In May 2014, when Narendra Modi became India's prime minister, he inherited a number of problems from the previous Congress-led UPA government, former Reserve Bank of India Governor Raghuram Rajan has said. Rajan said some of these problems later became the genesis of the economic crisis that India is currently going through.

Raghuram Rajan said this in an essay written for India Today Magazine titled 'How to fix the economy'.

Here are the five burdens Rajan says PM Narendra Modi inherited from the UPA:

1) In his essay, Raghuram Rajan writes that one of the legacy problems inherited by PM Modi was that a large number of infrastructure projects were stalled. This, Rajan writes, was "because of difficulties in land acquisition, lack of inputs like coal or gas, or the slow pace of obtaining government clearances".

2) The second burden that Raghuram Rajan identifies as a problem is in power production and distribution. "Existing power producers were running into difficulties as heavily indebted power distribution companies delayed payments or stopped buying. India experienced the absurdity of surplus power capacity even as power demand went unmet," he writes.

READ | Raghuram Rajan's full essay: 'How to fix the economy'

3) Next was credit drying up in the market. Rajan says with more and more promoters running into financial distress, bad loans increased on banks' balance sheets. As a result, the flow of new credit slowed.

4) Commenting on the agricultural sector, Raghuram Rajan writes that the sector too was in a "mess". He writes that this was in part because of "decades of misguided" government interventions like distorted pricing and subsidies. "This resulted in anomalies such as a water-short nation exporting water-thirsty rice."

5) Rajan identifies past governments' failure to eliminate hordes of middlemen in the agricultural sector as another problem when Modi became the prime minsiter in 2014. "Successive governments did little to eliminate the hordes of middlemen who took their cut as food travelled from the farm to the fork," he writes. Rajan opines that instead of spending its scarce resources on improving farmer access to new technologies, seeds or land, the governments spent their resources on loan waivers. This (loan waivers), Rajan writes was "a form of misdirected cash transfer".

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