Former Governor of Reserve Bank of India (RBI), Raghuram Rajan once again questioned the economic decisions of the Modi government. In an interview given to INDIA TODAY, Raghuram Rajan insisted that not only 'Make in India' but also 'Make for India'. He also said that he also intends to become a RBI governor again.
Demonetization effect on GDP:
In the interview, Rajan said that because of the ban on bondage, 1-2 percent fall in GDP was seen. RBI had to bear the burden of bank slip. The burden of printing new notes was huge on the benefits of these schemes.
He said that if trusting the estimation of institutions like JP Morgan, due to the ban on accounting, there is a loss of 1-2 percent GDP, which is around 2 lakh crore. If you talk about the benefits then only about 10 thousand crores of income is generated from the tax.
At the same time, he said the right to print a note to the RBI is because if the government itself prints its money then India can also become Zimbabwe. This is the reason why an independent body like RBI needs it.
Ready to return:
Rajan said that he did not resign, his term was over. Rajan told that he was ready to work further. At the same time, there is a lot of work left. There is a lot to be done to improve the bank system. Rajan expressed his intention and said that he would like to return.