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India’s Covid crisis reveals complacency and lack of foresight: Raghuram Rajan




According to Raghuram Rajan, the former president of the RBI, India’s overwhelming surge in coronavirus infection has revealed complacency, lack of foresight and lack of leadership after the first wave of last year.

If you’re careful, if you’re cautious, you had to realize that it wasn’t done yet, Rajan said in a Bloomberg television interview with Kathleen Hays on Tuesday. It was. Anyone paying attention to what is happening in other parts of the world, such as Brazil, should have been aware that the virus will come back in a potentially more toxic form.

India reports 368,147 new coronavirus infections. 3,417 people died

India is suffering from the world’s worst Covid-19 cases, with deaths breaking records on Sunday and more than 350,000 new cases occurring each day. Prime Minister Narendra Modi is pressing to impose a strict blockade to stop the spread. This is a move his government has avoided after the economic devastation of a similar strategy last year.

Rajan, a former International Monetary Fund, said he felt he had endured the worst that the virus could bring after the decline in the number of incidents last year, and it was time to overcome it and release it. Chief Economist and currently a professor of finance at the University of Chicago.

Covid-19 vaccination: India vaccinated more than 120,000 rupees on Sunday

In emergency mode

India’s relative success against the first wave of infectious diseases also likely led to it not promptly preparing enough vaccines for its population, he said. Some of them may be the feeling that we had time. He said we were able to deploy vaccination slowly because we were dealing with the virus, adding that the government is now working together in emergency mode.

The Reserve Bank of India, led by Rajan from 2013 to 2016, was as tolerant as possible to support the economy in the face of stubborn inflationary pressures. With questions about the future performance of the Indian economy, RBI’s fairly large foreign exchange reserves can give foreign investors some peace of mind.

Will the federal government rethink the card?

Meanwhile, in the United States, due to large-scale fiscal stimulus and economic recovery, the Federal Reserve Board has a policy of holding hold for the foreseeable future and waiting for a sustained rise in inflation above the target of 2%. You may be forced to rethink.

In that case, financial markets that the Fed thought would not act in the near future could be somewhat surprised by the first signs that it would happen.

While commanding the RBI, Rajan was particularly critical of the Fed’s large-scale quantitative easing program and lacked international coordination in the possibility of tightening, the 2013 taper. It warned that it would lead to market volatility as well as the Fed.

At this point, he said on Tuesday that the Fed seems to be a little overtaken by the event.

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