisor to the TN government and Chennai floods were because of heavy rains.

[@shamsunderparekh5289]

So sensible. Amazing clarity

[@Dr.advocatejha]

PURE GOLD. Excellent insights! What a brilliant talk and interview. Halfway the the book. I love it.

[@gowildamit1463]

RR was wrong before and he will be wrong again and wrong because he has an agenda. Curious to know if RR can a list 8 meaningful reforms and improvement he brought to the system during his tenure? Quantity vs Quality! Who doesn’t want both at optimum level it’s just quantity follows quality. The more you make the better you will get at it. Look at how china reached from quantity to quality.

[@aryansingh-ne9je]

China also provided FREE EDUCATION, FREE HEALTHCARE, FREE HOUSING, AND FREE FOOD... How much has India invested back into its population??

[@mpsbhati]

This man lost all credibility after he aligned with Rahul Gandhi. Wants to be next Manmohan Singh

[@aryansingh-ne9je]

If he aligns himself with Modi, will you then change your opinion?😂 It's your partisan opinion speaking!

[@dalitnotepower4497]

So true, he should have aligned with the RSS washing machine and gained credibility...

[@rohanmech88]

BJP has washed away with people ability to think objectively, thts d beauty of RSS.

[@vimmivimmi3173]

Are Rahul Gandhi and Manmohan Singh untouchables, what is wrong is aligning with them. He conducts his own research before making statements, so what is wrong with sharing another perspective.

[@theniravpanchal]

​@@rohanmech88You mean people loving PM Modi for his last mile delivery, success in countering terrorism and infrastructure development are not thinking objectively... Meanwhile Those who do Mahima Mandan of one family for decades despite their failures, scams, loot, minority appeasement, support to separatists, failures in countering terrorist attacks and many more blunders are somehow thinking objectively.

[@MrUdayNarainPandeySharadNPande]

In a spurt of innocence if the grammatization is a little 2 plug n point 3 why wasn't the currant jam around. That was for the unassuming with the hot seat burner against his innocent non concentration that Bundle Delhi was said on the sly as the IIT itch is a trifle pudding thats sweeter than his goregaon 🍇 grapes

[@bhaveshpatel7042]

My god, NEHRUVIAN, India was fully bankrupted in 1991, sold nation gold. PLEASE STOP.

[@aryansingh-ne9je]

And now MODI IS SELLING PUBLIC SECTOR COMPANIES, NATION'S CAPITAL to RICH INDUSTRIALISTS AND MONOPOLISTS🤡

[@dalitnotepower4497]

So true, therefore, hand over India to cronies...

[@yatinbansal8326]

India's debt to GDP is the highest ever due to the highest borrowing by any govt.. CAG 2023 on dwarka expressway says govt has spent upward of 250 crore per km against a sanction of 18 crore per km. Lakhs of crores have been borrowed and 'spent'.

[@hkpandey1]

RR does make a couple of good points but overall betrays at lot of pent up angst. He may be well meaning in his intentions for India but these days he is not completely fair and unbiased in his interpretation of Indian political economy.

[@ragul3204]

He is just providing suggestions.

[@oflavia2910]

More than justification, i would call it, rationale. What made you do this. Help me understand..

[@user-xc9mm4jg5o]

Folks, Dr. Rajan is right, but please everybody understand, under the current political system the nation will not develop! It has no incentives for politicians to do the right thing. So please the blog indian-liberal at medium. Do not waste hope in this rotten system, establish a new system, one that values democracy. I would be delighted to have this blog be brought to the attention of Dr. Rajan and anyone else!

[@KeshavaMP]

kzbin.info/www/bejne/nHXPhqh7apWge6Msi=k6klGUstbBpEgd0e

[@indreshbhardwaj2842]

What a sad 😭.. government bdlte bechare ki job chli gyi... Hr election se phle aa kr RBI economic pdane lgta hai.. phir bhi Jeet nhi pata Pappu 😂😂😂

[@DrDante2478]

When PAPPU will become PM RR will be the FM.🤡😅

[@nandakumar-xq2qi]

What has been his contribution as a member of the Economic Advisory Council in Tamil nadu . Maybe he has provided a model for unbridled corruption .

[@Hypocritial]

Thank God jaitley and Modi booted out this egomaniac. At that time, I wasn't quite in agreement with the decision of Modi, in retrospect a masterstroke

[@aryansingh-ne9je]

Fascism is being reflected here, BJ party IT cell😂🤣

[@Hypocritial]

@aryansingh-ne9je not extending the term of RBI Governor is fascism??😃😃

[@aryansingh-ne9je]

@@Hypocritial But extension of the heads of ED, CBI etc... Suspension of MPs from Parliament at this unprecedented scale is😂

[@Hypocritial]

@aryansingh-ne9je So fascism means extension of term to some and no extention to some. 😀😀😀😀

[@RV-pr9oq]

Well if Mr Rajan wants to debate his point of view he should do it with IMF or the CEA not with himself and the congress cronies which is is one of them

[@MattsFikezolo-lo7wq]

Dr. Rajan is talking nonsense. The Germans, the French, the Russians, the Japanese, the Koreans and now the Chinese produced many best scientists using their own mother tongues. If India does mot have a unifying national mother tongue, is their problem. After all, only 12% of indians speaks standard english, so what is the advantage india has?

[@dalitnotepower4497]

All nonsensical creatures love Duffers...

[@rohanmech88]

U r replying in english not hindi.

[@search4sprit]

Worst governor 1 high intrest rate when dollar was at lowest in 2013 14 2 high inflation 3high npa all loan to vijay ambani amd birav sanctioned under his watch

[@Rshn5]

Rajan defended CONgi who had ₹300+ crores with him Rajan wanted indian gov to give out money during covid which worked wonderfully for western economies right Rajan should just leave Bharat alone, he and Raga shouod continue thier yatra to thailand as it is raga spends times there after every defeat

[@SSRMGlobalHealth]

RRR talking about economics 😄. The guy predicted doom for India and we grew by over 6.4%.

[@LetsbeHonest97]

That is what he and lamba are is saying. don't be too elated with these numbers. they are asking if real impact is being created

[@DhavalPatel-82]

@@LetsbeHonest97what proof are they offering for their viewpoints? It’s all hyperbole.. nothing substantial, as it stands right now they have been proven wrong.

[@aryansingh-ne9je]

Growth doesn't equate to a better life for us all! It only ensures riches for the extremely rich, solely based upon production and not wages!

[@dalitnotepower4497]

Yes yes, fools like you must talk about Economics, read the basics of Economics or consult a psychologist...

[@rohanmech88]

Remember growth number are tweaked and method of calculating gdp growth rate also has been changed after 2014.

[@yatinbansal8326]

Vice-Chairman of the Bank for International Settlements (BIS).[48] In May 2016, in a letter to Prime Minister Narendra Modi, Rajya Sabha MP Subramanian Swamy leveled several allegations against Rajan.[49][50] He accused Rajan of raising interest rate to the detriment of small and medium industries. He also claimed that Rajan has been sending confidential and sensitive financial information using his University of Chicago unsecured personal email address.[51][50] But Rajan said that these allegations are fundamentally wrong and baseless and addressing them would amount to giving them legitimacy.[52] On 18 June 2016, Rajan announced that he would not be serving a second term as RBI Governor, and planned to return to academia.[53] In September 2017, Rajan revealed that though he was willing to take an extension and serve a second term as RBI Governor, the government had not extended any offer to him which left him with no choice but to return to the University of Chicago.[54] He also denied claims that the University of Chicago had, at that time, refused to accept his leave of absence to continue for a second term.[55]

[@perincherigopinathan3586]

Listen to Raghuram Rajan and do the opposite for the progress of the country.

[@parsh365]

That China is not an idea led growing country is ridiculous. Raghuram Rajan is making some cliche statements not based on facts or logic

[@HRC294]

The comment section is a revelation. RR is done! He speaks more like a politician when asked about economics. Sit down, man! Enough of your BS. If you keep repeating the same thing again and again then you are bound to be right someday. Even a dead clock shows the right time twice a day...

[@dalitnotepower4497]

His words hurt Hindu Nationalists of all shades ..

[@baleleseetharamaiahgokula9999]

more one is educated , more on is confused . One need to be street smart to excel in life. Mr Raghu Ram is educated and has little knowledge about how Indian economy works.

[@aryansingh-ne9je]

Do you realize that the Economy is not a Natural phenomenon, to begin with🤣

[@dalitnotepower4497]

True, Duffers have good markets...

[@FightforJustice15]

Haha! You are saying this about a MAN who predicted the Global Financial Crisis of 2008 in 2005. I guess you meant "Selling Pakoras" as being Street Smart. My apologies!

[@theniravpanchal]

This Dalal of congress always tries to undermine and even deny progress that the current govt has made. Modi govt has done million times better than UPA rule.. from Economy, Infrastructure, Foreign policy, FDI, Manufacturing to welfarism.

[@aryansingh-ne9je]

@@theniravpanchal You realise that this guy is keynesian and not at all Socialist😂 Do you understand what Economics is? Or you're just sitting here Defending the govt? Are you a Govt Mouthpiece or PR Broadcaster... Now coming here for the purpose of Agitation😂 Enough of your Agitation Propaganda! Go Read first!

[@sundaramspeaks]

Raghuram Rajan has been repeatedly incorrect on India and he keeps doing it for the benefit of BJP. Society of justification, which he is fond of, just check Society of Justification suffering in UK, France and how illegal immigrants are troubling them inside and outside the parliament. Good luck to him.

[@aryansingh-ne9je]

How many IDs will you make?🤣 Criticism can be written as a whole yk🤣

[@Car-T90]

RRR is one of the most overrated economist’s around and his every suggestion isn’t just dumb but is layered by a malignant intent to ruin Indian economy! He wants govt. to stop spending money on manufacturing and invest in service sector is astonishingly lame for a man of his caliber. He wants India to take US route where wealth inequality is very apparent, sounds very suspicious.

[@kirakd7204]

😂😂This papu ex governer don't know shitt about economics whatever he said from past 9 years has been proven wrong. he is just unhappy with modi that he didn't repeated him for his 2nd term 😂

[@dalitnotepower4497]

Only thugs know Economics better as how to rob the Republic... Crooks fear knowledge most... A sense of inferiority complex can make Hindu Nationalists really sick, consult a psychologist, get well soon...

[@jayanchada859]

Talk is cheap

[@SattickDas2001]

One of the worst analysts , Raghuram Rajan! Giver of Bad loans!

[@dalitnotepower4497]

Basically, Caste Nationalists like you feel tormented with the ideas of *Inclusive, Diverse, Prosperous and Peaceful* society for India, and checks on cronies hurt even more...

[@SattickDas2001]

@@dalitnotepower4497 bhai hum high caste nahi hai 💀। I'm an SC Candidate, my jaati is "Muchi". We are leather workers। I'm from Bengal। Both my parents belong to the same community। Have had my SC certificate since 2008. I was born in 2001. I got JEE Advanced SC Rank 103 in 2020.

[@SattickDas2001]

@@dalitnotepower4497 of all the assumptions you could make about me, you decided to make the worst of them all 💀 Never seen a well spoken well read Nationalist "dalit" in your life or what? 🤔🤔

[@SattickDas2001]

@@dalitnotepower4497 tum batao sala caste ka baat aya kaha se? 💀💀 I'm a "dalit" business owner, and studying in a premier govt college in WB, Fortunately, I got in there without needing to use reservation. Also, I've seen reservation fuck the lives up of many of my own dalit friends in various IITs and other places. The same guy who could've become a topper in NIT anyway without reservation, ends up joining IIT and ends up coming at the bottom of his class. Is this not injustice to that person???

[@yatinbansal8326]

It looks like the troll army has learnt to write 2 paragraphs but couldnt help giving away their agenda. Its called aukat.

[@dalitnotepower4497]

They really need 'Third Degree' treatment or else, they will make Sane Voices u fashionable...

[@GREENVIEOS]

This fellow comparing hard critisim with fully democratic countries....