A person who is waiting for his Green Card from USA to become a citizen of that country was made RBI Governor. Govt. should rethink since Raghuram Rajan is talking of Prime tolerance rate instead of doing his job to review the Prime lending rates of financial institutions to speed up the economic growth.
So, the question is when did Raghuram Rajan become a financial expert after graduating from IIT Delhi in Electrical Engineering? I have gone through his CV at https://en.wikipedia.org/wiki/Raghuram_Rajan I don't see any expertise in banking excepting for an essay he wrote in MIT Sloan School of Management. I think the nation needs an Economist to take charge of RBI.
He has also failed to ban the PNotes which are the principal conduit for hawala routed kaalaadhan and failed to implement the recommendations of RBI Tarapore Committee.
When did RBI Governor become the guardian of tolerance? Govt. RBI should do his job as guardian of then nation's finances and talk about kaalaadhan restitution.
S. Kalyanaraman
Prime tolerance rate- The Rajan doctrine |
 Rajan (File picture) Tolerance, the hot-button issue of the times, featured prominently in Rajan’s convocation address at the IIT where he studied once. Indeed, the speech was titled “Tolerance and Respect for Economic Progress”. His observations were phrased and structured in a manner worthy of a true-blue economist and could be viewed as addressed to all sides. A favourite joke of Arvind Subramanian, who succeeded Rajan as the chief economic adviser to the Union finance ministry, goes like this: An economist’s wife asks him: “Honey, do you love me?”The economist responds: “Relative to what?” Perhaps, one of the ways to read Rajan’s speech is to place it near “relative” statements made by others. The Telegraph lists some samples, without any suggestion whatsoever that Rajan was replying to the persons or organisations mentioned here or that he is aware of some of the wilder statements below:  Rajan at IIT: Tolerance can take the offence out of debate, and indeed instil respect. If I go berserk every time a particular button is pressed, rebels are tempted to press the button, while mischief-makers indeed do so. But if I do not react predictably, and instead ask button pressers to explain their concerns, rebels are forced to do the hard work of marshalling arguments. So, rebels do not press the button frivolously, while the thuggish mischief-makers who abound in every group are left without an easy trigger. Tolerance and respect then lead to a good equilibrium where they reinforce each other. For example, rebellious youth in the United States used to burn the American flag. It was calculated to upset the older generation that had fought in America’s wars, for the flag was a symbol of all they had fought for. And the police, many of whom were veterans, used to react with violence, which was precisely the reaction the rebels sought to further their cause. Over time, though, US society has become more tolerant of flag-burning. Because it no longer triggers a reaction, it is no longer used as an instrument to shock. In sum, if group sentiment becomes more tolerant and less easily hurt, the actions that try to hurt it will diminish.  Rajan at IIT: Should ideas or behaviour that hurt a particular intellectual position or group not be banned? Possibly, but a quick resort to bans will chill all debate as everyone will be anguished by ideas they dislike. It is far better to improve the environment for ideas through tolerance and mutual respect. Actions that physically harm anyone, or show verbal contempt for a particular group so that they damage the group’s participation in the marketplace for ideas, should certainly not be allowed. For example, sexual harassment, whether physical or verbal, has no place in society.  Rajan at IIT: Excessive political correctness stifles progress as much as excessive licence and disrespect. Put differently, while you should avoid pressing the buttons that upset me to the extent possible, when you do push them you should explain carefully why that is necessary so as to move the debate forward, and how it should not be interpreted as a personal attack on me. You have to tread respectfully, assuring me that a challenge to the ideas I hold is necessary for progress. At the same time, I should endeavour to hold few ideas so closely intertwined with my personality that any attack on them is deemed an intolerable personal affront. Tolerance means not being so insecure about one’s ideas that one cannot subject them to challenge — it implies a degree of detachment that is absolutely necessary for mature debate. Finally, respect requires that in the rare case when an idea is tightly associated with a group’s core personality, we are extra careful about challenging it. …As Mahatma Gandhi said, “The golden rule of conduct is mutual toleration, seeing that we will never all think alike and we shall always see Truth in fragments and from different points of vision.”  time who got an elephant’s head on the body of a human being and began the practice of plastic surgery Rajan at IIT: So what does an educational institution or a nation need to do to keep the idea factory open? The first essential is to foster competition in the marketplace for ideas. This means encouraging challenge to all authority and tradition, even while acknowledging that the only way of dismissing any view is through empirical tests. What this rules out is anyone imposing a particular view or ideology because of their power. Instead, all ideas should be scrutinised critically, no matter whether they originate domestically or abroad, whether they have matured over thousands of years or a few minutes, whether they come from an untutored student or a world-famous professor.   Rajan at IIT: Protection, not of specific ideas and traditions, but the right to question and challenge, the right to behave differently so long as it does not hurt others seriously (is essential). In this protection lies societal self-interest, for it is by encouraging the challenge of innovative rebels that society develops…. Fortunately, India has always protected debate and the right to have different views. Some have even embedded these views in permanent structures. Raja Raja Chola, in building the magnificent Brihadeeswara Shaivite temple at Thanjavur, also incorporated sculptures of Vishnu as well as the meditating Buddha thus admitting to alternative viewpoints. When Shahenshah Jalaluddin Muhammad Akbar invited scholars of all manner of persuasion to debate the eternal verities at his court, he was only following older traditions of our Hindu and Buddhist kings, who encouraged and protected the spirit of enquiry. (The RSS is commemorating the millennial anniversary of Raja Raja Chola’s son Rajendra I this year.) |