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The interbank market could freeze up, and one could well have a full-blown financial crisis." Rajan's prediction was exactly what happened two years later.

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Rajan is most noted for warning central bankers about the 2008 financial crisis. In 2005, he pointed out how structural flaws in the economy would lead to a financial crisis. He presented a paper entitled "Has Financial Development Made the World Riskier?" at the annual Economic Policy Symposium of central bankers.

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Thus, it is the test of whether democracy is a suitable system of govemment for large numbers of relatively poor people_in a world where democracy, as we understand it, is a much-endangered political species, especially in Third World countries.

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Half of India's workers rely on agriculture, 1/3 of the workers work work in services industry, which is 2/3 of India's output

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He forced banks to perform asset quality reviews and write down bad loans with the goal of freeing up their capital to invest in healthy new ventures.

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In 2006, the United States agreed to defy the Nuclear Non-Proliferation Treaty by allowing full civil nuclear cooperation with India.This is despite India’s violations of the treaty, such as exploding nuclear devices

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With an emphasis on military cooperation, including joint defense exercises and counterterrorism efforts

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Over the years, its leadership in carving out a Third World posture demonstrated that there is a viable route for nations who did not want to take sides in Cold War politics, an approach which many other nations in Asia, Africa, Latin America, and the Middle East have followed and hope to sustain.

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India has attempted to establish a [middle] position between Western and [communist] oriented states

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Raghuram Govind Rajan was the Governor of the Reserve Bank India from September 5, 2013, to September 2016.

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India is now the ninth largest industrial economy in the world

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Half of India's workers rely on agriculture, 1/3 of the workers work work in services industry, which is 2/3 of India's output

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The economy has grown tremendously despite the great recession

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$9.4 trillion in goods and services in 2017

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India is the world's fourth-largest economy.

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From 1992 to 2019 the economy went from 288 Billion to 2.9 Trillion!