IUndian central bank Governor Raghuram Rajan urged the government to directly transfer cash to the poor instead of offering public services, saying the money would liberate millions from corrupt middlemen and politicians.
Cash would empower the poor to choose where to buy goods, providing an alternative to government-run monopolies and creating competition in the private sector, Rajan said in a speech in Mumbai yesterday. Prime Minister Narendra Modi’s plan to bring bank accounts to the poor -- set to be unveiled this week -- would facilitate the transfers, Rajan said.
Tuesday, August 12, 2014
INDIA: Cash for Poor to Dilute Power of Oligarchs (Bloomberg)
