As it said “With great powers comes great responsibilities “and to manage and monitor the duties, roles, responsibilities such as controlling monetary , currency , credit systems etc. of the Reserve Bank of India is the crucial and most important objective of the governor. With the double pace and momentum of framing the policies, maintaining the foreign exchange market, controlling inflation and interest rates, regulating the commercial banks and all the activities which proves advantageous for our country is carried forward by 23rd Governor of Central Bank of India who has been previously occupied the position of the youngest chief economist at International Monetary Fund and renowned eminent of our country Dr. Raghuram Rajan.
Raghuram Rajan was born in a Tamilian family in Bhopal, Madhya Pradesh on 3rd February 1963. He completed his education with remarkable excellence even after missing his one year of school due to his father’s posting. He did his schooling from Delhi Public School RK Puran. He graduated with the Bachelors Degree in Electrical Engineering from the Indian Institute of Technology (IIT) in the year 1985. In 1987 he completed his Post Graduation Diploma in Business Administration from Indian Institute of Management (IIM) Ahmedabad. He received his Ph.D. Degree in Finance from MIT Sloan School of Management for a thesis paper named ‘Essay on Banking’ in 1991. In the same year he joined the Booth School of Business at University of Chicago as a Finance Professor. His keen interest lies in playing Badminton and Squash.
Raghuram Rajan was felicitated by Fischer Black Priza given by American Finance Association to Economist at the age below 40 for contributing to the theory and practice of finance. The book written by him named Faults Lines: How Hidden Fractures Still Threaten the World Economy won the Financial Times- Goldman Sachs Business Book of the year in 2010. He was presented with the fifth Deutsche Bank Prize in Financial Economics for magnificent research work in financial and microeconomic policies around the world. His name is also included in the list of the ‘100 Most Influential People in the World’ by Time Magazine. He has also been recognized as one of the best central bank governor worldwide.
The country could not have asked more efficient and capable person i.e Dr Rajan to lead RBI where monetary framework formed by the predecessor governor lacked to bring stability in the economy and failed to fulfill or tackle the problems effectively. The first day of office made him confident to bridge the gap and shape successful policies to overcome factors which impacted negatively.
“Don’t fix it if it ain’t broke.” Mr. Rajan is a man who excellently predicted the 2008 global economic crisis proves to be an asset to the nation and well deserved to be elected as the governor who made the entry at the right time when Indian Economy was in poor conditions. He tops the Indian Central Bank because of the extraordinary knowledge and skills he possesses. His agenda prepared against the inflation rate, currency depreciation, market developments etc witnessed success and the foreign community again accustomed to his quick and decisive style of tacking issues.
We hope the government takes proper steps and chooses the next governor who could be at par to replace the Rajan.