RBI Governor Raghuram Rajan delivers first Ramnath Goenka Lecturehttps://indianexpress.com/photos/picture-gallery-others/rbi-governor-raghuram-rajan-delivers-first-ramnath-goenka-lecture/

RBI Governor Raghuram Rajan delivers first Ramnath Goenka Lecture

RBI Governor Dr. Raghuram Rajan delivered his first Ramanth Goenka Memorial lecture in New Delhi on Saturday (March 12).

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Reserve Bank of India Governor Raghuram Rajan on Saturday backed the government’s fiscal management, monetary policy reforms and rural job creation efforts, but stressed the need for authorities to draw a line between dealing with genuine risk-taking and wrongdoing while going after loan defaulters.

Raghuram Rajan delivers his first Ramanth Goenka Memorial Lecture in the capital New Delhi on Saturday (March 12). (Source: Express Photo by Tashi Tobgyal)

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Speaking on ‘India in the global economy’, Rajan emphasised that the banking regulator intends to have clean and fully provisioned bank balance sheets by March 2017: “The last leg of the stabilisation agenda is to clean up the stressed assets in the banking sector so that banks have the room to lend again. The problem in the past was that banks simply did not have enough powers to force promoters to pay, or to put stressed assets back on track… Our intent is to have clean and fully provisioned bank balance sheets by March 2017.” (Source: Express Photo by Tashi Tobgyal)

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The Ramnath Goenka Lecture series has been launched by The Express Group to mark 25 years of the passing away of Ramnath Goenka, the founder of The Indian Express. The lectures will aim to deepen understanding of change and inspire debate on issues of vital contemporary interest. (Source: Express Photo by Tashi Tobgyal)

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He also endorsed the budget announcements of 2016-17 where Finance Minister Arun Jaitley treaded the path of fiscal prudence. “The recent central budget emphasised fiscal prudence and adhered to past commitments, even while allocating resources towards capital spending and focusing on structural reforms, especially in agriculture,” he said.

Editor Financial Express Sunil Jain with RBI Governor Raghuram Rajan during the first Ramnath Goenka Memorial Lecture in the capital New Delhi. (Source: Express Photo by Tashi Tobgyal)

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In recent times while there has been a lot of debate over the depreciation in rupee against the dollar, Rajan said that the Indian currency has been relatively stable in comparison to its peers and there should not be much concern around that. (Source: Express Photo by Tashi Tobgyal)

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At a time when the developed economies or the ones that are part of the G-7 dominate the agenda and dialogue for the world, Rajan suggested that while India has a seat at most international tables, as it gets more power, it needs to develop the capability of using it effectively by developing ideas and pushing agendas through coalitions.

Wholetime Director & Head - New Media of Indian Express Anant Goenka felicitates Dr. Raghuram Rajan with a momento during his first Ramnath Goenka Lecture in New Delhi. (Source: Express Photo by Praveen Khanna)

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George Varghese, Chief Executive Officer, The Indian Express (left) with Arun Shourie, Chairman, Board of Governors, India Statistical Institute and former editor, The Indian Express. (Source: Express Photo by Tashi Tobgyal)

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Former Union Minister Ashwani Kumar and Arun Shourie at the Ramanth Goenka Lecture in New Delhi. (Source: Express Photo by Tashi Tobgyal)

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RBI Governor Raghuram Rajan with the RNG lecture memento. (Source: Express Photo by Tashi Tobgyal)

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Former Union Finance Minister P Chidambaram with Raghuram Rajan. (Source: Express Photo by Tashi Tobgyal)

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Surjit S Bhalla, Chairman and Managing Director, Oxus Investments and The Indian Express columnist with wife Ravinder Kaur, Professor of Sociology at Indian Institute of Technology, Delhi. (Source: Express Photo by Tashi Tobgyal)

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Anu Aga, MP and Former Executive Chairperson, Thermax (left), with Bim Bissell of Fabindia. (Source: Express Photo by Ravi Kanojia)

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Max Rodenbeck, Author and South Asia Bureau Chief, The Economist. (Source: Express Photo by Tashi Tobgyal)

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Isher Judge Ahluwalia, Chairperson, Board of Governors, Indian Council for Research on International Economic Relations with actor Sharmila Tagore. (Source: Exress Photo by Tashi Tobgyal)

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(From left) Actor Shabana Azmi, Isher Judge Ahluwalia, Chairperson, Board of Governors, Indian Council for Research on International Economic Relations; Sharmila Tagore, actor and former Chairperson, Central Board of Film Certification and poet and lyricist Javed Akhtar. (Source: Express Photo by Tashi Tobgyal)

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Raghuram Rajan said, "FDI inflows increased this year, almost reaching 2008-09 figures." Seen here, Jatinder Bir Singh, CMD, Punjab and Sind Bank. (Source: Express photo by Praveen Khanna)

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(From left) Zia Mody, Managing Partner, AZB and Partners; poet and lyricist Javed Akhtar; Anant Goenka, Wholetime Director and Head of New Media, The Indian Express; Italian Ambassador Lorenzo Angeloni. (Source: Express Photo by Praveen Khanna)

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Shabana Azmi, Javed Akhtar and Kishwar Ahluwalia at the Ramnath Goenka Lecture in New Delhi. (Source: Express Photo by Praveen Khanna)

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Veteran actress Shabana Azmi and veteran lyricist Javed Akhtar listen to the first Ramnath Goenka Lecture by Dr. Raghuram Rajan in New Delhi. (Source: Express Photo by Praveen Khanna)

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Veteran actress Sharmila Tagore was also present at the Ramnath Goenka Lecture in New Delhi. (Source: Express Photo by Tashi Tobgyal)

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Rajan said tha despite 2 consecutive draughts, 7% growth only due to increasing macro economic stabilisation.(Source: Express Photo by Tashi Tobgyal)

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While delivering his first RNG lecture Raghuram Rajan said, "I believe monetary reforms undertaken by this Govt are important and significant." (Source: Express Photo by Tashi Tobgyal)