RNG Lecture: Large scale debt write offs difficult, says Raghuram Rajan

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New Delhi | Updated: March 12, 2016 7:11:49 PM

RBI Governor Raghuram Rajan, after inaugurating the first Ramnath Goenka Lecture, said that he want to speak on India's engagement with the modern world.

Speaking on the occasion, Rajan said, "Structural reforms tend to upset constituencies". He added, "The advent of Facebook, Twitter are relatively minor in comparison with something like the motorcar". (Express Photo by Ravi Kanojia)Speaking on the occasion, Rajan said, “Structural reforms tend to upset constituencies”. He added, “The advent of Facebook, Twitter are relatively minor in comparison with something like the motorcar”. (Express Photo by Ravi Kanojia)

RBI Governor Raghuram Rajan, after inaugurating the first Ramnath Goenka Lecture in New Delhi, said that he wants to speak on India’s engagement with the modern world. On growing NPAs, Raghuram Rajan said that large scale debt write offs are difficult and we can’t paint all lenders and borrowers with same brush.

Delivering the lecture, Raghuram Rajan said, “Structural reforms tend to upset constituencies”. He added, “The advent of Facebook, Twitter are relatively minor in comparison with something like the motorcar”.

RBI Governor said that India needs macroeconomic stability. Here is what Raghuram Rajan said while delivering the lecture:

* If you start investigating every loan gone bad, I think it will kill industry. Need to go after malfeasance: Raghuram Rajan.

* “All bad loans don’t mean maleficence,” RBI Governor Raghuram Rajan.

* We have to be careful about picking industries to support: Rajan.

* FDI at $38.7bn till Jan this year just $3bn short of the highest FDI of $41.7bn in 2008-09. Two months to go: Dr Rajan.

* We have to build coalitions with other industrial countries: Rajan.

* “One of the things we have done is to move inflows to the longer run,” RBI Governor Raghuram Rajan.

* An ideal exchange rate is neither strong nor weak, but just right: Raja.

* “Don’t worry about the exchange rate. It’s broadly in the right place,” says Raghuram Raja.

* We are not alone in suffering a fall in trade: Raghuram Rajan.

* Indian trade is likely to be muted for some time, our exports have been coming down: Raghuram Rajan.

* Rajan says despite 2 consecutive draughts, 7% growth only due to increasing macro economic stabilisation.

* Losing focus of macro economic stability is a dangerous path: Dr Rajan.

* Our path is a little more stable compared to what others are doing: Raghuram Rajan.

* On debts and stressed assets, RBI Governor Raghuram Rajan says can’t paint all lenders & borrowers with same brush.

* RBI Governor Dr Raghuram Rajan says large scale debt write offs difficult.

* Productivity growth not happening now compared with past, says Rajan.

* Countries engaging in more and more aggressive monetary policy: Rajan.

* We are living in a manic depressive global environment: Rajan.

* Shifting of powers from the RBI Gov to a committee is a good move: Rajan.

* I believe monetary reforms undertaken by this Govt are important and significant: Raghuram Rajan.

Earlier, RBI Governor Raghuram Rajan inaugurated the first Ramnath Goenka Lecture at New Delhi this evening.

“The lectures will, in the spirit of Ramnathji and the newspaper, aim to deepen understanding of change and inspire debate on issues of vital contemporary interest,” said Viveck Goenka, Chairman, the Express Group.

“We couldn’t have had a better person than Dr Rajan to launch this exciting journey of ideas for our readers.”

Rajan’s choice of subject, ‘India in the global economy,’ couldn’t have come at a more relevant time.

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