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The lecture on ‘India in the <keyword id="47890" type="ORGANIZATION" weightage="20" keywordseo="global-economy">global economy</keyword>’ delivered by <a href="http://www.businessinsider.in/searchresult.cms?query=raghuram+rajan">Reserve Bank of India Governor Raghuram Rajan</a>, at the first <keyword id="3286279" type="UNKNOWN" weightage="20" keywordseo="Ramnath-Goenka-Lecture">Ramnath Goenka Lecture</keyword>, invoked optimism and caution. 
 
While Rajan endorsed the government’s fiscal management, <a href="http://www.businessinsider.in/searchresult.cms?query=monetary+policy">monetary policy</a> reforms and <a href="http://www.businessinsider.in/searchresult.cms?query=rural+job+creation">rural job creation</a> efforts, he reiterated the need for differentiating between dealing with genuine risk-taking and deliberate wrongdoing while chasing mortgage defaulters, who have collectively dragged the banking system to a whirlpool. And moving out of this whirlpool has become the biggest challenge for the banks now and perhaps even for the <a href="http://www.businessinsider.in/searchresult.cms?query=economy">economy</a>. 
 
Rajan stressed on <a href="http://www.businessinsider.in/searchresult.cms?query=rbi">RBI’s</a> aim to have clean bank balance sheets by March 2017 so that banks have the room to lend again. 
 
“The problem in the past was that banks did not have enough powers to force promoters to pay or to put stressed assets back on track… We aim to have fully provisioned bank balance sheets within a year,” he said. 
 
Trying to answer the disturbing question of why the <a href="http://www.businessinsider.in/searchresult.cms?query=global+economy">global economy</a> has been finding it hard to restore pre-Great Recession growth rates, Rajan said the financial boom preceding the Great Recession left industrial countries with an overhang of debt. 
 
“Debt, whether on governments, households or banks, holds back growth,” he said. 
 
While the remedy may be to write down debt so as to revive demand from the indebted, it is debatable whether additional debt fuelled demand is sustainable. “Also, large-scale debt write-offs seem politically difficult even if they are economically warranted,” he warned. 
 
According to Rajan, aggressive monetary policy moves by industrial countries have been putting a lot of pressure on emerging markets like India. “We are faced with surges of capital inflows one day when investors go into ‘risk-on’ mode only to see outflows the next as they switch risk off,” he rued. 
 For the first time in decades, <keyword id="176734" type="ORGANIZATION" weightage="20" keywordseo="global-trade">global trade</keyword> has consistently grown more slowly than global output. “As countries get richer, non-traded services constitute a greater fraction of <a href="http://www.businessinsider.in/searchresult.cms?query=gdp">GDP</a>, causing <keyword id="35050" type="CITY" weightage="20" keywordseo="gdp">GDP</keyword> to grow faster than trade. Also, as industrial countries become more competitive, and as China moves up the value chain, more of the inputs going into final products are being sourced from inside a country rather than from outside the country, pulling down the global supply chain,” he elaborated. 
 
This results in slower growth especially for countries like India. “If all countries are experiencing slower trade, the remedies may be beyond the control of the Indian government. While we can examine possible dumping in certain industries, we have to be careful that any remedies that increase prices in the protected industry do not render other domestic industries uncompetitive,” Rajan cautioned. 
 
Though Indian trade has been slowing, the slowdown is similar to what has been happening elsewhere, with a significant portion due to a fall in commodity prices, and a smaller share due to a fall in trade volumes. “While goods exports may have suffered a little more over the last year, it is too early to discern a clear pattern,” he asserted. 
 
Rajan is not unduly worried about the growing debate over rupee’s depreciation against the dollar. “Indian currency has been relatively stable in comparison to peers across the globe,” he said. 
 
Rajan believes that three things can further help ensure that the movement of the rupee versus other currencies is orderly. “First, good policies that ensure macroeconomic stability and convinces investors their money is safe over the medium term. Second, we should focus on attracting stable capital flows that will stay for the long run. Finally, the government has been encouraging foreign investors to ‘Make in India’. One offshoot of this campaign has been a sizeable rise in foreign direct investment, the most stable sort of investment. With two months left in the year to go, net FDI is already at the second highest level ever, and comfortable higher than the current account deficit.” 
 
Rajan does not subscribe to the idea that exchange rate is a helpful tool in the country’s quest to enhance what is produced in India. “Instead, to export more, the country should improve productivity by building out infrastructure; improve human capital with better schools, colleges, vocational and on-the-job training; simplify business regulation and taxation; and, improve access to finance,” the RBI chief said. 
 Rajan said at a time of increasing uncertainty over the strength of the economic stability and progress globally, the country’s approach to stick to the path of macroeconomic stability has made a clear difference. “Given the inhospitable world <keyword id="34412" type="ORGANIZATION" weightage="20" keywordseo="economy">economy</keyword> and two successive droughts in India, either of which would have thrown the economy into a tailspin in the past, our focus on macroeconomic stabilisation must be part of the explanation why we have over 7 per cent growth, low <keyword id="22195" type="COMPANY" weightage="20" keywordseo="Inflation">inflation</keyword>, and a low current account deficit unlike some of our emerging market counterparts,” he said. 
 
(Image: Indiatimes)

Why RBI chief thinks macroeconomic stability is the key to enhance growth

When <keyword id="920574" type="UNKNOWN" weightage="80" keywordseo="Robert-Knight">Robert Knight</keyword> launched two newspapers, The Englishman and The Friend of India, between 1810 and 1890 in India, did he ever fathom about growth of those newspapers? And that they would ignite the <a href="http://www.businessinsider.in/searchresult.cms?query=Indian+Independence+movement">Indian Independence movement</a>? Knight, who was a <a href="http://www.businessinsider.in/searchresult.cms?query=British+East+India+Company">British</a> man himself, fought for free press and also resisted attempts by governments, businessmen and cultural spokespersons of influencing press and journalists. Knight became an inspiration for journalists and publishers who started promoting self-rule and criticized the policies of the British. 
 
By 1925, newspapers mushroomed across the length and breadth of the country. Knight’s The Englishman and The Friend of India merged and became The Statesman in 1875, and other newspapers like <a href="http://www.businessinsider.in/searchresult.cms?query=The+Times+of+India+">The Times of India</a> (1838), The Hindu (1878), Anandabazar Patrika (1922) and many more dotted the streets of India. 
 One more newspaper, which grabbed eyeballs was The Indian Express. Sensing the need to aware people and fuel the freedom struggle further, <keyword id="1943309" type="UNKNOWN" weightage="100" keywordseo="Ramnath-Goenka">Ramnath Goenka</keyword> launched The Indian Express in 1932 and subsequently formed the Indian Express Group with various sister publications. 
 Goenka, born in <keyword id="30033" type="COMPANY" weightage="80" keywordseo="Bihar">Bihar</keyword> on April 3, 1904, went to <a href="Chennai">Chennai</a> to learn the business and worked as a despatch vendor with the Free Press Journal. In 2000, he featured in India Today magazine’s ‘100 People Who Shaped India’. 
 The Indian Express, whose tagline is ‘<keyword id="58267" type="PERSON" weightage="100" keywordseo="Journalism">Journalism</keyword> of Courage’ became an inspiration with its stories and grew leaps and bounds. 
 
Presently, Viveck Goenka is the chairman and managing director of The Indian Express Limited. We bring you how Indian Express expanded and is still enlightening readers with its stories: 
 1. The Indian Express: The English daily is known for its opinion pieces. From a single-edition paper in <keyword id="6357595" type="COMPANY" weightage="80" keywordseo="Madras">Madras</keyword>, it grew into a multiple-edition paper. It is published from about nine locations. Raj Kamal Jha is its chief editor. Born in <a href="http://www.businessinsider.in/searchresult.cms?query=Bihar">Bihar</a>, he is also an acclaimed novelist. It also comes up with The Sunday Express and lifestyle magazine EYE on Sundays. It twice won the Vienna-based <keyword id="823770" type="UNKNOWN" weightage="80" keywordseo="International-Press-Institute">International Press Institute</keyword>'s India Award. It has also won the Kurt Shorck Award for International <a href="http://www.businessinsider.in/searchresult.cms?query=Journalism">Journalism</a>, Natali Prize and the <keyword id="1148382" type="ORGANIZATION" weightage="60" keywordseo="International-Federation-of-Journalists">International Federation of Journalists</keyword> - Journalism for Tolerance Prize. 
 
 2. Loksatta: Established in 1948, Loksatta is one of the most widely read Marathi newspapers in the country. The daily is published from <a href="http://www.businessinsider.in/searchresult.cms?query=Mumbai">Mumbai</a>, Pune, Nagpur, Ahmednagar, Aurangabad, and Delhi. Loksatta Vruttant is a daily supplement with the paper that focuses on city specific issues. Other supplements include Lokrang, Chaturang, Viva, Vasturang and Career Counsellor. 
 
3. Screen: It is a leading weekly film magazine in India. Its content focuses on <a href="http://www.businessinsider.in/searchresult.cms?query=Bollywood">Bollywood</a>. It also has an e-magazine version. It was founded on September 26, 1951 with Manorama Katju as its editor. Screen, established in 1995, organizes and sponsors the Screen Awards to honour actors, directors and technicians for excellence in <a href="http://www.businessinsider.in/searchresult.cms?query=Hindi+cinema">Hindi cinema</a>. It also sponsors Screen Gold Medal for excellence in direction at the <a href="http://www.businessinsider.in/searchresult.cms?query=Film+and+Television+Institute">Film and Television Institute</a>. 
 4. The <keyword id="336252" type="COMPANY" weightage="40" keywordseo="Financial-Express">Financial Express</keyword>: It is a business daily, published by the group since 1961. It publishes 11 editions in English from cities such as Ahmedabad, Bangalore, Chandigarh, Chennai, Coimbatore, Delhi, Hyderabad, Kochi, <keyword id="6354925" type="COMPANY" weightage="60" keywordseo="Kolkata">Kolkata</keyword>, Lucknow, Mumbai and Pune. Headquartered in Delhi, the daily has also pioneered two special annual awards - the FE India's Best Bank Awards and the FE-EVI Green <a href="http://www.businessinsider.in/searchresult.cms?query=Business+Leadership+Awards">Business Leadership Awards</a>, aims to fete the best performers across sectors for their endeavours to tackle the issue of climate-change. 
 
5. Lokprabha: Launched in 1974, it is a weekly Marathi magazine. It gives extensive and <a href="http://www.businessinsider.in/searchresult.cms?query=in-depth+coverage+">in-depth coverage</a> on various topics, ranging from social, political to cultural. Edited by the celebrated journalist, Pravin Tokekar, Lokprabha has over the years received many honors, Dr. <keyword id="3002513" type="UNKNOWN" weightage="60" keywordseo="Babasaheb-Ambedkar-Samajik-Patrakarita">Babasaheb Ambedkar Samajik Patrakarita</keyword> award being one of them. 
 
6. Jansatta: It was launched in 1983 with a single- minded purpose to reach out to a large section of the Hindi speaking Indian intelligentsia. In Hindi, 'jan' means people and 'satta' means government. Therefore, one can appropriately recognize the meaning of 'Jansatta' as people's mandate. It is regularly published from Delhi, Kolkata, Lucknow and <a href="http://www.businessinsider.in/searchresult.cms?query=Chandigarh">Chandigarh</a>. 
 
7. The New Indian Express: In 1999, eight years after the group's founder Ramnath Goenka's death, the Indian Express Group split between the family members. The southern editions are known as The New Indian Express, while the northern editions, based in Mumbai, retained the original name The Indian Express. Both companies – The Indian Express Group and The New Indian Express are now separate entities. 
 
(Image: The Indian Express)

#IndependenceDay: The rise and rise of The Indian Express Group

After Bollywood’s superstar Shah Rukh Khan raised the issue that there was intolerance in the country, latest to join him is actor <keyword id="6355923" type="PERSON" weightage="20" keywordseo="Aamir-Khan">Aamir Khan</keyword>. 
 
Aamir, while speaking at an award ceremony of a news daily, said his wife Kiran Rao had asked if they should move out of the country, as she feared for the safety of their children in a climate of insecurity. 
 
Following the Dadri lynching case, many people have raised their concerns over intolerance and sparked debates. So much so that writers, academicians, historians, etc even returned their awards. 
 
“There is an increased sense of despondency over the past 6-8 months. Important that those in power strongly condemn what's wrong. Historians, scientists have had a view to express. Returning awards is one way of getting your point across," said Aamir. 
 
Meanwhile, Prime Minister Narendra Modi, in UK, had said that there was no place in intolerance in the country. 
 
"Any event in any corner of India - it doesn't matter if there are even one or two incidents - we will not tolerate it and the law will deal with it strictly. India is a vibrant democracy where the lives, views and thoughts of ordinary citizens are protected under the Constitution. We are committed to this," Modi had said in the UK. 
 
However, Aamir’s statement was slammed by another Bollywood actor Anupam Kher. 
 
He took to microblogging site Twitter and condemned Aamir’s remarks on intolerance in India. 
 
 
<blockquote class="twitter-tweet" lang="en">
	
		Dear <a href="https://twitter.com/aamir_khan">@aamir_khan</a>. <a href="https://twitter.com/hashtag/SatyamevaJayate?src=hash">#SatyamevaJayate</a> u talked about evil practices but gave Hope. So even in ‘Intolerant’ times u need 2 spread Hope not Fear.
	— Anupam Kher (@AnupamPkher) <a href="https://twitter.com/AnupamPkher/status/668873705087463424">November 23, 2015</a></blockquote>
 
<blockquote class="twitter-tweet" lang="en">
	
		Dear <a href="https://twitter.com/aamir_khan">@aamir_khan</a> Presumed country has become <a href="https://twitter.com/hashtag/Intolerant?src=hash">#Intolerant</a>. Wat do u suggest 2 millions of Indians? Leave India? Or wait till regime changes?
	— Anupam Kher (@AnupamPkher) <a href="https://twitter.com/AnupamPkher/status/668866930917396481">November 23, 2015</a></blockquote>
 
 
<blockquote class="twitter-tweet" lang="en">
	
		Dear <a href="https://twitter.com/aamir_khan">@aamir_khan</a>. When did ‘Incredible India’ become ‘Intolerant India’ for you? Only in the last 7-8 months? <a href="https://twitter.com/hashtag/AtithiDevoBhavah?src=hash">#AtithiDevoBhavah</a>
	— Anupam Kher (@AnupamPkher) <a href="https://twitter.com/AnupamPkher/status/668865266764390400">November 23, 2015</a></blockquote>
 
 
<blockquote class="twitter-tweet" lang="en">
	
		Dear <a href="https://twitter.com/aamir_khan">@aamir_khan</a>. Did you tell Kiran that you have lived through more worse times in this country &amp; but you never thought of moving out.
	— Anupam Kher (@AnupamPkher) <a href="https://twitter.com/AnupamPkher/status/668854367013965824">November 23, 2015</a></blockquote>
 
 
<blockquote class="twitter-tweet" lang="en">
	
		Dear <a href="https://twitter.com/aamir_khan">@aamir_khan</a>. Did you ask Kiran which country would she like to move out to? Did you tell her that this country has made you AAMIR KHAN.
	— Anupam Kher (@AnupamPkher) <a href="https://twitter.com/AnupamPkher/status/668853344342024192">November 23, 2015</a></blockquote>
WATCH VIDEO: AAMIR KHAN SPEAKS ON INTOLERANCE 
 
<blockquote class="twitter-video" lang="en">
	
		Aamir Khan On Intolerance &amp; Delinking Religion From Terrorism - Complete Conversation At Ramnath Goenka Awards <a href="https://t.co/HWRLtCW7fN">https://t.co/HWRLtCW7fN</a>
	— The Indian Express (@IndianExpress) <a href="https://twitter.com/IndianExpress/status/668886574134788096">November 23, 2015</a></blockquote>
 
(Image: Indiatimes/Video: Twitter)

Aamir Khan says India is unlivable, increasingly intolerant. His wife suggested moving out of India

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