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Updated: April 4, 2014 19:39 IST

Focus on corruption a sign of maturity, says Rajan

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A file picture of RBI Governor Raghuram Rajan at a lecture programme in Mumbai.
A file picture of RBI Governor Raghuram Rajan at a lecture programme in Mumbai.

Terming the focus on corruption in the ongoing election campaign as “a sign of maturity”, Reserve Bank Governor Raghuram Rajan on Friday advocated changing laws if they “do not make sense”.

“The run-up to the elections is all about discussions about integrity. I think this is a sign of a maturing economy,” he said, addressing the 10th convocation of the National Institute Bank Management (NIBM) here.

Graft is a major campaign theme in the run-up to the Lok Sabha polls. The Aam Aadmi Party (AAP), which was born out of an anti-corruption movement, is aggressively taking up the issue and targeting the BJP, the Congress and top corporates.

Dr Rajan, who left a celebrated academic career in the US to join the economic policymaking, told the NIBM students that often issues at hand fall in the grey area which do not have a ready-made black and white solution.

The choices which one can make are either be to extremely rigid or what is called as bureaucratic, Dr Rajan said.

Another way to deal with this is by being flexible, where core values like integrity, compassion and duty are protected fiercely, the Governor said, adding each one of us need to “figure out what our core is”.

Dr Rajan said we should be ready to amend the existing laws if we are convinced about the need for change.

“There are cases where the law is an ass, the rules don’t make sense ... If the rules are there and the rules do not make sense, see how you can change the rules. If the law does not make sense, see how you can change the law,” he said, but clarified he was not asking people to break any law.

“In the real world, the choices are rarely black and white. Often the choices have shades of grey. So, how will you know when to bend and when to stand firm?”

He told the gathering that once someone is convinced about something, it is his/her duty to accomplish the goal and this is “best way to influence the world”.

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Well said Governor.

from:  Vijay Lyngdoh
Posted on: Apr 4, 2014 at 23:49 IST

Most established parties are focusing on corruption not because of maturity but out of necessity to survive. The entry of Kejriwal into politics forced them to focus on corruption whether they really wanted to do something about corruption or not. Just look at some of the veteran corrupt politicians nominated for Lok Sabha by major parties. India is to go a longway to understand what is corruption and then slowly eradicate it.

from:  vijayaraghavan
Posted on: Apr 4, 2014 at 21:37 IST

Dr.Raghuram Rajan is one of the finest economists in the world whose
forecasting about the 2007 meltdown is likely to make India a better
place to live.

from:  Krishnamurthy Prabhakar
Posted on: Apr 4, 2014 at 20:27 IST

His comments come as a refreshing breath of fresh air, accustomed as
most Indians are to a hide bound and rigid bureaucracy. He will have to
watch out for detractors who feel threatened by this new approach.

from:  CS Venkat
Posted on: Apr 4, 2014 at 20:13 IST

Mr Raghuram Rajan's views are spot on.

Rather than speaking from the podiums intellectuals like him have a duty to energise
the youth of the country and bring about lasting changes.

There is no use in talking about what Gandhi, Nehru, Patel and Jinnah did for India.

It is time that there should be a colossal movement among all those interested in
bringing about a change to step up, ignoring their personal short term

from:  RKRAO
Posted on: Apr 4, 2014 at 19:56 IST
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