Raghuram Rajan: I believe that there is a reason behind this and that is the global market. It has become such a belief that if the markets are being globalized, then the firms participating in it also apply the same rules everywhere, they want the same system everywhere, they want the same type of government, because it gives them confidence Increases.

Local or national governments have taken away their rights and powers from the people in an attempt to bring uniformity. Apart from this, there is a craving for bureaucracy that if I can get power, I can get power, then why should I not get it. It is an ever-increasing craving. If you are giving money to the states, then there are some rules that you will get money only after obeying it and not without question you will get money because I know that you have also come by choosing. And you should get a sense of what's right for you.

Rahul Gandhi: These days a new model has arrived, that is the authoritarian or authoritarian model, which questions the liberal model. This is a completely different way of working and it is flourishing in more places. Do you think it will end?

Raghuram Rajan: I don't know. The authoritarian model, a strong personality, a world in which you are powerless, all of this is a very disturbing situation. Especially if you have a connection with that personality. If you think they believe me, they care about people.

The problem with this is that the rightist personality creates a belief in itself that, 'I am the people's power', so whatever I say will be correct. My own rules will apply and there will be no investigation, no institution, no decentralized system. Everything should pass by me.

Looking at the history, it will be known that whenever centralization has taken place to this extent, the systems have collapsed.

Rahul Gandhi: But there is something very wrong with the global economic system. It is clear that this is not working. Is it correct to say so?

Raghuram Rajan: I think it is quite right that it is not working with many people. The uneven distribution of wealth and income in developed countries is certainly a cause for concern. Uncertainty of jobs, the so-called uncertainty is another source of concern. If you have a job today, it is not known whether you will have a source of income tomorrow.

We have seen in this era of epidemic that many people have no employment. Both their income and security have been snuffed out.

Therefore, the situation today is not just a problem of slowing down the growth rate. We cannot just depend on the markets. We have to develop. We are also distressed by the inadequate distribution problem. Whatever development happened, people did not get the results. Many people missed. So we have to think about all this.

That is why I think we have to think about distribution system and distribution opportunities.

Rahul Gandhi: It is interesting when you say that people connect with the infrastructure and they get opportunities but if there are divisive things, hatred that people do not join - it is also a kind of infrastructure. At this time the infrastructure of partition has been erected, the infrastructure of hate has been created, and this is a big problem.

Raghuram Rajan: People benefit from social harmony. People need to feel that they are part of the system. We cannot be a divided house. Especially in such challenging times. So I would like to say that the constitution that our fathers, the nation-makers wrote and the rule given at the beginning, needs to be read and learned afresh. People now feel that there were some issues that were sidelined, but those were the issues that would have been teased, all our time would have been spent fighting each other.

Rahul Gandhi: Apart from this, you divide on one side and when you think about the future, you look back and look at history. What you are saying is right that India needs a new vision. What do you think that should be? Surely you talked about infrastructure, education, health services. How will all this be different from the past 30 years? Which pillar will be different?

Raghuram Rajan: I think you have to develop capabilities first. For this, better education, better health services, better infrastructure is necessary. Remember, when we talk about these abilities, they should also be implemented.

But we also have to think how are our industrial and market systems? Even today, we have the same system as the old License Raj. We have to think how to create such a system in which a lot of good jobs are created. There should be more freedom, more trust and confidence, but it is a good idea to confirm it.

Rahul Gandhi: I am surprised to see how important environment and trust are to the economy. What I see among the Corona catastrophe is that the issue of trust is the real problem. People do not understand what is going to happen next. There is a fear in the whole system. Talk about unemployment, there is a big problem, there is a large scale unemployment, which is going to be huge now. How do we proceed for unemployment, when we get rid of this crisis, how will we deal with unemployment in the next 2-3 months?

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