Populist nationalism is dangerous for the society: Raghuram Rajan

Raghuram Rajan while speaking at his book launch event in New Delhi said that there is a growing wave of populist nationalism around the world.

New Delhi: Former RBI governor Raghuram Rajan has said that there is a growing wave of populist nationalism around the world which is dangerous for all societies. Rajan spoke at the launch event of his book named "The Third Pillar" in New Delhi.

"We live in a world where there are a lot of global challenges and problems and to deal with them we need to have the world to come together collectively and form a global society. But due do this wave of populist nationalism which is going on in countries like United States, many European countries and even in our own country, these global problems like climate change and terrorism cannot be addressed" Rajan said.

Further speaking on the topic, Rajan questioned "how can you expect some country to co-operate with you when you are imposing a 25% tariff on them? Even in our own country the way nationalism is being propagated by the RSS is dangerous. This country was built on very strong inclusive principles and those principles should be maintained. The inclusion of all societies is also important for the economic prosperity of the country." Rajan said at an event in New Delhi.

Further racing is concerns on the populist nationalism problem he said "according to me this populist nationalism ideology is the only villain that exist in our society. It is going to take us to devastation, climate hazard and war. The problem with these people who are propagating populist nationalism is that they do not have any solutions to the economic problems that their ideology creates."

When someone from the crowd pointed out whether he himself would get into politics to change the political scenario of the country, Rajan said " I am very happy at the moment Being an observer from outside but if the right opportunity comes then I am ready to serve the country."

Rajan, is currently the Katherine Dusak Miller Distinguished Service Professor of Finance at the University of Chicago's Booth School of Business in the US.

Rajan was the 23rd Governor of the Reserve Bank of India between September 2013 and September 2016. Between 2003 and 2006, he was the Chief Economist and Director of Research at the IMF.