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Raghuram Rajan: India in growth recession; extreme centralisation of power in PMO not good

Updated : December 09, 2019 07:51 AM IST

Former Reserve Bank of India (RBI) governor Raghuram Rajan said India is in the midst of a "growth recession" with signs of deep malaise in the Indian economy that is being run through extreme centralisation of power in Prime Minister's Office and powerless ministers.
He urged India to join free trade agreements judiciously in order to boost competition and improve domestic efficiency.
Rajan said the starting point to address the economic slowdown will be for the Modi government to acknowledge the problem.
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