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Issue No.: 561 | March 2014
 

RBI Governor Raghuram Rajan interaction with children

Times of India
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Question: In India and various parts of Mumbai there are so many slums and poor people; why should it be wrong to create more extra money, and distribute it among these people?

Answer:     

Whether it is money, food, clothing, whatever, certainly some amount of distribution is warranted in a poor country. But if you are really distributing something, the best thing to distribute is opportunity. Can we distribute opportunity? And this goes back to the saying, if you give somebody fish he will be back tomorrow for more; if you teach him to fish, he will be independent, he won’t have to come back. It does mean a certain basic level of nutrition, access to school, access to better education, access to scholarships. Those are very important; they give a chance to break away. But they should not feel they are permanently in a situation where they are continuously going to get. It makes them lose respect for their situation. But if they can become independent they have both self-respect and respect of others. I think we should aim to broaden opportunity; we should look for children falling behind and make sure they have the chance to succeed.

Pranav Rajkumar, a student of Thakur Vidya Mandir, at a Times of Indias Newspaper in education (NIE) meet when RBI Governor Raghuram Rajan interacted with 800 children from Mumbai’s schools.

Question: In social media we come across posts that ask us to promote indigenous goods. Does it really help the economy of the country?

Answer: 

If people want to buy local or buy domestic that is their choice. If they want to help the neighbourhood shop by going there, that is their choice. But to force it by saying ‘we are going to keep out imports’ or ‘we are going to prevent you from exercising choice’ is more problematic. It is problematic partly because you are reducing choice, forcing people to buy domestic stuff, regardless of how well-made it is; you are perpetuating the monopoly of the producer and reducing incentive to improve. We went through that in the ‘60s and 70s’. You are also pushing up costs, Remember, a number of goods become input for another’s goods that also become shoddy. So by forcing people to buy domestic, you can perpetuate a culture of shoddiness in the economy. Better to allow competition. If customers want to buy domestic that is their choice, but it should be out of free will rather than government diktat.

Shreyas, Guardian School, at a Times of India’s Newspaper in education (NIE) meet when RBI Governor Raghuram Rajan interacted with 800 children from Mumbai’s schools.

The Times of India, February 2, 2014

 
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RBI Governor Raghuram Rajan interaction with children

Times of India
 
 
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