-
At Davos, RBI Governor Raghuram Rajan has elaborated on his views about economic reforms in India and said the level is 'wrong', referring to some of the outdated regulations that are currently in place. Here are top 10 points to note in Guv Rajan's speech: (Express Photo)
-
There are problems with the way we count GDP which is why we need to be careful sometimes just talking about growth. (Express Photo)
-
The Reserve Bank of India (RBI) adopted the rules, effective from the April 1 start of a new fiscal year. (Express Photo)
-
3. Raghuram Rajan: At the same time there are a whole set of new businesses coming in that we have to find ways to deal with. For example, online lending. How do we do with what happens in a downturn? (Express Photo)
-
4. Raghuram Rajan: Well, I think one tends to focus on the big iconic items like in India there's now a goods and services tax (GST) which is likely to unify the country. That's stuck so far in some Parliamentary discussion between the opposition and the government. (Express Photo)
-
5. Raghuram Rajan: Hopefully it will be done sooner rather than later. But really there's a lot going on the ground which is less obvious. (Express Photo)
-
6. Raghuram Rajan: For example last week the Prime Minister inaugurated a programme called 'Startup India' which is about really eliminating the bureaucratic hurdles of starting new business. New business had to register with 10, 15, 20 different authorities including the pension fund. (Express Photo)
-
7. Raghuram Rajan: You have one employee, why do you need a pension fund at this point? So the idea here is to make it simpler to start, but also remove the inspections. For three years no inspectors would show up. You self-certify what you did. (Express Photo)
-
8. Raghuram Rajan: And there's a very vibrant private sector in India also which is taking off. Internet market places, fantastic new development because what India doesn't have is cheap land. You can't build retail stores everywhere. (Express Photo)
-
RBI Governor Raghuram Rajan said, the world is facing an increasingly dangerous situation and both advanced and emerging economies need to grow in order to ease domestic political tensions.(Express Photo)
-
10. Raghuram Rajan: In terms of the quantity of growth, there's still a lot of growth coming from China in terms of dollars. Of course percentages are falling all the time. That is naturally to be expected of an economy which is growing richer and therefore which is going to slow. So, I'm not excessively worried about Chinese growth. (Express Photo)
