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Whistle-Stop Tour of Raghuram Rajan

Raghuram Rajan’s recent visit to India resembled a whistle-stop tour of American presidents. With good promotional efforts of his book I do What I do, he started with Chennai with an address at the Taj Coromandel. His involving Hindu’s director N Ravi ensured some media coverage. The next talk at Delhi,  the town hall meeting with Rajdeep Sardesai of India Today was the most eventful of the spate of TV interviews. 

The ex-RBI governor was lucid, sharp and forthright in his responses to the queries of the anchors. To the repeated questions on his leaving the RBI, he responded:  he left at the end of his term and that he was not asked to continue.

On demonetisation he was forthright: he mentioned that he was conscious of the serious problems that would arise over the short term and the doubtful benefits over the long term. He was not sanguine about the advantages and was worried about the costs. He mentioned that the decision on demonetisation was not taken at the time of his leaving.

His predictions in 2007 on global meltdown came true. His similar forebodings on the tough period ahead for India needs to be taken serious note.

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