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Even as several non-BJP ruled states like Rajasthan, Chhattisgarh, Himachal Pradesh, Punjab and <keyword id="6360371" type="General" weightage="80" keywordseo="jharkhand" source="Orion">Jharkhand</keyword> have started implementing the old pension scheme, the Reserve Bank of India (<keyword id="30067" type="General" weightage="100" keywordseo="rbi" source="Orion">RBI</keyword>) has cautioned that it would add to the financial burden of the states. In its report titled "State Finances: A Study of Budgets of 2022-23", the central bank has said that the move is a major risk to the "subnational fiscal horizon" and may lead to the accumulation of unfunded liabilities in the years to come. "A major risk looming large on the subnational fiscal horizon is the likely reversion to the old pension scheme by some states. The annual saving in fiscal resources that this move entails is short-lived," the RBI report said. By postponing the current expenses to the future, the report said states risk the accumulation of unfunded pension liabilities in the coming years. The governments of Rajasthan, Chhattisgarh, Himachal Pradesh, Punjab and Jharkhand have informed the Centre about their decision to implement the old pension scheme, which they had promised to do in their election manifestos. The decision by these states has led to a political tussle between non-BJP and BJP-ruled states. Incidentally it was the BJP-led NDA government, which in 2004, had done away with the old pension scheme from April 1, 2004 onwards. In its place, the government had introduced the National Pension Scheme, (NPS), under which government employees contribute 10 per cent of their basic salary towards their pension while the government contributes 14 per cent. The private sector was also included under the NPS system. Under the old pension scheme, retired government employees received 50 per cent of their last drawn salary as monthly pension, and the amount kept increasing with the hike in the DA rates. The old pension regime is not fiscally sustainable as it is not contributory in nature and the burden on the exchequer keeps on mounting, experts have said. Even former RBI governor <keyword id="46742" type="General" weightage="50" keywordseo="d-subbarao" source="Orion">D Subbarao</keyword> had spoken about the negative effects of the old pension scheme recently. "In a country where the large majority of the people have no social safety net, government servants with an assured pension are a privileged lot. Privileging them even further at the cost of the larger public will be morally wrong and fiscally detrimental," he had said. Subbarao had cautioned that if state governments revert to a "pay as you go" pension scheme, the burden of pensions will fall on current revenues, which in turn means foregoing schools, hospitals, roads and irrigation. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/britannias-q4-net-profit-rises-47-yoy-to-559-crore-on-softer-input-costs/articleshow/100017366.cms">Britannia’s Q4 net profit rises 47% YoY to ₹559 crore on softer input costs</a> <a href="https://www.businessinsider.in/business/news/indigo-airlines-stock-to-surge-further-as-go-firsts-troubles-mount/articleshow/100009541.cms">The skies are clearer for IndiGo stock to surge further as Go First’s troubles mount</a> <a href="https://www.businessinsider.in/finance/banks/news/raghuram-rajan-speaks-out-on-zombie-companies-a-simmering-real-estate-time-bomb-more/slidelist/100014762.cms">Raghuram Rajan speaks out on zombie companies, a simmering real estate time bomb &amp; more</a>

RBI sounds note of caution on OPS, says it may add to liabilities in future

Former Governor of Reserve Bank of India <keyword id="6358908" type="General" weightage="20" keywordseo="raghuram-rajan" source="Orion">Raghuram Rajan</keyword> has said he believes the country will be lucky if it achieves 5 per cent growth next year. The former governor also said next year is going to be more difficult than this one. "Of course, this one had a lot of difficulties with the war and all that. Growth is going to slow in the world. People are raising interest rates that bring down growth," he said. While talking with Congress leader <keyword id="5268" type="General" weightage="20" keywordseo="rahul-gandhi" source="Orion">Rahul Gandhi</keyword>, the former governor of the Reserve Bank of India said, "India is also going to be hit. India's interest rates have also gone up but Indian exports have been slowing quite a bit." "India's inflation problem is more about commodities inflation problem, vegetables' inflation problem. That is also going to be negative for the growth," he said on Wednesday in a candid talk with the Gandhi scion. The economist said, "I think we will be lucky if we do 5 per cent next year." The problem with the growth numbers is that you have to understand what you are measuring with respect to, he said. "We had a terrible quarter last year. And, you measure with respect to that you look very good. So ideally what you do is look before the pandemic in 2019 and look at now." He said, "If you look at 2022 vis-a-vis 2019, it's about 2 per cent a year. It's too low for us." While being asked what he attributes this to, by Rahul Gandhi, he said, "Pandemic was part of the problem but we were slowing before the pandemic. We had gone from 9 to 5. And, we haven't really generated reforms which will generate growth." Rahul Gandhi had asked him in the candid talk: "There is one thing happening, 4-5 persons are getting rich and they could go into any businesses and the rest of the people have remained backward. Farmers, the poor have formed a new Bharat. These 4-5 persons' dreams are fulfilled while those of the rest are dashed. What should we do with this inequality? "This is a big problem. This is not about industries," the economist said, adding, "The upper middle class have gained because they could work during the pandemic whereas the poor would have to go to factories and the factories were closed during the pandemic," he said. "This divide has grown during the pandemic," he said further. Economist Raghuram Rajan said, "The poorest could get ration. They get everything. These rich didn't suffer any difficulties. Those in between -- the lower middle class -- had to lose a lot. They lost their jobs. Joblessness went up. Debts went up. We should look at them. Because they have suffered a lot." On the subject of the concentration of wealth among the industrialists, he said we should also look at them. He said, "We couldn't be against capitalism. But we should be fighting for competition. We could be up against monopoly. Monopoly is not good for the country." He said India's issue was that our exports will also go down and growth would also decrease. "Technological support is needed, credit loans, there should be certainty about policies." He said there could be change. "If banks know that sales of small businesses are good and the steady revenue stream, they can lend but we need that information to be collected and made available. That is happening now. They are starting to think about all these in the fintech revolution right now. But in India, it needs to be 10 times," he added. Too many of our small companies don't grow big. They need a path to grow, he said. "Here is the problem, they get used to some of the benefits of staying small. If you don't pay taxes, officers won't come to them. They stay under the radar scan of the government instead of being helped by the government." He said, "You (company) stay under the radar until you get a revenue stream. Once your business grows, it should be like I'm going to look at you, I'm going to help you. I'm not going to tax you or make your life miserable. We need that situation." He added as soon as these businesses get better, the government take away those benefits. "There is no incentive to grow bigger. Why not say, if you grow bigger, you will get these incentives for five years? By the time they are big, they don't care," the economist added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/markets/news/irctc-share-price-falls-over-5-as-governments-offer-for-sale-kicks-off/articleshow/96247564.cms">IRCTC share price falls over 5% as government's offer for sale kicks off</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/news/bumble-reveals-upcoming-dating-trends-in-2023/slidelist/96243427.cms#slideid=96244109">Inter-city love, better boundaries &amp; rise of divorced singles: Bumble reveals upcoming dating trends in 2023</a>

Will be lucky if we grow 5% next year says former RBI governor Raghuram Rajan

Iconic film franchises '<keyword id="6357995" type="General" weightage="100" keywordseo="harry-potter" source="Orion">Harry Potter</keyword>' and 'The Lord Of The Rings' are returning to Indian cinemas getting a re-release on the big screen to create the magic again. As part of the 100 years celebration of the iconic studio <keyword id="33396" type="General" weightage="50" keywordseo="warner-bros" source="Orion">Warner Bros</keyword>., audiences in India will get to watch two of the biggest movie franchises on the big screen. PVR-Inox, Miraj cinemas are releasing the Harry Potter films at their cinemas till May 11. 'The Lord Of The Rings' Trilogy will play in cinemas from May 13 to May 15. Speaking on the initiative, <keyword id="5143854" type="General" weightage="50" keywordseo="denzil-dias" source="Orion">Denzil Dias</keyword>, VP &amp; Managing Director India Theatrical at Warner Bros. Discovery said: "As part of our Centennial Celebrations, we plan to re-release some of our most cherished films and franchises in cinemas starting with the Harry Potter Series and the 'Lord of the Rings Trilogy with many more to come to serve our loyal fans." The 'Harry Potter' is a film series based on the eponymous novels by J. K. Rowling. It consists of eight fantasy films, beginning with Harry Potter and the Philosopher's Stone and culminating with Harry Potter and the Deathly Hallows - Part 2. As per Kamal Gianchandani, Chief Business Planning &amp; Strategy, PVR INOX Ltd: "These iconic films have captured the hearts and imagination of fans around the world, and we are excited to offer them a chance to relive the magic at our cinemas across the country." "We look forward to welcoming movie-goers of all ages to join us in this celebration of cinema and storytelling. I also congratulate Warner Bros for completing a stupendous 100 years of entertaining the world." The 'Lord of the Rings' is a series of three epic fantasy adventure films directed by <keyword id="59081" type="General" weightage="50" keywordseo="peter-jackson" source="Orion">Peter Jackson</keyword>, based on the novel The Lord of the Rings by J. R. R. Tolkien. The films are subtitled 'The Fellowship of the Ring', 'The Two Towers' and 'The Return of the King'. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/britannias-q4-net-profit-rises-47-yoy-to-559-crore-on-softer-input-costs/articleshow/100017366.cms">Britannia’s Q4 net profit rises 47% YoY to ₹559 crore on softer input costs</a> <a href="https://www.businessinsider.in/business/news/indigo-airlines-stock-to-surge-further-as-go-firsts-troubles-mount/articleshow/100009541.cms">The skies are clearer for IndiGo stock to surge further as Go First’s troubles mount</a> <a href="https://www.businessinsider.in/finance/banks/news/raghuram-rajan-speaks-out-on-zombie-companies-a-simmering-real-estate-time-bomb-more/slidelist/100014762.cms">Raghuram Rajan speaks out on zombie companies, a simmering real estate time bomb &amp; more</a>

Harry Potter movies, The Lord Of The Rings triology to re-release on big screen in India

<ul><li><keyword id="6358908" type="DEFINITION" weightage="20" keywordseo="raghuram-rajan">Raghuram Rajan</keyword> has been named as a member of the International Monetary Fund Managing Director's External Advisory Group.</li><li>The external advisory group to provide perspectives from around the globe on key developments and policy issues.</li><li>This will include policy responses to the exceptional challenges the world now faces due to novel <keyword id="1754604" type="PERSON" weightage="20" keywordseo="coronavirus">coronavirus</keyword> and its economic impact. </li></ul>Former Reserve Bank of India Governor Raghuram Rajan has been named as a member of the International Monetary Fund Managing Director's External Advisory Group. Accordingly, Kristalina Georgieva, Managing Director of <keyword id="6355408" type="DEFINITION" weightage="20" keywordseo="imf">IMF</keyword>, convened the new external advisory group to provide perspectives from around the globe on key developments and policy issues, including policy responses to the exceptional challenges the world now faces due to novel coronavirus and its economic impact. "Even before the spread of Covid-19 and the dramatic health, economic, and financial disruptions it has brought, IMF members confronted a rapidly evolving world and complex policy issues," Georgieva was quoted as saying in a statement. "To serve our membership well in this context, we need top-notch input and expertise from the widest range of sources, inside and outside the Fund," she said. She further said: "Today we had a dynamic discussion to gain their insights, and to receive informal reactions to our ideas and approaches." Other members of the Managing Director's External Advisory Group include Ngozi Okonjo-Iweala, former Finance Minister of Nigeria, Tharman Shanmugar Atnam, Senior Minister of Singapore and Chairman of the Monetary Authority of Singapore, Kristin Forbes, Professor, Massachusetts Institute of Technology and Kevin Rudd, former Prime Minister of Australia amongst others.

Raghuram Rajan joins IMF chief's advisory group - will provide policy responses for coronavirus impact on economy

In the first week of 2019, <keyword id="154034" type="PERSON" weightage="20" keywordseo="Gita-Gopinath">Gita Gopinath</keyword> took over as the <keyword id="69755" type="POSITION" weightage="20" keywordseo="Chief-Economist">chief economist</keyword> of the <keyword id="6366068" type="COMPANY" weightage="20" keywordseo="international-monetary-fund">International Monetary Fund</keyword> (<keyword id="6355408" type="DEFINITION" weightage="20" keywordseo="imf">IMF</keyword>), the international body responsible for ensuring the financial stability of developing countries. Prior to stepping into the role, the Indian-born Gita Gopinath was a tenured economics professor at Harvard. She was appointed to succeed Maurice Obstfeld in October last year. Obstfeld retired on 31 December. As an expert on trade, exchange rates, monetary policy and public debt, Gopinath will be tasked with adapting the IMF’s role in a world beset by an emerging market crisis and unconvinced by the supposed benefits offered by globalisation. Here are five things you should know about her:- She follows in the footsteps of a former <keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword> governor Gopinath is the second Indian to be take over the role of chief economist after <keyword id="6358908" type="PERSON" weightage="20" keywordseo="raghuram-rajan">Raghuram Rajan</keyword>, who was the governor of the Reserve Bank of India from 2013 to 2016. Rajan was named the IMF’s chief economist in 2003 before leaving the organisation in 2006 to join India’s finance ministry as its chief economic advisor. Gopinath’s appointment has led to speculation that she could one day be considered for the top job at India’s central bank. She is the first woman to head the IMF’s research department In addition to being the IMF’s Economic Counsellor, Gopinath will be director of the body’s research department - becoming the first woman to do so. The department is crucial to the IMF’s functioning as it monitors the global economy and policies of member countries and is also tasked with publishing the <keyword id="188983" type="COMPANY" weightage="20" keywordseo="World-Economic-Outlook">World Economic Outlook</keyword> every year. She was a critic of the Modi government’s demonetisation initiative Like Rajan, who said demonetisation “was not a well-thought out exercise”, Gopinath was also vocal in her criticism of the move. In <a href="https://www.business-standard.com/article/economy-policy/not-a-single-macro-economist-thinks-note-ban-was-a-good-idea-gita-gopinath-117122101525_1.html">an interview </a>with Business Standard in December 2017, she went on record to say that demonetisation wasn’t a good idea and the government should have spent more time refining its plans to implement the goods-and-services tax (GST) regime, a reform that she supported. She added that she didn’t know any macroeconomists who thought the note ban was useful. India’s balance of payments crisis in 1991 shaped her academic interests Before moving to America for her Masters and PhD in economics, Gopinath pursued her undergraduate and graduate degrees in economics from Lady Shri Ram College and the Delhi School of Economics. Her time at Delhi University coincided with India’s balance of payments crisis in 1990-91 and this inspired her to pursue her interest in international finance. The crisis, which stemmed from a ballooning of imports in the mid-80s, saw India battle the problem of a fiscal deficit as well as a trade deficit. Faced with a shortfall in its foreign exchange reserves, the government received an emergency loan from the IMF to cover its spending obligations, pledging its gold reserves as collateral. The move led to the liberalisation of the Indian economy. She was the economic advisor to the chief minister of Kerala Between 2016 and 2018, Gopinath has been advising Kerala’s CM, Pinarayi Vijayan, on economic affairs, having reportedly made recommendations on skill development and healthcare. Till date, this is the only role she has taken one that has required her to directly advise a central or state government. Her appointment, however, was the subject of controversy given that her free-market beliefs were in opposition to the ideals of Kerala’s left-wing parties. For example, in January 2018, she flagged the state’s growing welfare expenditure as a potential budgetary concern.

India's Gita Gopinath just took over as the chief economist of the IMF— here are 5 things you should know about her

<ul><li>Many of the working capital loans made to India's small entrepreneurs may be turning bad.</li><li>RBI Deputy Governor MK Jain raised an alarm in a speech yesterday but former governor Raghuram Rajan had already warned of 'credit risk' in September 2018.</li><li>Indian banks have given over ₹7 lakh crore worth loans under the Pradhan Mantri Mudra Yojana. </li><li>This will be added burden for Indian banks that are already saddled with bad loans worth over ₹9 lakh crore.</li></ul>Many of the working capital loans made to India's small entrepreneurs may be turning bad. MK Jain, the deputy governor of the Reserve Bank of India (RBI) raised an alarm in a speech yesterday but former governor Raghuram Rajan had already warned of the potential 'credit risk' in September 2018. In his report to the Lok Sabha (the lower house of Indian Parliament) Committee on Estimates in September 2018, Rajan highlighted that the "government should focus on sources of the next crisis, not just the last one. In particular, government should refrain from setting ambitious credit targets or waiving loans." At the end of March 2019, the total defaults since inception of the scheme was ₹17,650 crore (over $2.5 billion), roughly 2% of all the money lent under the programme. Rajan told you so... Rajan, who famously predicted the global financial crisis of 2008, specifically highlighted the rising quantum of contingent liability on account of Pradhan Mantri Mudra Yojana, which gives collateral-free loans to small entrepreneurs to meet their day-to-day business needs. A contingent liability is a possible future burden that cannot be quantified right now. In this case, banks giving these easy loans should have kept aside some money in case the borrowers become unable to repay the money. As it seems, the chickens have come home to roost. “The Mudra is a case in point-…while such a massive push would have lifted many beneficiaries out of poverty, there has been some concern at the growing level of non-performing assets among these borrowers,” the current RBI deputy governor Jain said on Tuesday (November 26). Over ₹7 lakh crore worth loans have been given under the Mudra scheme since its inception in 2015. Just as Rajan had warned, the amount of loans defaulted more than doubled in just one year, according to a <a href="https://www.business-standard.com/article/economy-policy/npas-under-modi-s-mudra-scheme-doubled-to-rs-9-204-cr-in-just-1-year-rti-119062400108_1.html" data-type="tilCustomLink" target="_blank">report</a> earlier this year. What's worse, another report showed that <a href="https://www.businesstoday.in/current/economy-politics/only-20-percent-mudra-loans-utilised-start-new-businesses/story/377353.html" data-type="tilCustomLink" target="_blank">only 20% of the money borrowed</a> went into starting a new business. Earlier this year, RBI had announced one-time restructuring of loan for small business owners who have borrowed less than ₹25 crore or if the loan default happened after January 1 of 2019. This has helped the MSMEs whose cash flows were adversely impacted due to transition under Goods and Services Tax (GST) and demonetisation. "Inefficiencies in lending practices, poor credit appraisal, willful default by borrowers and impaired cash flows due to slowdown also contribute to higher default rate," a Citi report this week said. Though the number of defaulters, and the amount of unpaid loans, is <a href="https://www.livemint.com/politics/policy/why-bad-loans-are-low-under-mudra-scheme-1563730565534.html" data-type="tilCustomLink" target="_blank">significantly lesser among smaller borrowers</a>, this is an added burden for Indian banks, particularly the state-owned ones, who are already saddled with unpaid loans to the tune of over ₹9 lakh crore at the end of March 2019. SEE ALSO: <a href="https://www.businessinsider.in/policy/economy/news/raghuram-rajan-gave-ideas-on-how-to-revive-economic-growth-in-india/articleshow/71573594.cms" data-type="tilCustomLink" target="_blank">Raghuram Rajan’s recipe to revive India's economic growth</a>

Raghuram Rajan's warning about Mudra loans last year may be coming true— and now a Citi report confirms it

New Delhi, Apr 21 () Cautioning people against giving communal colour to the coronavirus pandemic, former Reserve Bank Governor Raghuram Rajan has said such behaviour could explode and make it much harder for different communities to get along. Rajan's comments come in the wake allegations that Tabligh-e-Jamat members violated social distancing guidelines and ignored all instructions by organising a massive gathering last month at their centre in Nizamuddin area of Delhi. The gathering is believed to have emerged as a super-spreader of coronavirus with thousands of cases across the country linked to Jamat members. So far, coronavirus has infected around 19,000 people and took over 600 lives in the country. "We see in India that some allegation that this was a Muslim plot. I mean, that kind of behaviour can explode and make much harder for her communities to get together within her country," Rajan said while speaking at the University of Chicago's virtual Harper Lecture series. Rajan along with 11 others has recently been appointed to an external advisory group of IMF MD Kristalina Georgieva to provide perspectives from around the globe on key developments and policy issues, including responses to the exceptional challenges the world now faces due to the coronavirus pandemic. Rajan, 57, who headed RBI for three years until September 2016, said nationalism that was already pretty strong before the virus is getting accentuated by the effects of COVID-19. Citing an example, he said, "China points finger at the US and says that was US intelligence plot and the US points finger at China and says that this was concocted by China." Rajan, who is currently working as a professor at the prestigious University of Chicago, said no part of the world is immune to COVID-19. "Everywhere in world is going to be affected, (and) global supply chain has been disrupted for some time. In the second quarter of calendar year 2020, we can see decline in GDP by 30-40 per cent," he said. Despite rebound in economic activities in the second half of 2020, global economic growth will still be negative for the year, he said. "I see (global) economic recovery underway a year from now," he noted. BKS CS MKJ

You Searched For "RBI chief Raghuram Rajan" and got 7 results

RBI sounds note of caution on OPS, says it may add to liabilities in future

IANS

Will be lucky if we grow 5% next year says former RBI governor Raghuram Rajan

ANI

Harry Potter movies, The Lord Of The Rings triology to re-release on big screen in India

IANS

Raghuram Rajan joins IMF chief's advisory group - will provide policy responses for coronavirus impact on economy

IANS

India's Gita Gopinath just took over as the chief economist of the IMF— here are 5 things you should know about her

Dilsher Dhillon

Raghuram Rajan's warning about Mudra loans last year may be coming true— and now a Citi report confirms it

Sriram Iyer

Raghuram Rajan cautions against giving communal colour to coronavirus

PTI

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