Current account deficit under control for now: RBI governor - Times of India

RAIPUR: Linking the Indian economy with the Indian cricket team, the RBI Governor, Raghuram G Rajan, said there has definitely been a positive change in the sentiment and current account deficit, which was going to take the country to a crisis, may be under control for the timebeing.

Addressing the Indian Institute of Management Raipur (IIM-R), he linked the country's economy with cricket team, saying, "When they are going good, we turn them into Gods and when they are going bad, we throw stones at them. We first over look the weaknesses and then when the growth declines, we conclude that the downfall was due to the weaknesses. The weaknesses, however, existed throughout. He said it that it is important to create sustainable growth."

He stressed that the lack of project implementation has held up growth and now that several projects have been cleared, he said that he expected a change in the sentiment of the country. "The good monsoons will bring about growth in the agricultural sector which will decrease inflation," Rajan said, adding, moreover, growth in the trading portals implies more exports, increase in consumption, and increase in investments which will in turn help to bring the economy back on track.

He said that protecting consumers against malpractices is a priority for the central bank and all their policies are for the bene fit of the people. He also said that inflation and growth go hand in hand and they can co-exist.

Rajan stated that the RBI is trying to maintain a stable and relatively low inflation rate which will help growth in the long term. His message to the budding managers of IIM Raipur is to find what one really wants in life and to pursue it in the new and vibrant India where choices are galore.

He elucidated with the famous sanskrit shloka, 'Karmanye vadhikaraste ma phaleshu kadachana,' that is 'do your duty and do not worry about the fruits,' as mentioned in the Indian scriptures, is what he believes in and puts to practice.

Earlier he was welcomed by IIM-R director Prof BS Sahay, before the event started.

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