Yes, why would you accept the position MMS offered when your economic philosophies are diametrically opposite to what had made you credible in the first place? For after Manmohan Singh, the public’s deepest disappointment is reserved for Raghuram Rajan, the renowned economist imported from the IMF and the University of Chicago barely a year ago precisely for his bold views. Indeed, in the 2012-2013 Economic Survey of India which he authored, he recommended curbing the 5 per cent fiscal deficit by ending wasteful subsidies, structural reform and job creation, lowering interest rates, controlling inflation and decried capital controls. Instead, he has acquiesced to the opposite of all the above, including passing the damaging Food Security Bill. Despite living and working in a liberal economy like the US for 25 years, despite boldly predicting the global financial crisis, despite his sound economic principles, he has chosen not to dissent while in New Delhi. He is now party to the collapse of a once robust emerging market with much hope for its youthful population—surely a blemish on his own once-promising intellect.
Posted on: Sun, 25 Aug 2013 22:41:31 +0000
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