Everything Raj Rishi Singhal said on any show that made the record, most notable first. Each card names its show and opens the statement there.
Singhal: India's economy still has not fully recovered from the 2016 demonetization
“Demonetization is a good example. It was a shock to the economy, right? And we still not recovered fully from that shock.”
Singhal: Corruption adds at least 25% to business costs in some states
“From their experience they were saying that cost of doing business so if you are in certain states, corruption is at least 25% of your cost, total cost, and you now have to live with it.”
Singhal: Illicit wealth is deployed into assets, not hoarded as depreciating cash
“If there is a person who's corrupt, then his or her resources earned through corrupt means is not kept in cash, right? It'll be him deployed somewhere. Because you don't keep cash, I mean, cash depreciates in value. So the idea that, you know, all the corrupti…”
Singhal: Politicians across all parties control most Indian cooperative banks
“If you see most cooperative banks are controlled by politicians today, and I meant all parties, so not just one party, but all parties want to control these banks.”
Singhal: Political campaign finance is the root cause of corruption in India
“I think the root cause for corruption in our society, in our lives, is primarily the way parties finance their election campaigns.”
Singhal: India's economic reforms began in the 1980s under Rajiv Gandhi
“So, you know, the reforms process
Had begun in the eighties.
I think it began with the Rajiv Gandhi government.”
Singhal: Major Indian Banks Drive Profits from Fees and Treasury, Not Lending
“If you dissect the profits, a large chunk of it actually comes not from lending. Comes from, ah, doing treasury, let's say foreign exchange trading, bond trading, getting fees for recommending or getting you to invest in some insurance product.”
Singhal: Economic reforms achieve their greatest success under coalition governments
“Reforms during coalition governments, Have had the most success actually.”
Singhal: In 1991, India had two weeks of import cover and credit downgrades
“We had money enough for just two weeks of imports. Nobody was willing to give us a loan. We were looking around for a loan and, you know, everybody said yes, and then went back on the word. We got downgraded twice by the credit rating agencies.”
Singhal: Indian governments have not reversed economic reforms in 35 years
“If you look at economic policy and economic reforms nobody's actually walked back on that despite, you know, different governments coming in over the past 3035 years, right?”
Singhal: Bureaucrats dictated Indian IPO pricing and capital limits before 1990s reforms
“Because if you wanted to do an IPO, there was a Sarkari Babu called the control of capital issues, who would sit behind a desk and decide how much money you can raise from the market, whether you could charge a premium or not, and whether you could raise money…”
Singhal: Over 100,000 Indian credit societies operate entirely outside RBI regulation
“Then outside RBI is regulatory purview, another bunch of one lakh banks or credit societies that exist.”