[Subscription Required] Aparadox is playing out in India. The country is abandoning Western values at a time when it is closer strategically to the West, and to the U.S. in particular, than it has ever been.
Be it the defiling of a statue of Ishwarchandra Vidyasagar, slapping leaders during campaigning or influencing votes within polling booths, the unsung but assiduous work of the Indian poll worker may be the central story of the 2019 general elections.
After Arun Jaitley did not extend his term as governor of the Reserve Bank of India in 2016, Raghuram Rajan went back to his chair in Chicago and resumed teaching. He is a remarkably articulate economist; so it was quite a surprise that he was quiet for three years. And then came the 400-page book, The Third Pillar.
The economic performance of lower-income developing countries will be crucial to reducing poverty further. Although these economies face significant headwinds, they could also seize important new growth opportunities – especially with the help of digital platforms.
Hoover Institution fellow Raghuram Rajan cites 'dissonance' between GDP and employment numbers and calls for an 'outsider' to look at the statistics. He says India was never questioned about the credibility of data and there is a need to restore that historical trust.
Former RBI Governor Raghuram Rajan Tuesday expressed doubts over Indian economy growing at 7% when not enough jobs were being created and said the current cloud over the GDP numbers must be cleared by appointing an impartial body to look at the data.
A common theme underlying political changes in the United States, Europe, Britain and in many Asian countries is the rise of populism. President Donald Trump, Brexit, Marine Le Pen in France, and the emphatic rise of Hindu nationalism in India all represent anger of displaced majorities.
