Money & Banking
Rajan goes on back foot on 'one-eye king' comment
Pune : After coming under attack from Finance Minister Arun Jaitley for his "one-eyed king" comment on India's growth rate, Reserve Bank of India (RBI) Governor Raghuram Rajan on Wednesday seemed to offer the peace pipe to the Centre saying that the country's current growth rate reflects the hard work of the government.
 
“Current growth reflects efforts of government, people,” Rajan said, while at the same time apologising to the visually impaired for his earlier statement.
 
“I want to apologize to a section of the population, the visually impaired, who might be hurt by my statement. My intent in saying 'One-eyed King in the land of blind' was to say that our outperformance is in the midst of global weakness,” Rajan clarified while addressing the 12th convocation of the National Institute of Bank Management, Pune.
 
Jaitley had on Tuesday objected to Rajan's comment on India's growth saying that a 7.5 percent growth rate for any other country would have meant a “celebration”.
 
Rajan, however, added that India's growth rate, though commendable, should not lead to euphoria as the potential for further growth is undoubtedly high.
 
“India is the fastest growing large economy in the world. But as a central banker, I cannot get euphoric with India's economic growth rate as it is at the cusp of substantial pick up in growth. I see scope to grow faster given capacity utilisation and agricultural output," Rajan said.
 
“India has a long way to go to boost per capita income,” he added.
 
Referring to the current status of public sector banks in the country, Rajan said: “RBI has offered all help to Bank bureau in reforms.”
 
The earlier comment from Rajan, who often comes up with some eyebrow-raising one liners, had not gone down well with the central ministers. First Commerce Minister Nirmala Sitharaman said she did not approve of his use of words, followed by an observation from Minister of State for Finance Jayant Sinha.
 
Sitharaman had countered Rajan's comment saying: "I may not be happy with his choice of words. Whatever action is being taken by this government is showing results. Foreign direct investment is improving. There're clear signs manufacturing is reviving. Inflation, current account deficit is under control."
 
Sinha said: "We are the shinning star. I don't agree with what the governor said."
 
Rajan's remark -- "I think we have still to get to a place where we feel satisfied. We have this saying -- 'in the land of the blind, the one-eyed man is king'. We're a little bit that way" -- had raised eyebrows among central ministers.
 
Jaitley was on Tuesday also asked if his government intended to give Governor Rajan, whose term expires in September, an extension. "I don't think we discuss these matters in the media or publicly. It is not proper to make comments on this at all," Jaitley responded.
 
But the finance minister did not deny the governor his due. "I think the Reserve Bank has done fairly well in the last year, year-and-a-half. It was confronted with a situation where you had near double-digit growth and that growth led to a situation of high interest rates," he said.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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COMMENTS

MG Warrier

1 year ago

Copied below is my response to a media report on the subject published on April 17/18:
This refers to the report “India ‘one eyed’ king in land of blind, says Rajan” (Business Standard, April 17). India has immensely benefited from the communication skill of Dr Raghuram Rajan ever since he returned to India in 2013. Whether he is making a speech in an international forum or interacting with students in an educational institution somewhere in Kerala, Dr Rajan talks with the ease of a professor addressing his students in a classroom. This gives him a prominent position among the trio comprising himself, Prime Minister Modi and Arvind Kejriwal who together woke up the giant in India during the current decade.
While Kejriwal combined the civil services discipline and the ability to look at things in right perspective to create awareness about the mess in which the greed of the rich and the powerful had landed this country and Modi reinforced the capacity of the country to stand up and talk in international community on India’s terms, Dr Rajan takes care of ensuring that the Indian financial sector takes regular health checks to ensure sustainable economic growth. His catch phrases ‘A pig doesn’t become beautiful by applying lipstick’, ‘Make for India’, ‘Don’t fixit, if it isn’t broken’, reference to ‘traffic signal’ approach to monetary policy management by central banks and so on to the present reference to the ‘one eyed’ king have much deeper messages which the audience do appreciate and ponder over for long. These are used by Rajan the teacher (which role was appreciated by Prime Minister Modi when he attended a function at RBI during April 2015).
M G Warrier, Mumbai

Bapoo Malcolm

1 year ago

Aandho may kaana raja, takay saer bhaaji, takay saer khaja. There are so many such proverbs, sayings, metaphors and similes. We can find fault with all of them. And with everything. It's a national pastime. But for central ministers to waste time on such trivial matters is more of a concern.

"I am CIA agent" was a badge Piloo Mody wore to Parliament when Indira Gandhi would blame everything on the 'foreign hand". No one saw the humour. Tharoor's 'headless chickens' comment and the cattle class remark were similarly attacked. It's a lack of education in idiomatic content that leads to this pettiness.

When will we grow up?

To retaliate to Rajan's comment, I would have used, "What is the sense of casting pearls before swine?". Meaning that he is incapable of seeing the value of good things. And then, I would have been attacked for referring to pigs.

An idiom for an idiom is better than an eye for an eye. Surprisingly no visually challenged, including the partially challenged, seems to have objected. Only the political detractors.

Yes, when will we grow up?

Ramesh Poapt

1 year ago

Equivalent saying in gujarati may not hurt anyone. it is 'caster(low quality) plant is king in barren land.(ujjad gam ma erando pradhan)!
here again ,'intolerance' applies well. I dont think there was ANY objectionable comment by Mr Rajan. Liberty of expression is on the way to be banned.Mr Rajan had not ANY bitter intention behind his comment.It was just lighter way as per in style/profile.I fully endorse Rajan's comment.

MG Warrier

1 year ago

Even in Malayalam, there is a saying "Mookkillaa Rajyathu Muri-mookkan Rajavu" meaning 'In a country where no one has nose, the one with half a nose is the King'...Will it be an offence to physically challenged to quote this proverb? We are after controversies, hair-splitting words and phrases.

Cinema for a cause: Kannada film tickets to fund cancer drugs for girls
New Delhi : An innovative experiment of raising charity funds through screening feature films in cinema halls seems to have come as a big relief for nine cancer-afflicted girls in Karnataka who are now looking forward to regular fund flows for uninterrupted treatment.
 
Sreeraksha, Prajna, Amisha, Nafisathula Ifrath, Devapriya, Nidhi Kamat, Mariyam Saheera, Apeksha and Fathimath Misbha, undergoing treatment at the Kasturba Medical College Hospital, Mangalore, require monetary support - ranging from Rs.1 lakh to Rs.3 lakhs ($1,500-$4,500) - for cancer treatment.
 
NGO CanKids Kidscan has joined hands with producers of Kannada film "The Plan" to raise awareness and funds for its Girl Child Project that offers treatment and support to girls with cancer.
 
The funds collected by the NGO, along with the film's producers - Malgudi Talkies and Day Dream Creations - will support the nine girls in Mangalore by offering treatment, emotional and psychological support, transportation, nutrition, education, accommodation and social reintegration.
 
For a daily wage labourer who is the father of nine-year-old Fathimath Misbha, diagnosed with Acute Lymphblastic Leukemia, the funds would be a blessing for his child.
 
"We don't have money. If they don't help, we would stop the treatment," said Fathimath's father.
 
The NGO and the film's producers are aiming to collect Rs.12 lakh through crowd funding for the nine girls through advance sale of tickets of a special re-release of the movie in Mangalore, Udupi, Karkala and Kundapur on April 22.
 
The producers were about to release a free digital version of the movie on YouTube when a call for a donation from an acquaintance for the cancer treatment of a school girl threw up the idea of generating funds for charity through film screenings.
 
The Mumbai-based Malgudi Talkies' chief Ashok Shetty said: "My friends suggested that rather than releasing a free version of the film on YouTube, we could re-release it on select screens and collect charity funds through advance sale of tickets."
 
He said donors can contribute and save a girl's life and get free tickets of "The Plan" by visiting http://malguditalkies.in/shop/
 
The popular film, featuring Ananth Nag, Kousthubh Jayakumar, Hemanth, Sriram, Gauthami and Harish Roy, was first released in November.
 
"We are going to colleges and cities to highlight the cause linked to the re-release of the film. We are aiming to collect Rs 12 lakh for the nine cancer bravehearts," Shetty said.
 
"For every ticket that is sold, Rs.60 would be directed towards the treatment of the nine girls," said Shetty.
 
Film director Keerthi said if the experiment for the cause is successful, they may continue to re-release the movie in other parts of the state too.
 
All the nine girls undergoing treatment at KMC Hospital, Mangalore, are under the care of Dr. Harsha Prasad L, assistant professor in the department of paediatrics.
 
"A majority of childhood cancers are curable. It is a crime not to seek medical help for a girl child with cancer," Prasad maintained.
 
"The Girl Child Project campaign will help create awareness about the importance of treating girls similar to boys," he added.
 
CanKids KidsCan chairman Poonam Bagai said: "Such a crowd funding initiative has been attempted first time by us in partnership with Malgudi Talkies and Day Dream Creations."
 
"Gender discrimination in our country is prevalent at all levels. In a study in Haryana in 2013, we found that girls with cancer seem to be facing discrimination as compared to boys," she said.
 
"Some parents do not want to inform relatives or neighbors about this ailment as it could hamper the marriage prospect of their other children," she said.
 
The CanKids Girl Child project aims to strengthen and empower girl patients and survivors to become leaders and ambassador of childhood cancer, she said.
 
CanKids Kidscan is a non-profit organization for childhood Cancer in India. It works on all aspects to bring a change in childhood cancer from support services to awareness, advocacy, stakeholder engagement, capacity building, quality care, research and impact.
 
Cancer kills as many as 264 children per week in the country. As many as 13,726 deaths due to childhood cancer occurred in India in 2010, of which is 0.7 percent of deaths were among those aged one month to 14 years.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Beware! Loneliness can lead to stroke
New York : Many of us feel lonely at certain times but loneliness and social isolation for a longer period of time may lead to increased risk of stroke or heart disease, find researchers.
 
The findings showed that loneliness and social isolation was associated with a 29 percent increased risk of a heart or angina attack and a 32 percent heightened risk of having a stroke.
 
"It suggests that addressing loneliness and social isolation may have an important role in the prevention of two of the leading causes of morbidity in high-income countries," said researchers from York, Liverpool and Newcastle universities.
 
The study, involving more than 1,81,000 adults, included 4,628 coronary heart disease "events" -- heart attacks, angina and death -- and 3,002 strokes recorded during monitoring periods ranging from three to 21 years.
 
The results back public health concerns about the importance of social contacts for health and well-being. 
 
"But one of the greatest challenges will be how to design effective interventions to boost social connections, taking account of technology," the authors pointed out in a paper published online in the journal Heart.
 
"Further attention to social connections is needed in research and public health surveillance, prevention and intervention efforts," they noted.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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COMMENTS

Mahesh S Bhatt

1 year ago


Being Alone is being with yourself & happy n healthy.

But being Lonely is dangerous as you are more likely to feel low & unhealthy.

In extremely repititive states of Lives of Single persons the situation aggravates due to job or business or love or partner losses as support system is eluding in crucial low moments.

Women are more prone as bilogically they are more emotionally tuned then men.

Loneliness also generates a sense of meaninglessness & emptiness which complicates the physical/emotional/psychological & neural circuits & at times it short circuits the Life thorough THOUGHT & HEART & HEAD ATTACKS.

Counseling & Healthy Human interactions are solace & cure ways.We support Career/Family/Relations/Financial/Psychic enhancements for better living. [email protected].

DONOT DIE ALONE Amen Mahesh Bhatt

Ramesh Poapt

1 year ago

The present situation is tip of the iceberg! Though awareness of the same is increasing now.

We are listening!

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