Raghuram Rajan calls for new set of reforms

Former RBI Governor and noted economist Prof Raghuram Rajan has called the recent slowdown in India’s economy “very worrisome”, and urged the government needed to introduce a new set of reforms to revitalise ailing sectors. He felt that the government’s primary focus should be to fix the issues in power and non-banking financial sectors (NBFCs).  He stated in an interview with CNBC TV18, “We need a fresh set of reforms informed by view on what we want India to be and I would love for that view to be articulated at the very top (that) here is the kind of economy that we want. One-off programs here and there don’t amount to a comprehensive reform agenda for the economy.” He also felt that problems in power and NBFCs have to be sorted out ‘yesterday’ and not in the coming six months.