I am not a superman: RBI governor

October 14, 2013
Washington, Oct 13: With a "little bit of euphoria" surrounding him  with the arrest of the Indian rupee's slide, RBI's new governor, Raghuram Rajan, has sought to temper expectations saying "I am not a superman".

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Portraying himself as a regular guy with "a wife and two kids," he told a  Washington audience Saturday what the country's central bank could do or not do.

"Expectations are high. There is a little bit of euphoria in India," said  Rajan, a former Chief Economist at the International Monetary Fund (IMF) and economic adviser to Prime Minister Manmohan Singh, at an event at the  Institute of International Finance.

But "clearly I am not a superman," said Rajan, who has often been portrayed in the media as a "rock star" of finance.

"We can do more than what a central bank in an industrial country can do.  But we can in some ways do less," he said.

"On where we can do more, clearly there are a lot of low hanging fruit in the financial sector," he said.

Rajan, who was here to attend the just concluded annual Fund-World Bank  annual meetings, said emerging market economies were less understood and  financial sector reforms can be incredibly positive for growth going  forward.

"I think, with the financial sector reforms, coupled with the real sector  reforms, the growth turn around should be on its way," he said.

He noted that the Indian government was doing a "fair amount of reform" which needs little bit of time for the results to show up.

"The problem of being in academics and then getting into these positions is there is a well documented trail of thinking," said Rajan, who is currently on leave of absence as a professor of finance at the graduate business school at the University of Chicago.

India must not be seen as a country in crisis, he said, days after  declaring that New Delhi would not run to the IMF for money for at least the next five years and maybe even beyond.

"We have $280 billion of forex reserves. Come on!" he exclaimed, adding that India was, in fact, lending to the IMF.

"I think the perception should change now."

He said India was facing turmoil in the financial markets but was away from any crisis-like situation.

"We are a country which has a debt of 66 percent of GDP, 90 percent of which is denominated in rupees. External debt was 22 percent of GDP and reserves at 15 percent of GDP. We can pay back all the short-term debt tomorrow," he said.

He said India has issues in the financial sector. There were inflation  challenges; there was a need to get back to a high growth trajectory. "But  these are certainly not crisis issues."

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News Network
April 15,2020

New Delhi, Apr 15: CPI-M leader Sitaram Yechury has sought a substantial increase in relief spending of the Central government in the fight against coronavirus, saying that there should be cash transfer of Rs 7,500 to families not paying income tax and distribution of free foodgrains to all needy.

In an article in the forthcoming issue of the party's mouthpiece -- People's Democracy -- Yechury said that India ranks among the countries that are testing the least for the coronavirus and testing should be increased rapidly.

Yechury said the financial stimulus package should be raised from the current 0.8 per cent to at least 5 per cent of GDP and States should be provided liberal funding.

"We must ensure that there are no starvation deaths that occur in our country. It is, therefore, imperative that the government must immediately implement a Rs 7,500 ex gratia cash transfer to all non-income tax-paying families and resort to universal distribution of free foodgrains to all needy people," Yechury said.

He said all MGNREGA workers should be paid wages irrespective of work and employers should be assisted financially to protect workers from job losses and wage cuts and arrangement should be made for the return of migrant workers to their homes.

"Testing is of crucial importance to identify the clusters where the pandemic is spreading in order to isolate and insulate them to contain the community spread. Inadequate testing does not provide us with such information. It is dangerous both for the inability to contain the spread and to identify the critical areas," the article said.

It said that till April 9, India's record of testing was 0.092 per thousand, while in Germany it was 15.96, Italy 14.43, Australia 12.99, Denmark 10.73 and Canada 9.99. "Unless our testing rate increases substantially, our strength to combat the pandemic will not grow," the article said.

Yechury said that the first case in India was reported on January 30 and "no substantive measures were taken despite this for seven long weeks" until the declaration of the lockdown on March 24.

"As far as the lockdown is concerned, many countries in the world moved with greater urgency - China locked down Wuhan on January 23, the whole of Italy was locked down on March 10, USA declared a national emergency on March 13, Spain on March 14, France on March 17 and UK on March 23," he said.

Yechury said the people were looking forward to the Prime Minister's address to the nation on the last day of the three-week countrywide lockdown.

"These three weeks have thrown up many experiences that need to be addressed urgently in order, both, to strengthen our fight against the COVID-19 pandemic and to protect the lives and survival of crores of our fellow citizens. On none of these issues of vital importance did the Prime Minister have anything substantial to say," he said.

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News Network
March 12,2020

New Delhi, Mar 12: The Supreme Court told the Uttar Pradesh government on Thursday that as of now, there was no law that could back their action of putting up roadside posters of those accused of vandalism during anti-CAA protests in Lucknow.

An apex court bench refused to stay the March 9 Allahabad High Court order directing the Yogi Adityanath administration to remove the posters.

The top court, which grilled the Uttar Pradesh government for putting up such posters in public, described the plea as a matter that needed "further elaboration and consideration".

A vacation bench of justices U U Lalit and Aniruddha Bose said a "bench of sufficient strength" would consider next week the Uttar Pradesh government's appeal against the Allahabad High Court order directing the state administration to remove the posters of those accused of vandalism during anti-CAA protests.

It directed the apex court registry to put up the case file before Chief Justice of India (CJI) S A Bobde so that a "bench of sufficient strength can be constituted at the earliest to hear and consider" the case next week.

During the hearing, the bench told Solicitor General Tushar Mehta, appearing for the Uttar Pradesh government, that it was a matter of "great importance".

It asked Mehta whether the state government had the power to put up such posters.

The top court, however, said there was no doubt that action should be taken against rioters and they should be punished.

Mehta told the court that the posters were put up as a "deterrent" and the hoardings only said that these persons were liable to pay for their alleged acts during the violence.

Senior advocate A M Singhvi, appearing for former IPS officer S R Darapuri whose poster has also been affixed in Lucknow, told the bench that the state was duty-bound to show the authority of law backing its action.

He said the action of the Uttar Pradesh government amounted to a "mega blanket" approach of naming and shaming these persons without final adjudication and it was an open invitation to common men to lynch them as the posters also had their addresses and photographs.

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News Network
March 2,2020

Tezpur (Assam), Mar 2: Seven boys, who had appeared for their class 10 board examinations, were apprehended on Sunday for allegedly raping and killing a 12-year-old girl in Assam's Biswanath district, police said.

The girl was hanged from a tree after the crime.

The incident happened on Friday in Chakla village under the jurisdiction of Gohpur police station, they said.

A senior police officer told PTI that the culprits, all of them High School Leaving Certificate (HSLC) examinees, were on the run, but were nabbed by a police team.

The accused after the examination had called the victim to a house on the pretext of organising a party and raped her, the officer said.

It is suspected that the girl was raped on Friday night and then hanged from a tree in a forest near the house, the senior police officer said.

The body was found on Saturday.

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