Raghuram Rajan is new RBI Governor
Updated: Aug 06, 2013 05:17:35pm
New Delhi, Aug 6 (KNN) Raghuram Rajan has been appointed as next Governor of the Reserve Bank of India for a period of three years.
The current Chief Economic Advisor (CEA) to the Government of India, Rajan will succeed D Subba Rao when he completes his five year tenure on September-4.
“Prime Minister has approved the appointment of Dr. Raghuram Rajan as the Governor of Reserve Bank of India (RBI) for a term of three years,” said an official notification.
“The Government and RBI are working together to address the challenges being faced by the Indian economy,” Rajan said in a statement after the order of his appointment as the new Governor of RBI.
“We do not have a magic wand to make the problems disappear instantaneously,” he added, but was absolutely certain that we would deal with them.
A world-renowned economist and award-winning expert in the finance of economic growth, Rajan before his current stint, was Economic Counsellor and Director of Research (chief economist) at the International Monetary Fund from 2003 to December 2006, the youngest person ever to hold the position.
Rajan was also honorary economic advisor to the Prime Minister, much acclaimed for predicting the 2008 global financial crisis.
An alumnus of IIM-Ahmedabad and IIT-Delhi, Rajan received his PhD from the Massachusetts Institute of Technology. Before taking over as CEA, he was professor at the University of Chicago's Booth School of Business.
Rajan was also involved with Financial Sector Reforms, as authorised by the Planning Commission.
Rajan's appointment comes at a time when the economy is struggling with a high Current Account Deficit (CAD) and a depreciating rupee.
His most recent book, Fault Lines: How Hidden Fractures Still Threaten the World Economy, was the 2010 Financial Times / Goldman Sachs Business Book of the Year.
In Fault Lines, Rajan argues that serious flaws in the economy are to blame, and warns that a potentially more devastating crisis awaits us if they aren't fixed. Rajan outlines several sensible reforms that will ensure a more stable world economy. (KNN/ES)
The current Chief Economic Advisor (CEA) to the Government of India, Rajan will succeed D Subba Rao when he completes his five year tenure on September-4.
“Prime Minister has approved the appointment of Dr. Raghuram Rajan as the Governor of Reserve Bank of India (RBI) for a term of three years,” said an official notification.
“The Government and RBI are working together to address the challenges being faced by the Indian economy,” Rajan said in a statement after the order of his appointment as the new Governor of RBI.
“We do not have a magic wand to make the problems disappear instantaneously,” he added, but was absolutely certain that we would deal with them.
A world-renowned economist and award-winning expert in the finance of economic growth, Rajan before his current stint, was Economic Counsellor and Director of Research (chief economist) at the International Monetary Fund from 2003 to December 2006, the youngest person ever to hold the position.
Rajan was also honorary economic advisor to the Prime Minister, much acclaimed for predicting the 2008 global financial crisis.
An alumnus of IIM-Ahmedabad and IIT-Delhi, Rajan received his PhD from the Massachusetts Institute of Technology. Before taking over as CEA, he was professor at the University of Chicago's Booth School of Business.
Rajan was also involved with Financial Sector Reforms, as authorised by the Planning Commission.
Rajan's appointment comes at a time when the economy is struggling with a high Current Account Deficit (CAD) and a depreciating rupee.
His most recent book, Fault Lines: How Hidden Fractures Still Threaten the World Economy, was the 2010 Financial Times / Goldman Sachs Business Book of the Year.
In Fault Lines, Rajan argues that serious flaws in the economy are to blame, and warns that a potentially more devastating crisis awaits us if they aren't fixed. Rajan outlines several sensible reforms that will ensure a more stable world economy. (KNN/ES)
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