Raghuram Rajan said that being lost in historical achievements, opposing foreign ideas and feeling of insecurity about foreigners has a bad effect on economic development.
New Delhi| Former RBI governor on Monday warned that due to an intolerant attitude towards criticisms, governments make mistakes in policymaking. “A large number of people will stop criticizing if every person who is criticizing will be asked by the government to keep quiet or if the troll army is unleashed behind that person,” he said. He further said that due to this, the government will relax that everything is good until its bad results are revealed. Rajan said that truth cannot be denied for long.
The former RBI governor said that being lost in historical achievements, opposing foreign ideas and feeling of insecurity about foreigners has a bad effect on economic development. The Prime Minister’s Economic Advisory Council (PMEAC) has criticized the removal of two members who expressed concern over the government’s policies.
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Rajan has written in a blog that public criticism allows bureaucrats to keep the truth before the government. He said that it is definitely a good thing to understand and know history, but being lost in it shows our insecurity. This is not going to help in increasing our existing capacity.
The process to improve existing system should not be affected
Rajan said that due to historical achievements, the process of improving the existing system should not be affected. Earlier, Rajan had said that economic slowdown is a matter of concern. The government should urgently address the problems of the energy and NBFC sector to deal with it. Also, new reforms should be done to increase investment in the private sector. However, Rajan had said that there is no estimate of a big financial crisis at the moment, but if it happens, there will be no reason for it. This time slowdown will be responsible for the slowdown in many sectors.
Countries are thinking of their own benefit rather than global interests
Raghuram Rajan said that there is no problem with the financial sector at this time. In fact, along with the slowdown in business at this time, global investment is a cause for concern. If we do not pay attention to this, then it will come as a big problem. At the moment, most countries are focusing on their own benefit rather than thinking about global interests. In such a situation, the world is looking in a new form on economic grounds. The government has to keep in mind that correcting the old problems does not necessarily mean that new problems will not come.
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