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‘Anti-minority’ image in world for India will hurt companies, warns former RBI governor Raghuram

Punjab Tribune Bureau | April 22, 2022 02:12 PM

MUMBAI: Former Reserve Bank of India (RBI) Governor Raghuram Rajan on Thursday warned the country amid communal violence in several states in India. Raghuram Rajan said that the country's 'anti-minority' image in the world can harm the market for Indian products and may also result in foreign governments perceiving the nation as an unreliable partner.

He said that Investors may not see you as a reliable partner. The remarks of the former RBI governor came a day after the communal violence in Delhi's Jahangirpuri area saw bulldozers demolish several temporary structures near a mosque as part of an anti-encroachment drive.

Democracy is not always easy

Speaking to the media, the former governor said that democracy is not always easy, it requires navigation. He said that in a democracy, from time to time, talks with all the parties have to be done, and if necessary, the exercise of change has to be done. Giving the example of Russia and China, he said that due to lack of checks and balances in these countries, they have to suffer a lot.

On the issue of minorities, Raghuram Rajan said, 'Mistreatment of minorities paints a bad picture across the world, investors may not see you as a reliable partner.'

The outspoken academic added that China has been suffering from such image problems because of its treatment of Uighurs and to an extent the Tibetans as well, while Ukraine has seen huge support because President Volodymyr Zelenskyy is seen as someone standing up to defend ideas that a democratic world believes in.

The services sector export presents a large opportunity for Indias and the country will have to seize it, Rajan said, adding that we need to be very conscious of the West’s sensitivities on privacy.

Meanwhile, Union Minister of State for Information Technology, Rajeev Chandrasekhar, who also spoke at the event, blamed IT companies for poor planning, saying this lack of foresight has led to wage inflation in the over USD 230 billion sectors. 

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