Economist Manmohan Singh Quotes

On 10 September 2008, Raghuram Rajan, noted economist and honorary advisor to Prime Minister Manmohan Singh, delivered a speech at the Bombay Chamber of Commerce where he spoke about how most of India's billionaires did not derive their wealth from IT or software but from land, natural resources, and government contracts or licences. He spoke of India being second only to Russia in terms of wealth concentration (the number of billionaires per trillion dollars of GDP). To show how extraordinary this number was he quoted the case of Brazil which had only 18 billionaires despite a greater GDP than India. Or Germany, which had three times India's GDP and a per capita income 40 times India's but had the same number of billionaires. 'If Russia is an oligarchy, how long can we resist calling India one?' he wondered.

The 2 September 2010 issue of prestigious British magazine, The Economist, published on page 29 an article with a large photograph of Prime Minister Manmohan Singh. Below the picture was the caption ‘India’s Disappointing Government’. The word ‘disappointing’ is an understatement. The epithet ‘criminal’ would have been appropriate.

It was the British, he explained, who first understood the nature of rural indebtedness and the importance of keeping the farmer alive. Rural credit, he recalled K.N. Raj telling him, is a ‘public good’. Economists define a ‘public good’ as any good or service that, once provided, does not discriminate between beneficiaries and non-beneficiaries. A street light is a common example of a public good. Government spends money on