Rexit : Goodbye RBI Governor Rajan

Raghuram Rajan

By Somali K Chakrabarti

 

Raghuram Rajan

The economy was in tatters, inflation was sky high

When, Raghuram Rajan was placed at the helm of the RBI

While the nation swooned on his charm

he had to prove his mettle, walking on a rope tight

challenges were aplenty; he put up a tough fight –

 

His actions bore the fruits – the situation is no longer fragile

Inflation has halved, reserves have swelled, and currency stabilized,

It was but natural that people were keen

that Rajan would hold his second term on the Mint Street,

for a time window in which the economy would completely heal

 

Yet as he bids goodbye, the send-off is left unexplained

People are upset, feeling the sting and pain

As a few in the power seats glee, and corner his credit

It seems that perhaps he refused to play the game

For the whims and fancies of some, merit loses yet once again

 

The exit of Raghuram Rajan as the RBI Governor has left people shocked.

Yu can find the article on ‘Why Rajan’s exit has people worrying’ on this link on Eonomics Times   http://goo.gl/Y5B84m

 

 

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Readers Comments (29)

  1. The last two lines sum it up , sadly .

    Reply
  2. RR was the man behind India’s revival through smart policies and sad that politics gained the upper hand on sound decisions. He was the man who predicted the first global meltdown. I will soon write a post on my interaction with him:)

    Reply
  3. Great one Somali! Rajan is perhaps the most popular RBI governor of recent times which is not surprising given his intellect and persona.

    Reply
  4. It was bound to happen, politics you know!

    Reply
  5. Though I expected it to happen, the news still saddened me. 🙁
    Your poem is a great tribute, and the last line says it all.

    Reply
  6. I don’t know this particular story — and yet, it sounds all too familiar. 🙁

    Reply
  7. Nice poetic tribute to Raghu. He has really delivered at the time it was most needed. Let’s hope the new person can carry it forward. But yes, Raghu’s departure will be felt.

    Reply
  8. It is strange that inspite of the marked improvement from 2013-2014 to now, he too was caught in the tussle between curbing inflation and boosting growth. Sir, would like to know your view of Swamy’s accusation that Rajan sabotaged the economy by trying to put small & medium industries out of business. Swamy conveniently choses to forget about inflation. Lets hope his successor too can carry forward the good work.

    Reply
  9. The track record and the report card undoubtedly show the true greatness of this man and cannot be ignored. There is always the tussle whether to control inflation or go for the growth and regulate interest rates and to do a balancing act for an economy such as ours does require lot of diligence and shrewdness. Though he can be credited on many accounts especially on the rupee stabilization front and the financial markets ably supported by falling crude prices, critics have downplayed his mettle by pointing fingers at the reluctance to bring interest rates down for the sake of exports on which companies are rested and eventually gdp. But from the common man’s perspective, he did what was best to control inflation and rising prices which are a consequence of agricultural output and bad produvtivity.
    Let us hope that his successor would not fall prey to bureaucracy and continue the good work forward and hopefully he has the magic wand to bring prices down and provide the necessary impetus to the markes and exports.

    Reply
    • True Sunita. Callibrating must indeed be very tricky particularly when stakes are so high. On one hand businesses want low interest rates so that they can borrow at lower rates and boost productivity but at the same time inflation needs to be controlled as the prices of tomotoes, potatoes and pulses shooting up is really bad for people. So yes,Rajan has played it right by controlling the inflation first. Besides, he has a standing in the international community, which worked well for India.
      What this shows is how poorly talent is managed in our country. More so, now with Chetan Chauhan’s appointment as the Chairman of NIFT, which is equally ironical.

      Reply
  10. It is a pity no convincing reasons were advanced to let go such a brilliant man.In a big country as ours there are many conflicting forces at work and merit cum suitability alone does not seem adequate.Let us salute the man for what he did in his short span.
    In a vast country like ours,I hope there would be others to carry on the work.

    Reply
  11. Who values intellect these days? Not when puppeteers wishes reign supreme!! 🙂 Sad state of affairs.

    Reply
  12. Sad day for Indian economy

    Reply

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