Financial Reforms - Past and Present
(Dr. Raghuram Rajan, Governor - January 29, 2016 - at NCAER, New Delhi)
I thank Shekhar Shah for inviting me to deliver the C.D. Deshmukh lecture at NCAER. Sir Chintaman Dwarakanath Deshmukh, an ICS officer, was truly a giant of modern India. In 1943, he was the first Indian, as well as the youngest in its history to date, to be appointed the Governor of the Reserve Bank of India. He subsequently served as the Finance Minister in the Union Cabinet. It was during this time that he also became a founding member of the Governing Body of NCAER. After resignation from the Union Cabinet over a matter of principle, he served at various times as Chairman of the University Grants Commission, Vice-Chancellor of the University of Delhi, President of the Indian Statistical Institute, and founding member and lifetime President of the India International Center. Among his many contributions were his insightful interventions at Bretton Woods as part of the Indian delegation to that historic meet. He was awarded the Padma Vibhushan in recognition of his services. Sir C.D. Deshmukh died in 1982.
C.D. Deshmukh was an institution builder. I am currently the caretaker of one he led, the Reserve Bank of India. Let me assure him that the Reserve Bank is in fine fettle. In a country where time has weighed heavily on the quality of institutions, the integrity, capability, and motivation of my colleagues allows the Reserve Bank to continue to stand tall.
The world today, however, is much less comforting. Industrial countries are still struggling, with a few exceptions, to grow. Our fellow BRICS all have deep problems, with confidence about China waxing and waning. Indeed, India appears to be an island of relative calm in an ocean of turmoil. What is different here and how can we be assured that it will continue?
I thank Shekhar Shah for inviting me to deliver the C.D. Deshmukh lecture at NCAER. Sir Chintaman Dwarakanath Deshmukh, an ICS officer, was truly a giant of modern India. In 1943, he was the first Indian, as well as the youngest in its history to date, to be appointed the Governor of the Reserve Bank of India. He subsequently served as the Finance Minister in the Union Cabinet. It was during this time that he also became a founding member of the Governing Body of NCAER. After resignation from the Union Cabinet over a matter of principle, he served at various times as Chairman of the University Grants Commission, Vice-Chancellor of the University of Delhi, President of the Indian Statistical Institute, and founding member and lifetime President of the India International Center. Among his many contributions were his insightful interventions at Bretton Woods as part of the Indian delegation to that historic meet. He was awarded the Padma Vibhushan in recognition of his services. Sir C.D. Deshmukh died in 1982.
C.D. Deshmukh was an institution builder. I am currently the caretaker of one he led, the Reserve Bank of India. Let me assure him that the Reserve Bank is in fine fettle. In a country where time has weighed heavily on the quality of institutions, the integrity, capability, and motivation of my colleagues allows the Reserve Bank to continue to stand tall.
The world today, however, is much less comforting. Industrial countries are still struggling, with a few exceptions, to grow. Our fellow BRICS all have deep problems, with confidence about China waxing and waning. Indeed, India appears to be an island of relative calm in an ocean of turmoil. What is different here and how can we be assured that it will continue?
A lesson from Brazil?
posted by Bramesh at
12:15 PM
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