Questioning Foreignness Is Like Being In La La Land, Says Raghuram Rajan

People Will Use Jugaad To Deposit Black Money Raghuram Rajan Tells NDTV Highlights

Rajan, the only central bank governor in two decades who did not get a second term, said India does not move linearly and there are reasons for certain amounts of hope in the Supreme Court judgement on privacy which expanded the realm of tolerance for certain kinds of behaviour.

Rajan's comments came during an interaction with media during the launch of his book, "I Do What I Do - On Reform, Rhetoric and Resolve" here after it was released in Chennai and New Delhi during this week. "My term came to an end and I left", Rajan said when asked whether he left the RBI voluntary.

The former governor said that he was open to stay if the nation which is represented by the government wanted him at the RBI.

He added that he was not in favour of demonetisation as according to him the short-term cost of note ban would outweigh the long-term gains.

Rajan said when he was asked to give his views on note ban as early as February 2016, he had not suggested to the government in affirmative but could not flatly oppose the decision.


He also said that no date was fixed for demonetisation and still the entire data on demonetisation is not available. "The government did not offer me a new contract and that's where it ended", he said.

The former governor of the Reserve Bank of India (RBI) Raghuram Rajan said on Thursday that India needs to propel its economy soon to provide work to the country's unemployed.

India's economy has seen a sudden decline to 5.7 percent and Rajan said the country should maintain 8 percent to 9 percent growth.

"Many of us have certainly fairly comfortable lives there.coming back to India and doing what I did, gave a tremendous sense of fulfilment.I think its very selfish thing to come back".

"I would like to go back to Deng Xiaoping, who said it does not matter whether the cat is black or white so long as it catches mice", said Dr Rajan. Rajan said, "If you're not prepared on Day 1 with all the currency that's being replaced - currency is important for economic activity - you will have a chilling of economic activity".

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