Need Right Environment For Formalisation Of Industries: Raghuram Rajanhttps://www.ndtv.com/video/business/reality-check/need-right-environment-for-formalisation-of-industries-raghuram-rajan-601750 September 14, 2021
"Would You Call Government Anti-National?" Raghuram Rajan On RSS Magazine's Barb At Infosys
Renowned economist https://www.ndtv.com/india-news/raghuram-rajan-on-rss-attack-on-infosys-indias-economic-recovery-states-finances-cash-transfers-2541064 Dr Raghuram Rajan spoke to NDTV on a range of issue related to India's economy.
September 15, 2021
https://www.ndtv.com/video/exclusive/news/raghuram-rajan-on-rss-government-anti-national-raghuram-rajan-on-rss-magazine-s-infosys-barb-601822
Summary by Sukla Sen
Dr. Rajan has touched upon
(i) the open bullying of a flagship corporate body - A number of private sector firms have in recent months faced the ire of individuals in the government or entities close it, the most recent instance being that of Infosys. https://www.ndtv.com/video/exclusive/news/raghuram-rajan-on-rss-government-anti-national-raghuram-rajan-on-rss-magazine-s-infosys-barb-601822
(ii) the distortion of the "economy" in favour of the "big" and to the detriment of the "small" -- larger, more formal firms are experiencing significantly more profit growth as compared to the smaller firms, even among the listed firms. We are seeing a forced formalisation of the economy. We haven't supported our small and medium businesses to the extent that other countries have , https://www.ndtv.com/video/news/reality-check/raghuram-rajan-small-businesses-getting-extinguished-601793
(iii) the deliberate subversion of the "federal" aspect of the obtaining governance structure -- the rising revenues aren't being shared with the state governments, "State government finances are in a pretty bad way. The Centre has, sort of, swallowed up a significant part of the revenues through central cesses," https://www.ndtv.com/video/news/reality-check/raghuram-rajan-india-getting-too-big-to-be-run-exclusively-from-centre-601797
(iv) very much in tandem with that, over-centralisation at the Centre itself and its economic cost ... "India is getting too big to be run exclusively from the Centre. And that too not just from the Centre but from the 'Centre within the Centre'. This kind of over-centralisation holds us back." Decisions, he said, aren't being made until very late. On this front, he cited the example of appointing CEOs of government banks.
(v) the need for a sort of cash transfer scheme in the urban areas, broadly on the lines of the MGNREGA, in order to jack up "demand" so as to give a push to the stuttering "economy".... reported increase in gold loans -- people in India, he said, sell their family gold only when in dire straits -- and the marginal fall in consumption.
(vi) the suicidal short-sighted aloofness of capital vis-a-vis "democracy" ...businesses usually don't care as long as it doesn't affect them. They realise often late that when a government operates without checks and balances, it affects them eventually. Arbitrary decisions can then be taken with respect to the businesses, too.
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https://www.ndtv.com/india-news/rahul-bajaj-asks-amit-shah-if-we-criticise-you-his-reply-2141503
https://www.ndtv.com/india-news/rahul-bajaj-asks-amit-shah-if-we-criticise-you-his-reply-2141503