Former Reserve Bank of India governor Raghuram Rajan has termed the nationalism as unpatriotic saying that it caused division in society.
Speaking at Times Litfest, the outspoken former RBI governor said, “Nationalism is not patriotic because it is divisive and can even be quite dangerous. However, it is wrong to dismiss people who are voicing these things..dismissing them as rustic. These protests have a sense of identity that is being eroded…that cry also has to be heard.”
Rajan also said that populist nationalism was also potentially quite damaging to economic growth, and which is often articulated as the majority community’s feelings of aggravation at being discriminated against. He, however, said that countries world over were experiencing a rise in populist nationalism and India was not alone.
“Populist nationalism is damaging to economic growth… it has to set back the economy because it is divisive. It feeds off the sensation of the majority community feeling it is being discriminated against. It exists all over the world and also in India, while people exploit this sense of grievance,” Rajan was quoted by IANS.
He described populist nationalism as “inward looking”, while policies it advocates “often come in the way of growth”.
“There may by push and pulls in the working of democracy, but in the long-term it is beneficial. It is egalitarian, takes people along together, a superior mechanism to identify the flaws in the market system and for the system to react,” he said.