Raghuram Rajan says he is not a superman

To downplay expectations from him, RBI’s new governor, Raghuram Rajan, has said that he is a regular guy and not a superman.

“Expectations are high. There is a little bit of euphoria in India,” Rajan told Washington audience on Saturday. However, “clearly I am not a superman,” said Rajan, “We can do more than what a central bank in an industrial country can do. But we can in some ways do less. On where we can do more, clearly there are a lot of low hanging fruit in the financial sector,” former economic adviser to Prime Minister said.

“I think, with the financial sector reforms, coupled with the real sector reforms, the growth turn around should be on its way,” he added.

“We are a country which has a debt of 66 per cent of GDP, 90 per cent of which is denominated in rupees. External debt was 22 percent of GDP and reserves at 15 per cent of GDP. We can pay back all the short-term debt tomorrow,” former Chief Economist at IMF explained.

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