Rajan says questioning legitimacy of self-made wealth is dangerous amid Panama Papers Leaks

Governor of Reserve Bank of India, Raghuram Rajan, said there was a rising trend to question legitimacy of self-made people’s wealth and it was quite dangerous.

In the backdrop of massive Panama Papers Leaks, in which more than 500 Indians have been named including Amitabh Bachchan, Rajan said illegitimacy of wealth always varied from crony capitalism and the illegal acts of bankers to that about passive and inherited wealth.

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"Now increasingly there is a talk about whether entrepreneurial wealth is illegitimate, whether self-made people should have what they have and whether that's something a fair game. I think this is dangerous. And the fact that there are occasions when people are found to be hiding their wealth as in the Panama allegations, essentially contributes to this process of de-legitimisation," said Rajan.

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SIT and RBI will probe the names of Indians listed in the Panama leaks.

"Improving the opportunities across the board is extremely important to sustain the legitimacy of wealth. If a whole horde of people, whole sections of society don't feel they have the opportunities, then the focus is going to be on those who have it and who have made it and say that is illegitimate," Rajan said.