360° Coverage : I am not a superman: RBI governor

3 Updates
I am not a superman: RBI governor
Photo Credit: , Getty Images

I am not a superman: RBI governor

Oct 13 2013, 9:36am CDT | by IANS

Washington, Oct 13 (IANS) With a "little bit of euphoria" surrounding him with the arrest of the Indian rupee's slide, RBI's new governor, Raghuram Rajan, has sought to temper expectations saying "I am not a superman".

Washington, Oct 13 — With a "little bit of euphoria" surrounding him with the arrest of the Indian rupee's slide, RBI's new governor, Raghuram Rajan, has sought to temper expectations saying "I am...

Filed under: news

 
 
 

1 year ago

I am not a superman: RBI governor

Oct 13 2013, 9:36am CDT | by IANS

Washington, Oct 13 (IANS) With a "little bit of euphoria" surrounding him with the arrest of the Indian rupee's slide, RBI's new governor, Raghuram Rajan, has sought to temper expectations saying "I am not a superman".

Washington, Oct 13 — With a "little bit of euphoria" surrounding him with the arrest of the Indian rupee's slide, RBI's new governor, Raghuram Rajan, has sought to temper expectations saying "I am not a superman".

Portraying himself as a regular guy with "a wife and two kids," he told a Washington audience Saturday what the country's central bank could do or not do.

"Expectations are high. There is a little bit of euphoria in India," said Rajan, a former Chief Economist at the International Monetary Fund (IMF) and economic adviser to Prime Minister Manmohan Singh, at an event at the Institute of International Finance.

But "clearly I am not a superman," said Rajan, who has often been portrayed in the media as a "rock star" of finance.

"We can do more than what a central bank in an industrial country can do. But we can in some ways do less," he said.

"On where we can do more, clearly there are a lot of low hanging fruit in the financial sector," he said.

Rajan, who was here to attend the just concluded annual Fund-World Bank annual meetings, said emerging market economies were less understood and financial sector reforms can be incredibly positive for growth going forward.

"I think, with the financial sector reforms, coupled with the real sector reforms, the growth turn around should be on its way," he said.

He noted that the Indian government was doing a "fair amount of reform" which needs little bit of time for the results to show up.

"The problem of being in academics and then getting into these positions is there is a well documented trail of thinking," said Rajan, who is currently on leave of absence as a professor of finance at the graduate business school at the University of Chicago.

India must not be seen as a country in crisis, he said, days after declaring that New Delhi would not run to the IMF for money for at least the next five years and maybe even beyond.

"We have $280 billion of forex reserves. Come on!" he exclaimed, adding that India was, in fact, lending to the IMF.

"I think the perception should change now."

He said India was facing turmoil in the financial markets but was away from any crisis-like situation.

"We are a country which has a debt of 66 percent of GDP, 90 percent of which is denominated in rupees. External debt was 22 percent of GDP and reserves at 15 percent of GDP. We can pay back all the short-term debt tomorrow," he said.

He said India has issues in the financial sector. There were inflation challenges; there was a need to get back to a high growth trajectory. "But these are certainly not crisis issues."

(Arun Kumar can be contacted at arun.kumar@ians.in)

IANS

Source: IANS

 
Update
3

6 weeks ago

Prime Minister Congratulates Dr Manmohan Singh

Nov 5 2014 4:52am CST | Source: Business Standard

Prime Minister Shri Narendra Modi, has congratulated Dr Manmohan Singh on receiving Japan's Grand Cordon of the Order of the Paulownia Flowers. "Matter of joy & pride that Japan has conferred Dr. Manmohan ...
Source: Business Standard   Full article at: Business Standard
 

 
Update
2

6 weeks ago

Congress congratulates Manmohan, makes veiled attack on Modi

Nov 4 2014 4:20am CST | Source: Business Standard

Congress today launched a veiled attack on Prime Minister Narendra Modi as it congratulated his predecessor Manmohan Singh for being chosen for one of Japan's top national awards saying that the 'world values work not ...
Source: Business Standard   Full article at: Business Standard
 

 
Update
1

7 weeks ago

Union ministers absent at Indira Gandhi's Memorial

Oct 30 2014 11:20pm CDT | Source: HeadlinesToday.in

Mukherjee, Congress President Sonia Gandhi and former Prime Minister Manmohan Singh paid floral tributes at Shakti Sthal, the memorial of Indira Gandhi. ...
Source: HeadlinesToday.in   Full article at: HeadlinesToday.in
 

 
 

blog comments powered by Disqus

Latest stories

Russia allows buffalo meat imports from India
Moscow, Dec 4 (IANS/TASS) Russia has allowed imports of buffalo meat from India, the country's veterinary regulator said Thursday.
 
 
New guidelines for prostate cancer testing
Melbourne, Dec 4 (IANS) Prostate cancer checks in Australia are set to improve after cancer agencies and health experts reached an agreement on new testing guidelines at the World Cancer Congress (WCC) currently being held in Melbourne.
 
 
Australian researcher discovers first artwork by early human
Sydney, Dec 4 (IANS) An Australian researcher has discovered what is believed to be the first artwork created by a human.
 
 
Insects compete with rats to clear garbage
New York, Dec 4 (IANS) Insects play a very important role in cleaning up cities and they compete with other pests like rats and pigeons in their endeavour, a study has said.
 
 
 

Latest from the Network

Australian researcher discovers first artwork by early human
Sydney, Dec 4 (IANS) An Australian researcher has discovered what is believed to be the first artwork created by a human. The simple zigzag pattern found on a fossilized shell from the Indonesian island of Java has...
Read more on Celebrity Balla
 
Insects compete with rats to clear garbage
New York, Dec 4 (IANS) Insects play a very important role in cleaning up cities and they compete with other pests like rats and pigeons in their endeavour, a study has said. Scientists sampled arthropods - such as...
Read more on Business Balla
 
School headmaster shot dead in Pakistan
Islamabad, Dec 4 (IANS) Unidentified gunmen Thursday killed the headmaster of a private school in Pakistan's Balochistan province. Police officials said the armed men opened fire at the vehicle of Zahid Ali,...
Read more on Politics Balla
 
Four more bodies recovered from sunken South Korean ship
Seoul, Dec 4 (IANS) Four more bodies were recovered Thursday from a sunken South Korean fishing ship in the Bering Sea, the foreign ministry here said. This increased the toll to 16, including six South Koreans and 10...
Read more on Politics Balla
 
Lesbian couple asked to desist in London restaurant
London, Dec 4 (IANS) A lesbian couple in a London restaurant was asked to desist by a staff member, who asked them to "stop what you are doing". Lydia Cawson, 29, said that she and her girlfriend were asked by a staff...
Read more on Politics Balla
 
Oxford Dictionaries to add 1,000 new words
London, Dec 4 (IANS) 'Mamil' (middle-aged man in Lycra), 'silvertail' (a person who is socially prominent or who displays social aspirations) and 'crony capitalism' are among the 1,000 new words to be added to...
Read more on Celebrity Balla
 
Oceans play key role in global 'warming hiatus'
London, Dec 4 (IANS) Increased heat uptake across three oceans - North Atlantic, the Southern Ocean and Equatorial Pacific Ocean - is the likely cause of the 'warming hiatus' -- the current decade-long slowdown in...
Read more on Politics Balla
 
Novel imaging to identify if TB drugs are working
Washington, Dec 4 (IANS) Tuberculosis patients who are not cured of the infection can develop multi-drug resistant TB and have to take as many as six drugs for two years. Now, researchers at University of Pittsburgh...
Read more on Business Balla
 
PM makes first appointment to High Court of Australia
Canberra, Dec 4 (IANS) Prime Minister Tony Abbott's government Thursday appointed former Victorian Supreme Court judge Geoffrey Nettle as the next Justice of the High Court of Australia. Attorney General George...
Read more on Politics Balla
 
18 suspected militants killed in Pakistan airstrikes
Islamabad, Dec 4 (IANS) At least 18 suspected militants were killed Thursday in airstrikes conducted by Pakistan Air Force fighter jets in North Waziristan. According to officials, the airstrikes were conducted in...
Read more on Politics Balla