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Modi government came in power with a ‘probably unrealistic’ promise: RBI Governor Raghuram Rajan

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By NewsGram Staff Writer

Addressing the audience of the Economic Club of New York on Tuesday, Reserve Bank of India (RBI) Governor, Raghuram Rajan, said that the Modi Government came in power with a ‘probably unrealistic’ promise, but the government is taking steps to create an environment for investment and is “sensitive” to the concerns of investors.

“The government has taken steps to create the environment for investment, which I think is important,” said RBI Governor.

Rajan said that the government is creating an environment for investors and that will be a boon for thousands of unemployed youths of India. A “big part” of the business environment is taxes and the government has made it clear that it will not bring retrospective taxation again.

“However, once the tax authority levies a demand on you, there is a quasi-judicial nature of that proceeding and therefore it has to go through the courts before it is resolved. The government cannot intervene,” Rajan added, while adding, “Legacy issues are winding their way through the courts, including issues based on laws that existed before they were changed.”

Rajan also praised government’s different policies from Land Acquisition Bill to monetary reforms.

He said that since different states have their own Land Acquisition Bills, some commentators have suggested the possibility that the states should decide for themselves as to how to implement their respective land acquisition provision, as per the report of The Financial Express.

He stated that inflation “has come down tremendously in India” and the rupee has basically stayed relatively flat since the beginning of the year.

“If you look at rupee’s volatility relative to other currencies, you’d have to argue that the rupee has been one of the most stable currencies (against) the dollar,” Rajan said.

The RBI governor’s statement came in the note of Modi’s one year in office.

Rajan commented, “It is appreciable the way the government tried to implement its ‘probably unrealistic’ promise and to create a friendly relation with its neighbors.”

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PM Modi Advises Scientists To Use Science to Improve Lives

PM Narendra Modi tells Scientists to use science to improve the lives of citizens

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Modi advises Scientists
Prime Minister Modi tells scientists that science and technology should be used to bettering the lives of citizens. Wikimedia Commons

Prime Minister Narendra Modi on Tuesday called upon scientists to take up challenges in their research for bettering the daily lives of common citizens, especially farmers, help in reaching clean drinking water, solar power to the people, and solving problems such as pollution.

Highlighting the importance of ‘science for society’, Modi said when all “scientists, all citizens, will move forward with this understanding, both the country and mankind will be benefited”.

“To know the connection between science and society, we have to give answers to some questions. Everybody knows the pollution problem due to increased use of plastic. Can our scientists take up the challenge to come up with saleable and cost effective material which can take the place of plastic?” the Prime Minister asked while inaugurating the India International Science Festival through video conferencing from Delhi.

Indian PM Narendra Modi
PM Narendra Modi highlights the importance of ‘Science for Society’. Wikimedia Commons

Modi exhorted scientists assembled from India and abroad for the mega event whether they can take up the challenge to find a better way to store energy or electricity.

“Can we get a solution so that the use of solar power can go up, can we come up with an innovation related to battery and other infrastructure to reach electric mobility to the common man?

“Have we thought of doing something in our lab which can improve the lives of crores of people? Can we find a solution to local drinking water problems and reach clean drinking water to the people?” he asked.

Also Read-Vietnam and Australia to Start Collaborating on Science Initiatives

Modi also urged scientists to ponder over whether they can invent something which would cut down healthcare cost, and benefit peasants by increasing their income.

“We have to think how use of science can help in easing the lives of the people,” he said. (IANS)