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Mumbai, Sept 3:
Raghuram Rajan will take over as the RBI Governor on Thursday. He takes
over at a time when the country is battling a rapid fall in the rupee,
high inflation, low growth and burgeoning current account deficit.
A former chief economist with the International Monetary Fund and
economic advisor to the Finance Ministry, 50-year-old Rajan will take
over a difficult assignment from Duvvuri Subbarao on his completing five
years in Mint Road.
Rajan has already said that he has no magic wand to face the challenge
before the country but would deal with them one at a time.
The Government, which was at the receiving end of Subbarao’s unrelenting
focus on inflation control at the cost of low interest rates, would
hope that the new incumbent would reverse some of those policies.
“We have enough ideas. It is not just the currency, it is financial
inclusion, it is growth. I think there is a lot to do. There are
challenges in the economy... These things are not going to be overcome
overnight. There is no magic wand.
But there are undoubtedly solutions to many of the problems that the RBI can tackle and the job is to go ahead and do it.
“We will do it one step at a time. Make sure that it progresses every
day,” he told reporters yesterday on his last day of office at the
Finance Ministry.
Rajan, who was appointed as the Chief Economic Advisor in the Finance
Ministry in August last year, brings to the RBI a vast experience gained
at the IMF and during the brief stint in the government.
Known for his frank views, Rajan, who will be the 23rd Governor of the
Reserve Bank of India (RBI), was acclaimed for predicting the 2008
global financial crisis. In 2005, he had delivered a lecture critical of
the financial sector, arguing that a financial disaster might be
looming.