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Around the world, the educated taxpaying professional classes are normally the ones who bring values and convictions to a country’s politics, and who have the most direct stake in questions of what government can and cannot do.
Emphasising on the importance of government relief or support in the given scenario, he pointed out that it is 'meagre' so far.
The dialogue between Gandhi and Rajan was a first of its kind initiative that was broadcast on Congress' social media handles.
The first sign of difficulties in India is often seen in foreign exchange. So far compared to other emerging markets our exchange rate has stayed quite stable, presumably from some support of the RBI, says the former RBI chief.
He also urged India to join free trade agreements judiciously in order to boost competition and improve domestic efficiency.
Rajan, who was Governor of the RBI from September 5, 2013 to September 2016, said during his term a clean up of the banking sector that was 'clogging' with bad loans had begun and the job remains unfinished.
'Slowdown has led to a large number of factories shutting down in Maharashtra. The state is hit by a grave economic crises, but the government seems obsessed with trying to fix blame,' said Singh.
The finance minister said the Congress is used to making allegations of stealing or calling someone a thief, and wondered why it persists with it despite the electoral drubbing.
Rajan said 'a fresh set of reforms' are now needed to boost the economy and growth rate.
Mark Carney, the first foreign governor in the BoE's three-century history, took up his role on July 1, 2013, and will step down on Jan 31 next year.