Whatever I say will be 'problematic': Rajan on Modi


London, Aug 11 (PTI): Reserve Bank's outgoing Governor Raghuram Rajan, whose outspoken views have often been seen as being critical of the government, feels whatever he will say on Prime Minister Narendra Modi will be "problematic".

Rajan, whose tenure at RBI has been marked with several controversies triggered by his comments on issues ranging from tolerance debate to the government's flagship programme 'Make in India', was asked to describe Modi in a televised rapid- fire like interview with BBC.

"I think I will pass on that question. Whatever answer I give will be problematic, so I will just pass," said the on- leave professor of finance at Chicago University, who will return to academia after end of his three-year term at RBI on September 4.

After his decision to return back to academia, there have been voices suggesting that his candid public speeches were one of the aspects which made the government uncomfortable about reappointing Rajan for another term.

Some of the controversial speeches made by him include the one where he quoted American political philosopher Francis Fukuyama to question whether strong governments can really help a country or in defence of tolerance in the middle of a debate started by the killing of a Muslim man over suspicion of storing beef, or questioning the premise of the high-octane 'Make in India' campaign.

"I think that is one place where my wife overrides everything and her answer is 'no'," he said on joining politics.

Asked how he feels about being on the list of India's 'most desirable men', the 53-year-old Governor quipped: "I wish they had done it when I was 25."

Rajan described himself as a "boring guy" and said he being described as 'Rockstar Banker' is an "overblown" statement.

In an earlier TV interview, Rajan had said he was open to staying a bit longer at RBI to complete the unfinished work of bank clean-up, but was perfectly happy to go.

Rajan, who announced in June that he would not serve another term at RBI, said the dialogue with the government did not reach a stage where he could have agreed to stay on.

In recent months, Rajan has faced a slew of personal attacks from BJP MP Subramanian Swamy who had alleged that the former IMF chief economist was "mentally not fully Indian" and sent confidential and sensitive financial information abroad.

Rajan has also faced criticism by some others for his controversial remarks on various occasions. At a select media interaction earlier this week after presenting his last monetary policy, he strongly defended his views saying they were "perfectly legitimate" ones and within the remit of a central bank head.

"In none of those speeches that I have made has there been an explicit criticism or an implicit criticism of the government. There are people who read the interpretation of what is the speech I have given," he said.

Rajan said his concerns on the Make in India campaign -- wherein he had pitched for 'Make for India' given the fragile economic conditions the world-over -- have come true.

In case of the post-Dadri speech at his alma mater IIT-Delhi, Rajan had reiterated the need to be open for ideas as a service-sector driven economy.

Defending these views, Rajan said, "That speech was about the fact that in order to grow as a country which is largely a service economy, we have to be open to ideas. Once you reach the frontier, the only way you can grow is by ideas. And in order to get those ideas, you have to have tolerance for unorthodox ideas because those unorthodox ideas is how we move forward."

"As a society which is developing, which in some places is near the frontier, we have to have an open dialogue," Rajan added.

"I haven't in a sense talked about (things like) dance and music. That would be exceeding my remit," he quipped.

  

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Comment on this article

  • John, Udupi

    Fri, Aug 12 2016

    After all Modi doesn't want any one with Independent thinking!!! He wants only yes sirs.................... Rajan doesn't fit into that yes sir category...

    DisAgree Agree [11] Reply Report Abuse

  • MICHAEL NORONHA, Mysore

    Fri, Aug 12 2016

    Whatever he says about Mr Modi is not problematic to Mr Rajan alone, even those in the BJP and in the opposition find themselves in the same situation when they speak about Mr Modi. Vindictiveness at its peak.

    DisAgree Agree [15] Reply Report Abuse

  • Rosario Fernandes, Kallianpur

    Fri, Aug 12 2016

    Sarcastically or indirectly Rahuram is saying that Modi is a FEKU, so better keep quite.!!

    DisAgree [5] Agree [16] Reply Report Abuse

  • Prakash, Mangalore

    Thu, Aug 11 2016

    Yes, He is right. If anyone says against Modi or BJP and their policies are called ANTI NATIONAL. Just praise modi u will called patriotic.

    DisAgree [2] Agree [15] Reply Report Abuse

  • praddep, mangalore

    Thu, Aug 11 2016

    The present govt. cannot seem to tolerate intelligent people in top posts who speak the right things.
    They are more comfortable with people of their lower IQ level who can fool people with tall claims,just like them.
    Look at public sector banks.their asset quality is worsening every day.This is what Rajan wants to rectify and advised tough measures but corrupt bank officials and babus got affected and now they got him to leave.
    No place for honest people in india.the more corrupt/notorious you are,the more you are worshipped here.

    DisAgree [4] Agree [27] Reply Report Abuse

  • Nithya, mlr

    Thu, Aug 11 2016

    Yes sir. Very right. Many among us have started loving fantasy more than reality which suits these low IQ group. That's why our plight.

    DisAgree Agree [11] Reply Report Abuse

  • akhilesh, Managalore/Bangalore

    Fri, Aug 12 2016

    oh wow!!!! what a stats sir???? were they deteriorating since 2014????? Ever since modi took over??? were they super profitable during UPA???? prove it...just dont comment... BTW the previous govt was the worst when it comes to having better IQ level officers....

    DisAgree [11] Agree [4] Reply Report Abuse

  • Jossey Saldanha, Nashville

    Thu, Aug 11 2016

    India's Economy is now in reverse Gear ...

    DisAgree [8] Agree [29] Reply Report Abuse

  • Swamy, Mangalore

    Thu, Aug 11 2016

    It's straight forward BJP wants all YES MiNISTERS in its government. As long as they bend to BJP's rules, laws, whims and fancies they will be in the job and if you are honest, obeying the law of the land and for the people you will be OUT. And so is Rajan's fate!?!?!?. You can easily gauge which way the country is heading under BJP rule.

    DisAgree [4] Agree [28] Reply Report Abuse

  • Veerappa D N , Madikeri

    Thu, Aug 11 2016

    Whatever Rajan says on Modi will be problematic, because despotic Modi himself is the Crux of the Problem.

    DisAgree [2] Agree [47] Reply Report Abuse

  • A. S. Mathew, U.S.A.

    Fri, Aug 12 2016

    Hitler used to sleep in the day time and gave lectures to his top ranking army officers about he military strength of the U.S., England, France etc through out the night. They heard that half sleeping, thus easily brainwashed. None of the army officers had courage to ask him, how he got all the information. He had a big library but never read any book but to impress others, he kept the book display. Now, we are caught up in a critical confusion, whether Mr. Modi's high level economic dream plans, is that his own invention or somebody else is whispering to his ears to deliver?

    DisAgree [2] Agree [10] Reply Report Abuse

  • Ramesh S, MANGALORE

    Thu, Aug 11 2016

    ..After MODI's victory there is a game plan from some of the national media to create a Hero from thin air and Pit him against MODI..its sad that RAJAN realised it lately..he is victim of TRP hungry national media rather than Govt..time & again he said he never ever had any tussle with Govt or FM, almost every decission was taken unanimousely..very recently a ex Governor revealed how he was pressured CHIDAMBARAM and how he was humiliated openly several time..But for RAJAN its media interviews and twisted reporting had created problem for him..How many of us know previous RBI Governors name!..are they less capable!!..Media made Kujli, Kannaya, Hardik a Hero just to pit against MODI, otherwise for what good..

    DisAgree [42] Agree [14] Reply Report Abuse

  • Ravi B Shenava , Mangaluru

    Thu, Aug 11 2016

    Hitler never tolerated a single word of Criticism about his Policies and decisions by any govt officers or his ministers. Modi has all the traits of Hitler.

    DisAgree [3] Agree [44] Reply Report Abuse

  • Amigo , Mangalore

    Thu, Aug 11 2016

    Also Saddam Hussain & Gaddafi.

    DisAgree [2] Agree [22] Reply Report Abuse

  • G Ravikiran Rai, Kotekar/Mysuru.

    Thu, Aug 11 2016

    Modi intentionally pushed forward Crack Subamanya swami to attack Rajan, so that Rajan will not offer himself for second term. Modi wants an RSS man as RBI Governor who will agree to print the picture of Hedgewar and Cow on new currency notes.

    DisAgree [5] Agree [53] Reply Report Abuse

  • A. S. Mathew, U.S.A.

    Thu, Aug 11 2016

    Very correct.

    DisAgree [3] Agree [32] Reply Report Abuse

  • sri, Karkala

    Thu, Aug 11 2016

    Rajan can still clear the air.
    Just tell that cow Mata is our more sacred animal.
    Rural economy runs because of this animal. So please do not harm innocent animal and if possible contribute to animal welfare.

    People of India will forgive you. Also you will get cow Mata blessings.

    DisAgree [44] Agree [15] Reply Report Abuse

  • Robert, Mangalore

    Thu, Aug 11 2016

    You and your three cows at home, that is your whole world that you know.

    That is more in life than taking care of three cows(one male and two female cows) and sell their milk for living.

    India very much part of WTO and if they limit to discussion only to BEEF export, we will not get anywhere.

    DisAgree [2] Agree [10] Reply Report Abuse

  • sri, Karkala

    Fri, Aug 12 2016

    @Robert - that is the difference. We get good nutrition milk at home. So I will post my suggestion at mygov.in and write it to pmo.
    Do you have any objections? Sooner or later cow national park will be reality. I am looking for that day..😁

    DisAgree [7] Agree [2] Reply Report Abuse

  • alfria, mumbai

    Fri, Aug 12 2016

    Sri: Yes exactly you look forward for a cow shed so that when the cows stop giving milk you can leave them in the cow farm to be taken care by tax payers money.

    DisAgree [2] Agree [4] Report Abuse

  • sri, Karkala

    Fri, Aug 12 2016

    @alfria- you drive a car on a road funded by tax payers money. Can you build a road on your own with charity without tax payers money?

    DisAgree [3] Agree [1] Report Abuse

  • alfria, mumbai

    Fri, Aug 12 2016

    Sri: If I an driving car on the road Iam paying road tax for the same , Please know that without paying road tax one cannot drive a car on the road, I hope you know about it. Think before posting a comment. Because once you leave your cow in the cow farm you will not look back at it forget giving any monetary aid for your cow.

    DisAgree [1] Agree [2] Report Abuse

  • sri, Karkala

    Fri, Aug 12 2016

    Your road tax is just pea nuts. Government has used funds collected from income tax service tax vat farm land revenues etc to build infrastructure throughout this country. So please do not think road tax alone can build a road.
    Cow national park is like roaming ground for unproductive cows and bulls and requires very less resources. Cows will not be tied with rope so have complete freedom. Like human freedom please think about animal welfare too.

    DisAgree [1] Agree [1] Report Abuse

  • alfria, mumbai

    Fri, Aug 12 2016

    Sri: Roads are used by all irrespective of one owning a car or not, But as far as the cow farm is concerned you will milk the cow to the last and enjoy drinking and selling the milk and when you find that the cow is of no use you will go and leave the cow in a cow farm to be taken care by public funds, when you have enjoyed the nutritious milk of the cow it is your responsibility to take care of it.

    DisAgree [1] Agree [4] Report Abuse

  • sri, Karkala

    Fri, Aug 12 2016

    What is public fund? Everyone pay tax one or the other way.
    So why there are old age homes in city?
    Why do good government give public funds for holy pilgrimages?
    Then you need answer many questions.
    Animals too have equal rights to live like humans please understand that.

    DisAgree Agree [1] Report Abuse

  • Alex, Mangalore

    Thu, Aug 11 2016

    There are more dogs than cows in rural areas current times, because rearing a cow is costlier than milk it would produce.
    Therefore we get more adulterated milk than the real nutritional milk.

    DisAgree [2] Agree [8] Reply Report Abuse

  • sri, Karkala

    Fri, Aug 12 2016

    Recently I heard doctor saying people in rural areas got 3-4 dogs to chase cow thieves these days.
    Adulterated milk did you discuss this with company which supplies it?

    DisAgree [8] Agree [3] Reply Report Abuse

  • Jossey Saldanha, Nashville

    Thu, Aug 11 2016

    Bhandar Kya Jane Economics ...

    DisAgree [8] Agree [40] Reply Report Abuse

  • Joseph F. Gonsalves, Bannur, Puttur / Mangalore

    Thu, Aug 11 2016

    Humans governance and developments are incompatible to COW GOVERNMENTS CATTLE CLASS GOVERNANCE.

    DisAgree [1] Agree [7] Reply Report Abuse

  • Jossey Saldanha, Nashville

    Thu, Aug 11 2016

    First you need to teach his team 'Basics of Economics' ...

    DisAgree [14] Agree [54] Reply Report Abuse

  • A. S. Mathew, U.S.A.

    Thu, Aug 11 2016

    Dear friend, great Universities of Economics and the great Text books of Economics are antiquated collection for the current Government ruling India. They have their own economic theories, and so will be publishing a new Text book degrading as baseless teachers out of great Economics like Adam Smith, Maynard Keynes, John Kenneth Galbraith etc.

    DisAgree [1] Agree [8] Reply Report Abuse

  • dev, mangalore

    Fri, Aug 12 2016

    you first teach pappu master and the remote aunty ABCD

    DisAgree [9] Agree [3] Reply Report Abuse

  • alfria, mumbai

    Fri, Aug 12 2016

    Dev: Who is that remote aunty is it Shramuti- Rani

    DisAgree Agree [2] Reply Report Abuse

  • A. S. Mathew, U.S.A.

    Fri, Aug 12 2016

    She is the newly incarnated Kali goddess of the BJP/RSS empire. Watch the billions of orders coming down from all around the world for the smooth and shining textiles.

    DisAgree Agree Report Abuse

  • saif, Thodar/Al-Jubail

    Thu, Aug 11 2016

    Mr.Jeevan FYI...Mr. Rajan will be a better candidate than feku always & wherever he stays

    DisAgree [14] Agree [47] Reply Report Abuse

  • Praveen, kulshekar

    Thu, Aug 11 2016

    yeah yeah he should because he is a modi critic if not then... nana radd line panley modi'n pugarondhu

    DisAgree [7] Agree [7] Reply Report Abuse

  • Vincent Rodrigues., Frazer Town,Bangalore

    Thu, Aug 11 2016

    Comment is nothing great but the present government wants who are only yes men to run all the departments of the government

    DisAgree [4] Agree [35] Reply Report Abuse

  • A. S. Mathew, U.S.A.

    Thu, Aug 11 2016

    When Dr. Rajan opens the secrets later on, that will be turning like another Dalit issue faced with the nation now. Mr. Modi kept quite about the persecution of the minorities and Dalits for two years, now started repenting.

    DisAgree [10] Agree [49] Reply Report Abuse

  • jeevan, mangalore

    Thu, Aug 11 2016

    Dear Mathew..

    Why did the Congress which was at the helm for over 65 years fail to remove social inequities ???

    Was not congi treated Dalits are merely a vote bank in Politics???

    Do we still need Majority / Minority tag for our survival in hindustan ???

    Why we should not walk like a true INDIANS ???

    DisAgree [52] Agree [15] Reply Report Abuse

  • A. S. Mathew, U.S.A.

    Thu, Aug 11 2016

    If your party were in New Delhi when India got independence, the minorities and Dalits would have been faced with the tragedy of the Jews under Hitler in some degree.

    I am not telling that the Congress party is picture perfect some of the politicians have participated in the money making business through the political business but so far as the issue with the minorities and Dalits are concerned, they need to thank GOD for their blessings of having the Congress party and the great leadership of Pundit Jawarlal Nehru as the first Prime Minister of India. I am talking about life and death as well as freedom and liberty.

    DisAgree [10] Agree [45] Reply Report Abuse

  • A. S. Mathew, U.S.A.

    Thu, Aug 11 2016

    Correction please "freedom and liberty" to "oppression and liberty".

    DisAgree [1] Agree [25] Report Abuse

  • Praveen, kulshekar

    Thu, Aug 11 2016

    first reply me for what reasons some are given food and water on the backdoor even today. what has congress to do with it

    DisAgree Agree [6] Reply Report Abuse

  • ca girishkk, m'lore/dxb

    Thu, Aug 11 2016

    Is there any Anti ..... element in Governor Rajan's comment....?

    All said & done now a days ... Chai pe charcha become Ghai pe charcha..., without prejudice.., the point is the class matters.

    DisAgree [4] Agree [44] Reply Report Abuse

  • jeevan, mangalore

    Thu, Aug 11 2016

    Good byee..
    what you sow so you reap!
    Congi next MP candidate from Madras.

    DisAgree [67] Agree [12] Reply Report Abuse

  • A. S. Mathew, U.S.A.

    Thu, Aug 11 2016

    Jeevanji, correct. Sowing and reaping.

    DisAgree [7] Agree [49] Reply Report Abuse

  • jeevan, mangalore

    Thu, Aug 11 2016

    Dear A. S. Mathew, U.S.A.

    Do you feel if Rajan stepdown world ends ???

    DisAgree [40] Agree [6] Reply Report Abuse

  • A. S. Mathew, U.S.A.

    Thu, Aug 11 2016

    I am not GOD to answer that. But the new Governor will be proving that the pre-calculated and hidden strategy of the party to expel him from the job was another mistake. Since India is under the mighty hand of Mr. Modi, so the world won't end. The sinking economy in some countries, yet stagnated economy in the developed countries thus the whole world is now looking to India to rescue and jump-start the world economy.

    DisAgree [5] Agree [40] Report Abuse

  • Praveen, kulshekar

    Thu, Aug 11 2016

    for example what in gujrath sowed is now reaped. Dont worry he is most welcome to Congress when cry boy,fixer Shreeshant can enter bjp why not this gentleman

    DisAgree [6] Agree [42] Reply Report Abuse

  • ca girishkk, m'lore/dxb

    Thu, Aug 11 2016

    That is a huge sixer....!!! like Chris Gayle one..,

    Boda sheera.., lol

    DisAgree [3] Agree [39] Reply Report Abuse

  • akhilesh, mangalore/bangalore

    Thu, Aug 11 2016

    BTW...the minorities still remain the way things are ...so are the dalits....you decide to look every step of modi thru yellow glasses...the world will look "haladi"....take 2 minutes...think...if modi had hitler traits...by now...india would be in a state of anarchy...every country today is facing a humanitarian crisis....isnt THE USA/UK facing black vs white issue(disgusting than communal riots) so...please stop looking the prism of "anti modi"...yes i do admire modi ...but would never ever....endorse..the SRS,VHP,BD,SUDI,CPI,CPM...these are cancers for our society....and of course the biggest pain in indian constitution called"CASTE RESERVATION"

    DisAgree [13] Agree Report Abuse

  • jeevan, mangalore

    Thu, Aug 11 2016

    Do you know where is Nandan Nilekani ???

    Did he win MP seat from congi ticket ?

    Dont Drag Rajan let him work...

    DisAgree [43] Agree [6] Reply Report Abuse

  • Praveen, kulshekar

    Thu, Aug 11 2016

    so now you want him to work? can you tell me who after Rajan as RBI governor, may be bjp chamcha ..of course

    DisAgree Agree [6] Report Abuse

  • Amith, udupi

    Thu, Aug 11 2016

    do you know Modi is fostering nandan nilenkani's baby aadar card program ..after opposing it

    DisAgree Agree [5] Report Abuse

  • ca girishkk, m'lore/dxb

    Thu, Aug 11 2016

    @ Jeevan,
    What are you commenting or comparing & judging...,
    Gold don't become steel or silver if some one throws it out by saying that it is not gold.
    Gold remain Gold forever...,

    Rajan's or Nandan Nilkeni's caliber is not FEKU.., they are incredible & real and proud Hindu's of Hindustan.

    Jai Ho..,
    Tension math lene ka..., achche din ayega... zaroor ayega.

    DisAgree [4] Agree [37] Report Abuse

  • Robert, Mangalore

    Thu, Aug 11 2016

    Jeevan Mamu,

    Read your first comment above, you started this by saying next CONGRESS ticket from Madras (name changed to Chennai few years ago when you are sleeping all along).

    Now, you changed the tune by commenting "Dont Drag Rajan let him work..." as always double standard and not sure which side you are on and hypocritical.

    DisAgree Agree [7] Report Abuse

  • akhilesh, mangalore/bangalore

    Thu, Aug 11 2016

    When ur team of Dongis could give azharuddin(country traitor) a ticket to contest...sreesanth is nothing....

    DisAgree [5] Agree [3] Reply Report Abuse

  • Shankar, Mangalore

    Thu, Aug 11 2016

    I suggest he should make a dignified exit.

    Simple aad ponodaanda ' Muchondu povodu'.

    DisAgree [51] Agree [13] Reply Report Abuse

  • Robert, Mangalore

    Thu, Aug 11 2016


    Shankar Anna,

    Your suggestion will be rejected by Rajan, there will be a book release in two years before May 2019 with all facts and supporting details.

    Let us wait and see.

    DisAgree Agree [27] Reply Report Abuse

  • Charles D'Mello, Pangala

    Thu, Aug 11 2016

    Dayeg Mucchodu...!!!!???Enchina mucchodu...???

    DisAgree [1] Agree [9] Reply Report Abuse


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Title: Whatever I say will be 'problematic': Rajan on Modi



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