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Don’t use oaths, whether ‘by heaven’ or ‘by earth’ or by anything else. When you say yes or no let it be plain ‘Yes’ or ‘No’. –Matthew 5:34-37

20 Apr 2016


Warning against being "euphoric" about India being the fastest-growing economy, RBI Governor Raghuram Rajan today sought to contextualise his "one-eyed king" remarks about India's growth and said the country has a long way to go before it claims to have arrived.
"As a central banker who has to be pragmatic, I cannot get euphoric if India is the fastest growing large economy," he said.
Seeking to explain his "one-eyed king" comments, Dr Rajan said his comments were "hung out to dry out of context" and even offered an apology to the visually-impaired for hurting them by the use of the proverb.
Stating that the per-capita income of Indians remains lowest among BRICS, Dr Rajan said, "We have a long way to go before we can claim we have arrived. We need to repeat this performance (economic growth) for 20 years before we can give each Indian a decent livelihood."
He also said India's global reputation holds great promise, but is seen as a country that has under-delivered and that it should "implement, implement, and implement" the structural reforms.
Speaking at the convocation of National Institute of Bank Management, 53-year Dr Rajan said India is yet to achieve its potential growth though it is on the cusp of that and a substantial pick-up in growth can be achieved with pending reforms.
Dr Rajan said that his last week's comments were interpreted as having denigrated the country's success rather than emphasising on the need to do more.
"...every word or phrase that a public figure speaks is intensely wrung out of meaning. When words are hung out to dry out of context as in the newspaper headline, it only becomes a fair game for anyone who wants to fill in, meaning to create mischief," he said.
Finance Minister Arun Jaitley had rebutted Dr Rajan's remarks, saying compared with the rest of the world, the Indian economy is growing much faster and, in fact, the fastest. (Read more)
Commerce Minister Nirmala Sitharaman too had not taken his remarks lightly, saying better words should have been used.
Dr Rajan today said commonly used words or proverbs can "most easily and deliberately be misinterpreted".
"If we are to have a reasonable public dialogue, we should read words in their context, not stripped of it," he said.
He, however, apologised to the visually-impaired, whose association had criticised Dr Rajan for using the proverb.
"I do want to apologise to a section of the population that I did hurt with these words, that is the visually impaired, or the blind," he said.
Queried for his take on India being the "bright spot", Dr Rajan during last week's interview had said: "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 are a little bit that way."

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