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RBI Governor Raghuram Rajan,who has increasingly been portrayed as a “rock star” after occupying the current position,both in the national and international media,has said that he is “not a superman” acknowledging “little bit” of euphoria surrounding him.
“Expectations are high. Clearly I am not a superman. There is a little bit of euphoria in India,” Raghuram Rajan told a Washington audience yesterday at an event organised by the Institute of International Finance.
“I have a wife and two kids,” said RBI Governor Raghuram Rajan in the city to attend the annual plenary meeting of the International Monetary Fund and World Bank.
“We can do more what a central bank in an industrial country can do. But we can in some ways do less. On where we can do more,clearly there are a lot of low hanging fruit in the financial sector,” he said,adding,that the reforms in the financial sector can be incredibly positive for growth going forward.
He said that the emerging market economies are less understood. Raghuram Rajan said the Union Government is doing a “fair amount of reform”,which needs little bit of time for the results to show up.
“I think,with the financial sector reforms,couples with the real sector reforms,the growth turn around should be on its way,” he said.
Speaking on India’s upcoming general elections,he said some of the constraints on the fiscal side make it hard to see the usual problems in an elections. Populist spending going in all short of direction makes it is hard to do that given the kind of fiscal situation and given the commitments made by the government in terms of fiscal deficit,Raghuram Rajan said.
“So I am not extremely worried about that aspect of the elections,” Raghuram Rajan said.
“The problem of being in academics and then getting into these positions is there is a well document trail of thinking,when you are allowed to thinking,” Raghuram Rajan said.