The gap in India has always been between the promise and the execution.
Interpretation
The quote highlights the disconnect between what is promised and what is delivered in India's development.
Raghuram Rajan's quote emphasizes the persistent challenge in India where there is often a significant difference between the commitments made by leaders and the actual implementation of those commitments. This gap can hinder progress and development, pointing to the need for accountability and effective execution in order to fulfill the potential of the nation.
In practice
In a presentation about economic reforms, one could use this quote to emphasize the importance of actual implementation over mere promises.
The U.S. should worry about the effects of its polices on the rest of the world. We would like to live in a world where countries take into account the effect of their policies on other countries and do what is right, broadly, rather than what is just right given the circumstances of that country.
Customers often value a good more when its price goes up. One reason may be its signaling value. An expensive handcrafted mechanical watch may tell time no more accurately than a cheap quartz model; but, because few people can afford one, buying it signals that the owner is rich.
The problem with forbearance is that it always looks like a good thing to do until it stops working.
Perhaps the hardest challenge has been to persuade the public, impatient for rapid growth, of the need to ensure stability first. Growth, it is argued, is always more important, regardless of the looming economic risks.
Too many years away from academia renders you pretty incompetent at research and teaching. So I had to go back.
Democratic accountability means that governments must be popularly accepted, with citizens empowered to replace corrupt or incompetent rulers.
When money is controlled by a few it gives that few an undue power and control over labor and the resources of the country. Labor will have its best return when the laborer can control its disposal.
A policy of subsidizing failures will end in an economy strewn with capital-guzzling industries long past their time of profitability - old companies that cannot create jobs themselves, but can stand in the way of job creation.
Inflation is as violent as a mugger, as frightening as an armed robber and as deadly as a hit man.
Those on the downside of rising economic inequality generally do not want government policies that look like handouts. They typically do not want the government to make the tax system more progressive, to impose punishing taxes on the rich, in order to give the money to them. Redistribution feels demeaning. It feels like being labeled a failure.
Eviction is part of a business model at the bottom of the market.
No country, however rich, can afford the waste of its human resources. Demoralization caused by vast unemployment is our greatest extravagance. Morally, it is the greatest menace to our social order.
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