Raghuram Rajan says worrying about what Fitch and Moody’s think shouldn’t derail recovery efforts
Former Reserve Bank of India governor Raghuram Rajan said on Thursday that overly focusing on what sovereign ratings agencies think can take one’s eyes off what needs to be done for the economy.
The government has announced several initiatives to help the poor and small and medium-sized businesses, but actual cash flowing out of the government’s measures has been estimated at just about 1% of GDP. “The RBI [Reserve Bank of India] and government have certainly been co-operating, but it seems like it is elsewhere, the ball is in the government’s court to do more,” Rajan said.
Recently analysts, however, have cited the growing possibility the RBI may prefer to pause and cut rates only at its October meeting.
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