Rajan said retail inflation at 7.34 per cent in September is on the higher side



"It is pathetic that at 50 per cent credit to GDP, we still don't have a healthy financial system. We are failing both in quantity as well as in quality,"


Former Reserve Bank governor Raghuram Rajan on Wednesday cautioned against import substitution under the 'Aatmanirbhar Bharat' initiative of the government, saying the country has gone down this route earlier but could not succeed. "If the focus (under Aatmanirbhar Bharat initiative) is on import substitution by erecting tariffs, which we have done lot of in the last few years, then I think it is a direction we have tried before and it has failed. I would caution against going in that direction, ," Rajan said.
He was addressing a webinar organised by the Centre for Financial Studies at Bhavan's SPJIMR.