The long-delayed economic reforms that India passed recently to revive investor sentiment and growth momentum can and must be made to work, says the man who will help steer them as the government’s new chief economic adviser.
Raghuram Rajan, the former chief economist at the International Monetary Fund, took charge at the federal finance ministry on Aug 1, when Palaniappan Chidambaram returned as the finance minister after his predecessor became the country’s president.
“We have our problems, I am not denying that. Gross domestic product (GDP) growth has slowed from 8.5% in recent years to 5.5%. We certainly should be going back to 8.5% or 9% growth. To do that, there are a bunch of things we need to do,” says Mr Rajan with a sense of urgency following a spate of downgrades by international ratings agencies and global investment banks of the economy’s growth outlook.
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