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At UChicago, he probably makes upward of $1,000K. He did India a favor by taking such a low salary.

OP - Just because he does not serve your right wing agenda, you are trying really hard to discredit him.

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Oh sure.. He did India a huge favor. Why, after Lord Ram, Raghuram Rajan is next in line in terms of sacrifice 🙄 Sir, do you care to refute, with facts and figures, the assertions I've made? I keep saying I would love to be educated on whether my understanding of the issues are sound or not. All I get (other than one example) is sycophancy of Rajan. But the same people also derisively refer to Modi supporters as 'Bhakths'. Strange contradiction.. Or maybe not?

Op: I think you are portraying a half baked picture. Also, what you are saying about interest rates is good as a concept but wouldn’t work in ground reality parlance. See, I am not an expert of economics, but if I were to look at it logically, here’s my two cents:
1) do you really think a factor like interest rates for India would solely be driven by him? No. It’s a cross sectional decision of governor , his leadership team, and political parties. Agree he has a final say but I am sure that must be a well thought decision considering this is always a critical factor for a country and not one person could have solely run the show.
2) NPA increased during his time because he was trying to cleanup the system at grass root level and focused on implementing some well proven management concepts of adding transparency to the system. Unfortunately it’s not easy in India. One thing leads to another.

I give this guy full credit of what he tried. He was trying the unconventional and that’s why his followers are extremely polarized.
P.S. By no means I am saying what you suggesting is incorrect. But maybe we need to look at the bigger picture

Please tell me how I'm wrong in my understanding of a concept vs ground reality as far as interest rate is concerned? Secondly, RBI and RBI alone sets the interest rate in India. How is the governor not in total control again? Lastly, how did he not know that psu banks were extending repeated loans to the same individuals? We're not talking of a few lakhs or a few crores. We're talking of 100's of crores of taxpayer monies.

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What’s wrong with you? He took a small salary of 61 lakhs over his tenure as one of the finest RBI governors. Having moved between countries - it is not unusual when govt spends a huge amount of money for moving people. Just look at how much the MEA spends to move their embassy families to and fro New Delhi. And the expense looks big because moving anything in and out of US internationally is generally a big expense. Also this guy is a freaking genius he deserves a good quality mover and packer service. Man I wish I could meet you in person to see what type of a person called raghuram Rajan a hypocrite.

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VP I agree with you. He doesn't know Jack shit and this is too much money spent on him.
He should learn from beloved leader sanyasni who wears just some crores of suits, goggles etc and did a great move like demonatization, also did all inquires and made sure Sonia is rotting in Jail.
I tell you audacity of these idiots who don't get the point and try to reason with you.

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Lol. Did the journalist think 1 lakh was a big amount for a professor from the University of Chicago? 🥜

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The point of the reporter is that the to and fro transfer of his goods was more than his salary for his term.

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Articles like this is what we call s***ty journalism.

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VP - Pretty poorly constructed argument; Rajan’s tenure (like anybody’s else’s) is worthy of critique but this is the least intelligent way to go about it. Way to score an own goal...

And for those simple minded folks who think the economy is in a bad place because Rajan left, the economy isn’t some hand pump where the faster you pump, the more water comes out. GDP growth doesn’t follow a linear relationship with credentials/public opinion of the RBI governor but is a complex outcome of Macro, global, local and in case of India - meteorological factors (given how critical a good monsoon is to the economy). Look at the US: despite declaring a *trade war* and the mind numbing overall incompetence of the Trump administration, the economy was on a tear for 3 years from 2017-2019 with record low levels unemployment (until Covid came along). And it is true that under Rajan’s watch, thousands of Crores of loans were doled out to crony capitalists which led to the massive NPA problem which has structurally impacted the economy. Rajan was let go because he took political stances in public fora to consistently berate the government- which is not tenable if you’re a prominent, unelected part of it.
I would encourage people to think independently of propaganda (irrespective whether it comes from ignorant dimwits like Kamra or govts propaganda machinery)

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M1, I've never professed to be an economist. With my basic understanding of demand and supply, growth etc I laid out to Rajan's admirers why I didn't think he was a great governor, including the origin of npa's. I'm not here to win an argument. I've repeatedly requested folks to correct me and I would be happy to update my understanding of how an RBI governor is crucial for the economy overall. My understanding is based off of conversations with a close relative who's been an investment banker for decades and has frequently interacted with senior management at rbi

People seem to have short memories or is it that his educational credentials blinds people to his very obvious faults? Super high interest rates, directly under the RBI's control during Rajan's tenure, wrecked the Indian manufacturing sector except for a handful who had 'contacts' and many of these became NPA's due to further restricted credit. Of course, what Rajan left of the economy was then taken a sledge hammer to by Arun Jaitley with crazy tax rates. To be fair, Rajan didn't start the high interest rate. His predecessors did. But he could have cut it. He didn't and continued on the same suicidal path. Rajan may have known his course books really well and allowed those to influence his policies without thinking if these were applicable to price movements in India. I mean, this is the same guy who, as rbi governor, once remarked that 'This year the El Nino could cause crop loss pushing up farm prices. So the interest rate needs to be high' 🤦‍♂️

A majority of the accounts that are now NPA's started when he was the rbi governor. As the governor, it was his job to uncover the phone banking scam perpetrated by the Sonia-Chiddu duo. A simple forensic audit carried out by competent auditors would have uncovered that a lion's share of money lent by PSU banks were going to the same few individuals known to have offshore tax haven bank accounts. Who were the officers recommending such loans? Who were the bank directors pressing the case of these people? Rajan did nothing about these but had plenty of time to talk about tolerance and freedom of speech, both of which were not his remit to begin with 🙄

Chalo theek hai.. For the sake of argument we will keep aside his moving expenses for a later time. Please provide a rebuttal of my understanding of his fiscal policies.

Folks, the El Nino example I quoted in more context - based on some wild conjecture that a supposed El Nino might hit farm output(Rajan was suddenly an expert in geography and the weather) , Rajan argued that to counter the upcoming hypothetical fall in farm output, the interest rate needs to continue to remain high so as to keep the demand low to counter the supposed shortfall in farm supply. This is hocus pocus economics and badly hits growth rate. Many of us don't know these basics of a functioning economy and go by the word of fawning Lutyens journalists who are enamored of 'phoren returned and degreed' Indians, and these journalists themselves have little to no idea of economics. I mean, cocktail journalists like Shobha De were giving Raghum Rajan plaudits because... He's good looking 😏

Arre bhaiyya D1, I don't claim to be an economist but even to my basic knowledge of economics what Rajan was doing seems hocus pocus.. And ultimately it did bear out that way. Bhai, you said he's the best... I countered you with facts. Now you're not able to counter back properly so resorting to jibes. Please prove me wrong. I'll be happy to be educated. What my understanding is, is exactly what I laid out. More than happy to be corrected.

Totally agree VP1, none of these people understand basic economics . These are the people I follow
1. Nirmala tai and his sidekick who translates everything in Hindi. Love that duo.
2. Our beloved PM is an economic genius as the great smriti irani once said. It was him and his chamchas that made demo such a huge success
3. Last but not the least the great mota bhai. He has expanded his MLA buying empire to give some much needed boost to this economy

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