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Fact Check: Raghuram Rajan Did Not Say India’s Economic Situation Is Becoming Like Sri Lanka’s


A picture of former RBI governor Raghuram Rajan with a quote has surfaced on Internet, suggesting that Indians should start saving money as the economic situation is becoming like Sri Lanka.

The quote in Hindi reads: “लोगों को पैसे बचाकर रखना चाहिए हालात श्री लंका वाले बन रहे हैं

– रघुराम राजन”

(English translation: People should save money. Things are becoming like Sri Lanka.          – Raghuram Rajan”)

The above post can be seen here.


NewsMobile fact-checked the above post, and found it to be misleading.

We tried with a keyword search on Google, but could not find any credible report suggesting that Rajan made the above statement.

But in many articles, Rajan has been quoted as saying that India will not face an economic situation like Sri Lanka, because of India’s strong foreign exchange reserves.

“We have sufficient foreign exchange reserves. The RBI has done a good job in increasing the reserves. We are not having problems like Sri Lanka and Pakistan. Our foreign debts are also less,” news agency ANI had quoted Rajan as saying.

These reports from 2022 can be seen here and here.

In an interview with ANI, dated July 30, 2022, Rajan states: “We (India) are not having problems like Sri Lanka and Pakistan. RBI has done a ‘good job in increasing the reserves.”

In the past, NewsMobile had exposed several quotes which had been falsely attributed to Raghuram Rajan. Such fact checks can be seen here and here. So, NewsMobile has reached out to Rajan for a comment over the recent viral quote, and the fact-check will be updated upon getting the response.

Thus, the above findings establish that the quote in question is falsely attributed to Raghuram Rajan.

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