RAJAN BOOK
In search of 'decent work'
Former RBI Dy Guv Mohan said India could not break out of lower-income levels without massive employment in low-wage manufacturing. Lack of 'decent jobs' was so acute that Uttar Pradesh had 4 mn applicants for 60,000 constable jobs. India's labour force participation was barely 50% against 78% for Vietnam, 76% for China, and 65% for Indonesia. This underemployed mass could not be employed fully in services. So, it was essential to boost manufactured exports - that alone would produce enough 'decent jobs'.
Pune hit and run case: Porsche owner's family's connection with Chhota Rajan comes to light
Accused sought help from Chhota Rajan in Pune hit and run. Two died in Kalyani Nagar car-motorcycle collision. Arrests made under Juvenile Justice Act. Juvenile accused granted bail with conditions. Charged under IPC sections 304A, 279, 337, 338, 427 and Maharashtra Motor Vehicle Act.
Aadhar Housing Finance IPO fully booked on Day 2. Check subscription, GMP and other details
The IPO comprises fresh equity issue of up to Rs 1,000 crore and offer for sale (OFS) of up to Rs 2,000 crore by existing investors. Under the OFS, BCP Topco VII will offload shares.
Aadhar Housing Finance IPO booked 19% so far on the first day. Check subscription, GMP and other details
Aadhar Housing Finance IPO Status: Aadhar Housing Finance's IPO received 19% subscription on its first day, with QIB investors subscribing 32%, retail investors 14%, and non-institutional investors 12%.
Rajan wants India to remove the fluff from GDP numbers and take a leaf out of China's book
Speaking at a conference on "Making India an Advanced Economy by 2047: What Will it Take" at the George Washington University in Washington, the former banker said India needs to "take away the fluff" in its GDP numbers. Rajan extolled the need to focus on improving human capital and enhancing skill sets, adding, "I think we are in the midst of it (democratic dividend), but the problem is we are not reaping the benefits."
Raghuram Rajan thinks India making a big mistake believing ‘hype’ about its growth
India's former central bank Governor Raghuram Rajan warned that India's strong economic growth is overshadowed by structural challenges like poor education and skills. Rajan said there is urgent need for workforce improvement to harness the potential of the young population.
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B Capital closes $750 million fund; Startup Mahakumbh Day 2
Multi-stage global investment fund B Capital has closed its second Opportunities fund at $750 million. Details on this and more in today's ETtech Top 5.
Live entertainment, sports becoming favourites for the youth, says BookMyShow CEO Ashish Hemrajani
On the second day of Startup Mahakumbh in New Delhi, Hemrajani said, “Roti kapada makan is done, discerning people have got the money. Now they're focusing on outside of science and maths. They are focusing on art, they are focusing on music, they are focusing on sport."
Unleashing ED before elections undemocratic: Ex-RBI guv Raghuram Rajan
Former RBI governor Raghuram Rajan expressed concern over the use of the Enforcement Directorate (ED) before elections, stating it is wrong and undemocratic. Rajan highlighted the recent arrest of JMM chief Hemant Soren on money laundering allegations, emphasizing that it's not just a political issue but a concern for everyone. He argued that putting opposition leaders behind bars limits choices for the people during elections. Rajan discussed these issues during the Jaipur Literature Festival and emphasized the importance of free speech and democracy for fostering research, creativity, and new ideas in various sectors.
Raghuram Rajan highlights factors that can make India a developed nation by 2047
Economist Raghuram Rajan has said that India needs to focus on education and healthcare to become a developed economy by 2047. He emphasised the need for governance reforms and a strong foundation in education and healthcare. Rajan emphasised the need for balanced growth across all sections of society, as consumption growth is currently strong among the upper income levels.
View: India’s largely unskilled labour force makes a push for high-value services & manufacturing futile
India is a labour-abundant economy. This abundance is in low-skilled labour, given that almost 80% of its working-age population does not have even a higher secondary education, with only an eighth of the working-age population having studied beyond high school. While India adds 8-10 million people to its labour force annually, roughly 2 million are college-educated or beyond. There is also a wide variation in the quality of degree programmes across India, most of which cannot impart marketable skills. Thus, high-skilled workers are scarce.
Raghuram Rajan gives 3 reasons why India GDP exceeded his 5% prediction
Raghuram Rajan said he is happy that India is outperforming his expectations of 5% GDP growth. In this exclusive interview, he cites three reasons explaining why Indian economy grew faster than his prediction. The first two reasons - the industrial world did not slow down as was anticipated and muted Chinese demand for commodities - are not India's doing. "The third is enormous infrastructure investment by the government in the first two quarters of this year. That is what went right," Rajan said.
What was the salary of ex-RBI Governor Raghuram Rajan? The answer may leave you in shock!
Raghuram Rajan, the former RBI Governor, candidly shared details about his tenure and revealed his annual salary during that time.
Ideas and opinions of critics should be attacked but not their motives, says Raghuram Rajan
Former RBI governor Raghuram Rajan, known for his candid views, advocates attacking ideas and opinions of critics rather than questioning their motives. He defends his participation in Rahul Gandhi's 'Bharat Jodo Yatra,' emphasizing his belief in national integration and love over hate.
Fed rate cut hopes by March optimistic, says Raghuram Rajan
"The Fed would like to see either a substantial fall in inflation, but also, the problem is the labor market is hot," Rajan, who is a well known commentator on the global economy, said Wednesday. "The Fed may think if rates are not doing damage, why worry."
DOMS IPO fully subscribed 5.7x on Day 1; retail portion booked 19x
The public issue was subscribed 5.7 times at the end of Day 1. The retail category was subscribed 19 times, while the NII portion garnered 7.95 times bids.
Job creation single most important pressure point: Former RBI Guv Raghuram Rajan
Rajan stressed the imperative of job creation across all levels of development, articulating that an augmented private sector job market could alleviate pressure on reservations. He cautioned against the trend of states reserving jobs for their residents, attributing it to the shortfall in job provision.
Raghuram Rajan explains why India needs Chinese investment but not its Wolf Warrior policy
In international debates, the economists say India can make common cause on some issues with China, for China, too, is a power that has had little say in the structuring of international arrangements.
Stock market boom offering misleading picture of broader India economy: Raghuram Rajan
In the just-released book 'Breaking the Mould', Rajan and economist Rohit Lamba say that the stock market offers a misleading picture of the broader economy as the big are getting bigger and small ones are getting smaller.
Co-author of Raghuram Rajan's book, Breaking the Mould, once wanted to work for free for him
Rajan's latest book, Breaking the Mould: Reimagining India's Economic Future, is set to be released in December. Priced at Rs 799, it is currently available for pre-order online.
IREDA IPO subscribed 38.8 times at close; QIB part booked over 100 times
IREDA shares are commanding a premium of Rs 10 in the unlisted market as against an offer price of Rs 31. Most analysts recommend subscribing to the initial public offering of Miniratna company IREDA, given that it’s the largest pure-play in green energy financing and also gives an opportunity to bet on the country’s renewable energy goals.
IREDA IPO booked nearly 2x on Day 1; all categories oversubscribed
IREDA is India’s largest pure-play green energy financing NBFC and plays a strategic role in the development of renewable energy with a comprehensive suite of financial products and other value chain activities, such as equipment manufacturing and transmission.
Navigating India's economic challenges: Raghuram Rajan and Rohit Lamba offer solutions in new book
In their book, the authors propose a number of strategies for accelerating India's economic development, and these include investing in human capital, expanding opportunities in high-skilled services, and fostering innovative manufacturing of new products. They also emphasize the importance of making India a hub for ideas and creativity to drive growth.
Margins expected to be around 25-28% in next two-three quarters: Rajan Sethuraman, Latentview Analytics
We are actually looking at some specific niche areas. We are looking at data engineering. We are looking at supply chain analytics. We are looking at specific areas like revenue growth management and pricing analytics.
Closely monitoring demand for battery electric vehicles: JLR India
The British automaker, a wholly-owned subsidiary of Tata Motors since 2008, aims to transform into a modern luxury vehicle business over the coming years. The automaker plans to become a net zero carbon business by 2039. On sales growth prospects, Amba noted that the automaker remains bullish on growth prospects this fiscal after having reported its best ever sales performance in the April-June quarter.
Yes Bank advertising spend to be 30 pc higher in FY24: Official
Yes Bank is set to increase its advertising spend by 30% in FY24, according to Nipun Kaushal, chief marketing officer. The bank has been "tactical" in its marketing spend for the last two years as it had to restore its standing following a bailout by peers. Yes Bank's retail brand has now reached a critical mass and is at an inflection point, the bank's executive director Rajan Pental said. The advertising campaign, which will begin on 20 June and last for the full fiscal year, is designed with the bank's current position in mind.
India's economy and the 'elegant excuse for being incompetent'
External Affairs Minister S Jaishankar, known for his sharp comebacks, waded into the 'services-versus-manufacturing' debate yesterday. "I have always believed that this focus on services was actually an elegant excuse for being incompetent in manufacturing," he said in his inimitable style.
Tamil Nadu Cabinet Rejig: Palanivel Thiaga Rajan relieved of Finance portfolio, changes made to portfolios of five ministers
PTR was relieved of Finance portfolio and moved to information technology and digital services. Thangam Thennarasu was given Finance, Planning, Human Resources Management portfolios in place of Dr. Palanivel Thiaga Rajan.
It's not easy for BJP to conquer Kerala: K K Shailaja
It is not easy for the BJP to conquer Kerala as the people of the state won't accept its communal ideology, CPI-M MLA and former health minister K K Shailaja has said. During an interview to PTI ahead of the launch of her memoir "My Life as a Comrade: The Story of an Extraordinary Politician and the World That Shaped Her", she spoke in detail about her party's electoral prospects, her lead in the state's fight against Covid, the influence of her grandmother in her plunge into Left politics among other things.
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