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Addressing the 14th convocation of the ICFAI Foundation For Higher Education, he said India’s development strategy should be multidimensional and growth may be stimulated by raising investment rate, emphasising agriculture, manufacturing and services, absorbing new technologies and promoting a mix of sectors that are employment friendly
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In his address at the 13th Convocation of the ICFAI Foundation for Higher Education, Rangarajan said post Covid-19 and the Russia-Ukraine war, there is a need to lay down a clear roadmap for Indias future development and the first and foremost task is to raise the growth rate.
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C Rangarajan says in terms of per capita income, India's rank is 142 out of 197 countries despite being the fifth largest economy in the world
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Dr C. Ragarajan's book 'Forks in the Road: My Days in RBI and Beyond' is releasing on November 7.
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Speaking at the Samar Kanti Paul Memorial Lecture at the Ramkrishna Mission Institute of Culture on Saturday evening, the former RBI governor said he would be happy if the country's economic growth reaches seven per cent in the current fiscal.
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Delivering his address at 11th Convocation of ICFAI Foundation for Higher Education, C Rangarajan said attempts should be made to curb the adverse impact of a third wave of COVID-19, if it happens and both the coverage of vaccination and the pace of investment in health infrastructure should be accelerated within the strategy of expanding the overall infrastructure investment.
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To a query on the weakening of the rupee against the US dollar, Rangarajan said inflation should be brought under control as external value of the currency was determined by its internal value.
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Speaking at a programme organised by the ICFAI Business School, the former Chairman of the Economic Advisory Council to the Prime Minister said banks should neither be timid nor adventurous while lending as the loans of today should not become NPAs of tomorrow.
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The former RBI Governor said the government has gone by medical advice to impose a lockdown and by the same advice they expanded the lockdown also which is essential to combat the coronavirus spread.
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The impact of the virus is not essentially known, but certainly given the situation some drastic action is required.
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"This year it is going to be under-6 percent growth and next year it may be about 7 percent. After that, the economy may pick up," he said.
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The government needs to shrink its role in the sugar sector.
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To a query on the problems of non-performing assets (NPAs) or bad loans and frauds that have hit the country's banking system, Rangarajan said, "I think the banking system is stressed. It had already been stressed for some years.
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"Therefore I believe that, now that the monsoon has also been good, the food prices may come down rather than further rise," the former governor of the RBI told PTI.
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On demonetisation, he said adequate preparation by the central bank could have reduced the pain which people had to undergo on account of ban on high value notes last November.
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In an interview to CNBC-TV18's Latha Venkatesh, C Rangarajan, Former Chairman of PM's Eco Advisory Council, Ila Patnaik of NIPFP, Ashima Goyal, Professor at IGIDR and Himanshu, Prof of Economics at JNU spoke about India's 70 year growth story and the road ahead.
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"Initiative for merger should come from banks themselves and there must be felt a need for it. Therefore, the world over, the larger banks are coming into cooperation," he said.
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"The possibility of the banks reducing lending rates is not very much in the horizon. There may be some small adjustments. But I do not see the lending rates coming down because the banks do feel the pressure of the stressed assets," he told PTI here.
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What you really want is that environment provided in India is so good that others also come to India, says former RBI Governor C Rangarajan.
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Describing the Union Budget for 2017-18 as "a fairly routine Budget", former RBI Governor C Rangarajan today said changing the road map to reach the fiscal deficit target of 3 percent over the year will make a mockery of the Fiscal Responsibility and Budget Management (FRBM) Act.
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Deepak Parekh, Chairman, HDFC is disappointed that there was nothing on corporate tax, except a proposal to cut corporate tax rate for MSMEs (Micro Small and Medium Enterprises) having revenues less than Rs 50 crore to 25 percent.
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"Though the situation in India with regard to replacement of jobs by machines is not alarming, it should be noted for future considerations," Rangarajan said at the Seventh Foundation Day Lecture at the ICFAI Foundation for Higher Education (IFHE) here.
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As people across the country continue to come to grips with the government's surprise demonetisation move, former RBI governor C Rangarajan has hailed the move, saying black money accumulation has to be prevented.
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The government‘s clampdown on black money by voiding Rs 500 and Rs 1,000 notes could think wealth destruction could be pretty meaningful, according to a former Reserve Bank Governor.
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At the launch of former journalist Sanjaya Baru's book '1991: How PV Narasimha Rao made history' here last night, Rangarajan also said Rao's Finance Minister and former PM Manmohan Singh had also played a pivotal role in rolling out the reforms but did not get due credit for his endeavours.
