Raghuram Rajan Quotes
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In India, we say one thing, and we do something else.
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It is the central bank governor, unlike other regulators or government secretaries, who has command over significant policy levers and has to occasionally disagree with the most powerful people in the country.
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One of the difficulties of a job in the, quote, 'real world' is you don't really get time to shut yourself off in a room and think.
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Every adverse development across the world affects the rest of the world in some way.
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What is important for a central banker is that you have to convey that you know what you are doing.
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The American political scientist Francis Fukuyama has argued that liberal democracies, with their political freedom and economic success, have three important pillars: a strong government, the rule of law, and democratic accountability. I would add a fourth: free markets.
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The few emerging economies that have avoided booms and busts have done so by adhering to sound policy frameworks.
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Indian-ness, love for your country, is complicated. For every person, there is a different way that you show respect for your country... my mother-in-law will say karmayogi is the way to go - do your work.
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As a country that does not belong to any power bloc, India cannot afford to put itself in the position of needing multilateral support - a trap into which even developed countries, like Portugal and Spain, have fallen.
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Strong government doesn't mean simply military power or an efficient intelligence apparatus. Instead, it should mean effective, fair administration - in other words, 'good governance.'
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We should make sure that unscrupulous schools do not prey on uninformed students, leaving them with high debt and useless degrees.
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Indeed, if what you do offends me but does not harm me otherwise, there should be a very high bar for prohibiting your act. After all, any ban, and certainly any vigilante acts to enforce it, may offend you as much, or more, than the offence to me. Excessive political correctness stifles progress as much as excessive license and disrespect.
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Expectations are high. Clearly I am not a superman. There is a little bit of euphoria in India. I have a wife and two kids.
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Improving the opportunities across the board is extremely important to sustain the legitimacy of wealth. If a whole horde of people, whole sections of society don't feel they have the opportunities, then the focus is going to be on those who have it and who have made it and say that is illegitimate.