Rexit : Goodbye RBI Governor Rajan

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Rexit : Goodbye RBI Governor 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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The Case for Raghuram Rajan and Economy of India

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Recently in an article in the Economic Times, popular Indian columnist and novelist Ms Shobha De, touted the newly appointed Reserve Bank of India (RBI) governor Raghuram Rajan, as the ‘rock-star economist’, the ‘Poster Boy of Banking’ who can easily top easily top ‘India’s Most Desirable’ lists and is also expected to pull India out of the financial mess.

RRThe post has attracted lot of media attention and has succeeded in flaring up imagination and  varied emotions of the readers, ranging from interesting, to disgusting or even revolting! To add substance to the article, it might have made better sense to also look at some of the problems facing India’s economy and the challenges that Rajan has to deal with while he tries to walk his talk. Let’s have a go at those less appealing aspects that are actually the areas of concern for all Indians.

The economic problems in India can be attributed more to the country’s fiscal policy and other government policies than to monetary policy of the Reserve Bank of India (RBI). The central bank often finds itself reacting to the consequences of inaction and policy conundrum of the government.

 

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