'In economics, like elsewhere, the questions rarely change. The answers keep changing"

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Said : Reserve Bank of India governor Raghuram Rajan while inaugurating the Meghnad Desai Academy of Economics (MDAE) in Mumbai on July 27, 2015 in presence of chairperson of MDAE, Lord Meghnad Desai, reported the Times of India under the title "RBI under 'enormous pressure' to cover up NPA: Rajan."

"Declaring an NPA is primarily an issue of cleaning up accounting. The market fully understands what is truly non-performing. Moreover, it gives the wrong incentives, as by avoiding NPAs it merely postpones the problem. There is confused understanding of this problem," TOI reported Rajan as saying.

Dr. Rajan stressed the need for a good understanding of the fundamentals of economics, such as price theory, general equilibrium which is the hardest concept to understand. According to him lot of policy-making is done without an understanding of general equilibrium which is a key contribution that an economist can make to the dialog. "The kind of economics we need is based on rigorous fundamentals - blood, sweat, tears, and toil. In economics, like elsewhere, the questions rarely change. The answers keep changing," said Rajan as per the TOI report.

LiveMint, on the other hand, reported that the move to strip Raghuram Rajan of control over India rates is faceing backlash as, already, two officials in Prime Minister Narendra Modi’s administration have distanced themselves from a draft bill that would give the government control over a proposed interest-rate setting panel. 

"The kind of economics we need is based on rigorous fundamentals - blood, sweat, tears, and toil. In economics, like elsewhere, the questions rarely change. The answers keep changing" 

The Meghnad Desai Academy of Economics has been established as an institution of excellence to provide graduate students with the academic rigor and applied skills to meet the needs of a dynamic and globalized workplace. The programs have substantial input and participation by top-ranking corporates to improve the employability of young. The Academy offers 11-month Post graduate Program in Economics and Finance.

The above statement of Dr Rajan with respect to the NPAs has not got the required media attention due to Dr Kalam's untimely death which is occupying most of the social media's space today. But it is going to be a hot topic on Twitter very soon. Some have already started commenting.....

1/- for RT on July28: RBI is the last left untouched from institutionalized corruption by Sonia & Modi but, how long? http://t.co/NesnBGhCC3

— Kiran Kumar (@Yr_Conscience) July 28, 2015