ap7am logo
Logo Bar bseindia nse-india msn yahoo youtube facebook google thehindu bbc ndtv v6 ABN NTv Tv9 etv namasthetelangaana sakshi andhrajyothy eenadu ap7am bhakti espncricinfo wikipedia twitter

RBI Governor provokes one-eyed Jack again

Thu, Apr 21, 2016, 04:22 PM
Continuing his one-eyed Jack analogy, Reserve Bank of India Governor Raghuram Rajan has cautioned `India is shining' votaries of the BJP, saying the country has a long way to go to meet the needs of each of its citizens.

While Finance Minister Arun Jaitley would like to show the shining image of India for maintaining the economy growth rate, Raghuram is relatively cautious saying India has a long way to go to become a developed country.

`We are still one of the poorest large countries in the world on a per capita basis and have a long way to go before we reasonably address the concerns of each one of our citizens,' Raghuram said alluding somehow to Robert Frost poem, `Miles to go before I sleep.'

He further said Indian economy was much behind many other economies. it would take a long time to meet all the people's needs. Only if the growth rate continued for another 20 years that India could claim it had arrived as a developed nation.

Compared to India, Chinese economy was four times stronger. In the 60s, the Chinese economy was weaker than India's. But today the Chinese economy was five times stronger than India's.

Raghuram pointed out that India's was the weakest economy among the BRICS countries. That is why India is a one-eyed Jack among the blind.

The Governor's allusion and elaboration would surely not go well with the votaries of `India is shining' such as Arun Jaitley, Nirmala Sitaraman and Venkaiah Naidu. They are bound to counter the RBI Governor. But he has the truth with him.

Euphoria over the economy is well known to economists who believe fudging the figures can also make India shining.
Agency: Ap7am Desk

Feedback Form

Your IP address: