Kellogg India Business Conference Featuring Raghuram Rajan, Former Governor of the Reserve Bank of India, Krishnamurthy Subramanian, Former Chief Economic Advisor to Gov’t of India
He is a shame as a RBI governor. For your knowledge middle class are buying cars more. In my society 1.5 year back, there was a lot of space for parking. In just 1.5 years it’s completely full.
this is stupidity u live in a city a developing one that too, ur already in the top 10% of india's population by owning a car what abt the next 60% what about their development you are embarassing yourself by calling him a shame you give such a irrelevant example to prove he is wrong when you dont know anything about the country yourself i'm 15 and i know more adults these days where do i even begin ☕
Absolutely shocking to see Raghuram Rajan turn out to be such a Liar, a man of no integrity ... !! ... He openly acknowledged in the past that he has allegiance to the Congress party at personal and also at family level, walked along with Rahul Gandhi in his recent Yarta ... and now telling the Kellog crowed that he is apolitical, and only an academic ... ??!!
@u8036 He does campaign for Rahul Gandhi , Congress. Usually, Governors or Judges or public figures like election commission head remain independent and unbiased. But RRR created a bad name for himself.
@@RajKiran-nx4kr his claims that BJP doesn't give Karan Thapar interviews are debatable. Has Karan or Ravish interviewed Rahul or Sonia or Priyanka (ever??). There are many who don't care to be in his interviews - he is just not that important or even attract the right audience.
Raghuram Rajan should understand that being an Economist is different from being a political consultant. If you try to be a political consultant to a party like Congress then you are no longer an objective Economist.
According to Raghuram Rajan, no one is better than him in managing the Indian economy than he. His views are politically biased. From fragile 5 to Top 5 is a great achievement for any economy.
Mr. Rajan has screwed the Indian economy so bad that it was one of the worst five economies in 2013 in the world, now he is talkig as if he turned around. It is Modijis team which includes Subramanyam part which turned around the Indian economy.
@@masalacontroller India was third largest economy in 2011, but that’s based on purchasing power parity…. But we were still only in 9th rank when it comes for GDP…. And now we are at 5th…. The problem is every index measures some aspect and we lose the details and just take the title alone.
@@Shrik2407 well we can't ignore gdp per capita though, no where being close to vishwaguru. India needs to grow and india will grow but our politicians need to stop fooling ppl with indices
Raghuram Rajan assumes that that the present govt was handed over a country at level 5 , but that's not correct. It inherited a country at level 1. Modi can't skip step 3'4'. Despite all of it , this Govt is creating a foundation for the future by investing in chips, digital infrastructure along with physical infrastructure like roads etc.
So true bro, I also doubt his advise about education. I don't disagree that we need to improve our education. but this idea that that we should bulid more IIT's at the expense of promoting manufacturing is very wrong. He mentioned that we are getting into chip manufacturing of legacy nodes. Many automobiles, defense equipment etc requires legacy nodes and not 2nm or 4nm chips. How are we going to build such advance chips without even starting from legacy nodes which still have so many uses. I feel like Raghuram Rajan has sold his soul to USA. which means, we should focus on educating a few our clever kids in IIT's and they work for NVIDIA or Intel in India which are American companies and they register patents designed by our engineers or or look to move to USA and look for jobs there. we should absolutely be dependent on US and other countries for technologies like this and live at their mercy while the Chinese threaten us at our borders. we should not have have no manufacturing capacity with regards to chips. This is the mindset that has kept India backward so many decades. I am so glad that this guy has been removed from RBI.
Mr. Rajan has screwed the Indian economy so bad that it was one of the worst five economies in 2013, now he is talkig as if he turned around. It is Modijis team which includes Subramanyam part which turned around the Indian economy.
@siddu7549 We have to start from somewhere. China has also started building their own CPUs and GPUs and they are nowhere near Intel/AMD/Nvidia but they have started taking baby steps and on the right path. Creating a chip from scratch or acquiring latest nodes is a mammoth task and even USA is aware of it and has poured billions of dollars in Intel for them to do atleast compete with TSMC or be better as we all know there is high chance of china pulling their hands towards Taiwan. We also need to start from somewhere and create infra so that companies like Intel/TSMC can come and invest in India as well.
@@siddu7549Well said… It is a problem with that mindset that Raghuram Rajan and the likes have gotten imbibed in to. He is oblivious to the fact that he has so deeply sold his soul to the USA. That’s what makes him think like the way he does and yet extremely convinced that it is the way to go…. I mean, security guards in cities better than promoting agriculture… I was wishing that he would rather say that we increase usage of technology and frugal engineering in agriculture, but I blame myself for expecting such things from him ☹️… Does he really think the security guards in Bangalore send their kids to schools providing superior quality education?! I only wonder, how come Raghuram Rajan gets so much respect and attention. That’s the sad state of the lack of indigenous thinking within us.
@@Shrik2407 it's the same mindset of UPA 1. during peak globalization while china was surging ahead with manufacturing, congress was busy doing corruption and and not carrying out any reforms that promote manufacturing, instead they were busy rolling out out mnrega like schemes where labour used to dig pits all day and used to be paid some 80 rupees at the end of the day. that was the economic model we were following, while china used it's labour force and built up a massive industrial base and now we are stuck catching up. People like him should not be allowed to enter into this country. i donno how these people get into such positions and talk like this.
Raghuram Rajan made India as Fragile 5 during his tenure as RBI governor. Does he have an answer on why it happened? btw, Mr Rajan talks about freedom of speech but count the number of times he interrupted Mr.Subramanian while he is speaking.
you cant solely blame india being in the fragile 5 due to raguram rajan he's the rbi governer not the finance advisor not the finance ministry its pitiful when ur makin claims like these
one reveals himself -inner personality-only when he speaks about himself before an enlightened audience.Raghu has fallen in my scale of esteem which was high..
Kudos to Subu for coming well prepared with his cherry picked data. Rajan pointed and questioned a few times regarding how he is portraying his data but i guess he stopped after a while as he did not want to turn this into a public squabble. Rajan better thought there is no point in sinking to his level. Subu is not even trying to hide how biased he is. Again excellent exam preparation by Subu with all his small handwritten notes in all his pockets
I cannot believe an Ex-RBI governor does not understand the importance of semiconductor mftring, which is the leading force powering tech revolution all over the world for some time now. Manufacturing will also promote the service sector growth around it.
RR ,how come you are an economist......because of you i started voting for BJP.Earlier i was voting for Cong...you guys are destroying cong and we are going to see cong.mukth bharath in on 4th Jun..kudos to you
Raghu ram rajan said he is commenting as an academic here but if that is the case then why did he join rahul gandhi's pada jatra? And he also showed great concern over manipur and i being from north east know it very well what has been the approach of central government towards north east since independence. But in the last 10 years the centre is paying more importance to north east. But it was an interesting podcast to hear two different views. Thanks 🙏
👏👏👏 Lovely debate... well done, Subu! It wasn't easy to defend actions/views when criticism flows, especially from a senior academician who was a guide and a mentor in the past. Criticism is good but should be constructive criticism where one can agree to pick up some of the shortcomings and improve the future course of actions for larger benefit of the human beings... here for all of us The Indians! In parts Raghuram Rajan did appreciate but very reluctantly... I can probably guess why & understand the reasons! He should have acknowledged the fact that 'every one manufacturing job creates 3 service level jobs' ... the point Prof Subu was trying to bring forth instead of harping on only growth in service level jobs! Secondly, India & Indians did benefit from liberalisation in terms of opening up the economy and increasing service level jobs but what we didn’t do was to substitute the imports by subsidising and encouraging manufacturing in subsequent years which was a grave mistake... the present government has done that exactly by starting the 'atma nirbhar bharat' project. The self dependency... the import substitution was an absolute necessity for India by increasing start-ups and manufacturing for the intended growth! However, I am really proud of Prof Subu, who handled the pressure very well with facts and figures in front of him. It wasn't about scoring points, but it was very much to do with putting forth rational & practical perspectives in order to uplift a huge country of 1.4b people in this era of uncertainties!!! I am proud to be an Indian of this India Growth Story!!! Cheers 🎉
He got hurt for not reappointed as RBI governor hence making bad propaganda and giving disreputable comments/interviews against his own country in international level. He forgets that Economy does not always goes as per book.
I would really appreciate Dr Rajan to understand the reality and at least encourage Modi ji to continue the good things of current Government for its goal of 2047 vision.
Dr Subramanian shows he is a straightforward academician by drawing data from internationally accepted sources. Rajan’s assertion that he is an academic rings hollow. He is not objective in his observations; it looks like he has scores to settle. Rajan’s body language was unprofessional throughout and his condescending comments directed at Dr. Subramanian showed his immaturity. It is clear that the student has surpassed the teacher!
Mr Subramanyam is Awesome, explained the details fluently.. seems someone really worked hard and got good result.. Mr Raghu is a great economist but he missed an opportunity to lead country in a very difficult time.. Team which led Indian finance was new but they did wonderful.. New leaders are real good..
He got hurt by subramanian Swamy.and he has to now compulsorily criticize modi...but may be he now has a friend in Swamy because Swamy is also doing that only these days😅
If Vikram Sarabhai had not kick started space programs how ever humble way back in the 50s , would we be having ISRO and DRDOs today with the top notch Space programs? Unfortunately his foresight has a lot of shortcomings , and I am glad he has more American followers than Indians.
No he is not. Rajan did a great service to India when he forced banks to reveal the bad loans on their books when he was RBI governor. Until then banks were hiding those loans and resorting to evergreening of loans (giving out more loans to large defaulters to pay back old loans). After what Rajan did, the whole process of cleaning up the balance sheets of banks started. Also Rajan's views of unreliable economic growth numbers, India's unemployment problem, poor education quality are correct.
@@mswarncal1 if he really did the revealing of BAD LOANS....why did he and his party give more and more bad loans to the daylight dacoit....mallayyaa. really why???😳😳😳
@@gayathrinaidu9735 firstly he doesn't belong to any party. He is an academician not a politician. Secondly, the bad loans problem happened because of the reckless lending by banks during 2006-08. Rajan had no role in this.
@@mswarncal1 🤣🤣🤣 you just contradicted your own moot point....thanks. And by the way...that guy WAS an academician...not anymore. Now he is just a Raul Vinci kothadimai
@@gayathrinaidu9735 no I didn't contradict my point. I think you should do a basic course in economics to understand Rajan's arguments. Till then, stay away from any economic discussion or debate.
Raghu Ram Rajan is a example of how a spineless a person could be in a position of RBI governor who was blind to all that nonsense going around. This country doesn't need Phd/,IIT MBA in economics to run the country but common sense in a person
De Rajan. Please come out of congress ideology if you have any serious attachment to India. That will be the great contributions even God would bless you for that. Be as perspective as Dr Arvaind Subramanian.
@Mr. Raghu & @Mr. Subramaniam, both of you spoke about unemployment. As a person, in market I feel, the current younger generation is of unemployable by the way of their character and enthusiasm. They unemployable at all. If you need proof, please check withany major companies HR and department heads like, design, production, planning, quality control, metallurgy, etc. The need of the hour is change the education system. Otherwise, indian young minds will become useless soon...
I’m not sure what Rajarajan is trying to say in his international interview. He mentioned that people are moving into the service sector, particularly security jobs, to support their children’s education. He also compared this to the manufacturing sector. In my opinion, small-scale manufacturing businesses producing standardized products could create more job opportunities if circumstances allow. However, it’s unclear if the same can be said for the growth of security jobs so called urban cities, even with referrals.
Wages of both agri, hotels, construction have gone up by 2.5 times, over the last 6 years. The daily wage rates are minimum 1200 to 1500 rupees per day
Great listening to Subdramanian who was part of the team who steered the country through the financial crisis through the covid and thereafter. Noted RRR was finding the talk a little painful because he did not have much to contribute technically. The difference between the two persons is RRR is a pessimist while Subramanian is positive and not the Modi basher.
See whatever Modi is doing to democracy as Raghu claims, it goes back to the argument of a strong state vs weak state , i.e centripetal and centrifugal forces of power. In 2013 when Congress was in power , and Raghu was RBI governor, they had lent a lot of crony lendings which all formed NPA's later on leading to banking crisis. So Mr Modi said he will offer a strong state , instead of a weak coalition state where the power isn't centralised leading to corruption and inefficiencies. The people bought that idea. Therefore it's the people who felt the need for a strong state and now you can't blame Modi. What people ask for, they get it
So true bro, I also doubt his advise about education. I don't disagree that we need to improve our education. but this idea that that we should bulid more IIT's at the expense of promoting manufacturing is very wrong. He mentioned that we are getting into chip manufacturing of legacy nodes. Many automobiles, defense equipment etc requires legacy nodes and not 2nm or 4nm chips. How are we going to build such advance chips without even starting from legacy nodes which still have so many uses. I feel like Raghuram Rajan has sold his soul to USA. which means, we should focus on educating a few our clever kids in IIT's and they work for NVIDIA or Intel in India which are American companies and they register patents designed by our engineers or or look to move to USA and look for jobs there. we should absolutely be dependent on US and other countries for technologies like this and live at their mercy while the Chinese threaten us at our borders. we should not have have no manufacturing capacity with regards to chips. This is the mindset that has kept India backward so many decades. I am so glad that this guy has been removed from RBI.
The sheere arrogance with which Dr. Rajan approached this entire conversation and sort of disassociating himself is testimony to what he is made of. He can keep propagating his theories and we’d be more than happy to prove him wrong
Excellent data points by Prof. Subramanian. With learned Nationalist like him guiding the governments, India will definitely transition to being a developed economy in coming times.
Fantastic discussion with lead economists. While we have done well in view of difficult global conditions, as rightly pointed out by Dr Raghuram Rajan, we need to take care of fundamental needs of our country which are in the field of education and enabling infrastructure.
Both sides make valid arguments. We should learn from both sides and apply both. Rather than applying one or the other. India should rise. Not left or right. Whole India should rise.
I really liked the part where Ragu Corrected Subbu at the end closing his mike that "Miles to go before I sleep" was said by Robert Frost and not Swami Vivekananda.By the way Swami Vivekananda said "ARISE AWAKE & STOP NOT TILL YOUR GOAL IS REACHED" (Raghu still being a mentor to Subbu is good to see ❤️❤️💯💯) Loved the discussion Subbu actually gave it quite good point on the democracy part . Raghu was seemingly quite nervous and kept on interrupting when Subbu was making a point. Ragu didn't allowed subbu to finish atleast.
RRR talks out of air. Subramanyam talks with facts. RRR carries in his head he is great. During RRR inflation was much higher and India was termed a fragile 5 in Feb 2014. Now in 10 years India has become top 5, which includes covid period in which India far better than RRR prediction that India was doomed. RRR was appointed person by PC on his post, not independent he claimed himself to be. Worst RBI Governor India ever had.
The two gentlemen are intellectuals in their own right but they are conservative south indians who will not cross the lakshman rekha as they respect the position of the person to whom they are or were reporting. They need to protect their family over their over ambition on professional career to antogonise any politician past or present. It is the bitter truth and factual
One very interesting thing about Raghu is the length of his hands: like an ājānubāhu Couldn't understand why the camera was focusing on Raghu when Krish Subramanian was speaking; weird Really liked the funda of Krish of working from first principles, just like Elon Musk, born the same year (1971)
so according to RRR you need spend more to invest in human resources but not to invest in manufacturing so they will continue at larger scale going out to some other countries
Though do not stand by entirely with Dr Rajan, nutrition, education, basic law and order certainly should be pegged at the top of policy making. These are the building blocks of any nation. The growth rate of 10% should be a non-compromised goal to lift the country out of poverty. His comments on manufacturing though in different context, proliferation of manufacturing facilities should be seen from the sustainability standpoint and cost benefit including environment cost. His comments on self reliance measures of the government like PLI, chip manufacturing initiative does not find resonance. Dr. Subramaniam is the aspiring face of new India. Unless we are optimistic about India, we cannot grow on a diffident note.
So according to Raghuram Rajan, agrarian economy cannot grow fast! Now, whow us asking India for rice and wheat? It is a shame that this person was our RBI Governor!
It’s like this , the person in the center is saying there is problem there, we can’t do that, we should do this, we should do that etc. we don’t have good schools ( he forgets he did his schooling here only ) then he says we have iits which are very good, we can’t become developed country ohh man all negatives ,,,
Subramanyam is a many can flip through required 9 lines of his jail breaking speechless leave you will not sounding. An asset for the disconnected many in and out of the country
