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- Raghuram Rajan is appointed as the RBI Governor: Know Raghuram Rajan
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Raghuram Rajan is appointed as the Reserve Bank of India Governor for a three year term, successor to Dr. Subbarao whose term ends on September 4th. Mr. Rajan expected to balance out Central Bank and Government objectives amidst tricky fundamentals
Mr. Rajan recent statements and views:
* The RBI and Government are on the same page and working together to ensure stability and growth of the economy.
*On INR - Stabilising the battered rupee is a priority,
*On Growth - RBI's action in this regard must not hurt growth too much.- "The RBI has come up with measures to put stability in the exchange rate. With these measures I hope there should not be serious consequences to growth. We must try to ensure that growth is not diminished,"
*On Monetary Policy - "The priority for monetary policy now is to restore stability in the currency market so that macro-financial conditions remain supportive of growth," even though it admitted that growth recovery is likely to be slower.
*On CAD - The Finance Ministry will in the next few weeks announce some "specific" measures to enable stable and sustainable funding of the current account deficit. "Consequently, we believe CAD will be brought down significantly this year regardless of the outside world. Of course, if growth picks up in Europe and US, CAD will come down faster".
*Recent measures not reactive/ not an external looking policy maker - "one should not see the proposed measures as "one-off" or those driven by the US policy measures of tapering its bond purchase programme." "Our measures here are not when the US tapering will start. Financing has to be stable, sustainable and additional-not cannibalise existing sources of financing by creating a new source of financing".
Mr. Rajan's Previus Roles
. Mr. Rajan is currently the Chief Economic Adviser to the Government of India
. He formerly was the chief economist of the International Monetary Fund (IMF)
. His previous work with the Indian government includes his helmsmanship of a Planning Commission-appointed committee on financial reforms, and as honorary economic adviser to Prime Minister Manmohan Singh.
. Finance minister P. Chidambaram and Rajan have helped lead a government push since September'12 to revive investment, woo foreign inflows and avert a credit-rating downgrade
. His efforts include steps on the recent tightening measures and the push to encourage foreign investments
Mr. Rajan's Qualifications:
. Graduate from the Indian Institute of Technology, Delhi with a bachelor's degree in electrical engineering
. Post Graduate Diploma in Business Administration at the Indian Institute of Management Ahmedabad
. PhD in management from the Massachusetts Institute of Technology (MIT)