The former RBI governor Raghuram Rajan has talked about his will to help the nation if his assistance is needed to deal with the economic stress related to the coronavirus pandemic. As the nation has been put under the lockdown to contain the pandemic but in the meantime, several sectors are already facing a rough time such as banking and aviation are facing a severe strain.
Most of the businesses and startups have been shut down.
Mr. Raghuram Rajan in an interview with NDTV said the answer is a straightforward yes if he is asked to return to India to help on economic matters during the pandemic.
He further added to it that “If the virus spreads, as it has spread in Italy and the United States, we have to take it very seriously. What you see in these countries is a tremendous effect on public health, the overburdening of many hospitals and many deaths and of course, when that is happening economic activity is hard to carry on.”
Mr. Rajan further said that the world is in a deep recession and we can just hope that everyone will see a rebound next year and it all depends on the measure that the economists take.
He added to it that “The first sign of difficulties in India often seems in foreign exchange. So far compared to other emerging markets our exchange rate has stayed quite stable, presumably from some support of the Reserve Bank of India. I should say we have depreciated some against the dollar, but you know countries like Brazil have gone down 25 percent. We haven’t been in that situation.”