Raghuram Rajan - Revision history

Jyoti: /* A profile */

2018-09-18T12:37:36Z

‎A profile

Pdewan: /* See also */

2017-10-11T18:36:56Z

‎See also

Pdewan: /* See also */

2017-10-11T18:28:02Z

‎See also

Jyoti: /* 2017: On the Nobel shortlist */

2017-10-11T16:55:04Z

‎2017: On the Nobel shortlist

Jyoti: /* RBI and the government */

2017-10-09T11:49:04Z

‎RBI and the government

Jyoti: /* Reforms */

2017-10-09T11:48:47Z

‎Reforms

Jyoti: /* The economist */

2017-10-09T11:48:10Z

‎The economist

Jyoti: /* As Governor, RBI */

2017-10-09T11:47:49Z

‎As Governor, RBI

Jyoti at 11:46, 9 October 2017

2017-10-09T11:46:57Z

Jyoti at 11:42, 9 October 2017

2017-10-09T11:42:23Z

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 =A profile=
 [http://indiatoday.intoday.in/story/india-today-high-and-mighty-power-list-official-top-10/1/400686.html ''India Today'']
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 ''' Bouncing back ''': He said, “I think over the course of this year, we will be solidly in the 5 per cent growth range and by next year we should be in the 6 per cent range.”
 =As Governor, RBI=

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 =See also=
-[[Banking: India, 1]]
+[[Banking, India: I]]
-[[Banking: India, 2 (ministry data)]]
+[[Banking, India: II (government data)]]
 [[The Reserve Bank of India]]

← Older revision		Revision as of 18:28, 11 October 2017
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	=See also=		=See also=
−	[[Banking: India]]	+	[[Banking: India, 1]]
		+
		+	[[Banking: India, 2 (ministry data)]]
		+
		+	[[The Reserve Bank of India]]

← Older revision		Revision as of 16:55, 11 October 2017
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	He is currently the Katherine Dusak Miller Distinguished Service Professor of Finance at the Booth School of Business, University of Chicago.		He is currently the Katherine Dusak Miller Distinguished Service Professor of Finance at the Booth School of Business, University of Chicago.
		+
		+	==Nobel laureate Thaler on Rajan==
		+	[https://timesofindia.indiatimes.com/india/what-2017-nobel-economics-winner-richard-thaler-said-about-raghuram-rajan/articleshow/61032664.cms Shailaja Neelakantan, October 11, 2017: The Times of India]
		+
		+
		+	'''HIGHLIGHTS'''
		+
		+	Rajan returned to academics, to the University of Chicago, after his 3-year term as RBI governor ended in September 2016
		+
		+	More than happy to have "Raghu" back, was none other than future Nobel winner Richard Thaler.
		+
		+	And Thaler went so far as to say that Rajan's return to Chicago was actually "India's loss".
		+
		+	Former RBI governor Raghuram Rajan's term at the central bank wasn't extended+ by the Centre last year, but there was one person who sure was happy about that - Richard Thaler.
		+	Yes, the same Thaler who earlier this week was named the Nobel Prize winner in Economics+ for 2017. Thaler and Rajan have been and still are colleagues at the University of Chicago's Booth School of Business.
		+
		+	Rajan took a leave of absence from Booth to serve as RBI governor. When his three-year term as head of India's central bank ended - or rather, wasn't renewed - in September last year, Rajan announced that he was returning to academics.
		+	Upon his announcement, Booth School tweeted:
		+
		+	More than happy to have "Raghu" back, was none other than future Nobel winner Thaler. And he said Rajan's return was actually "India's loss".
		+
		+	It is by now well known that Rajan is widely credited with having anticipated the 2008 global financial meltdown some years before it happened.
		+	PTI reported that Rajan is the first RBI governor since 1992 to have not been appointed for a five-year term.
		+
		+	When Rajan announced his return to Booth, there was some speculation that he didn't stay on as RBI governor because the University of Chicago wouldn't extend his leave of absence. 'Not true,' said Rajan at the time.
		+
		+	In fact, he said, he wanted to stay on as RBI governor, to complete the unfinished task he initiated of cleaning up banks. But there was no proposal from the government that he continue beyond his 3-year term, he said.
		+
		+	"So that (bank clean-up) was primary reason that I was open (to staying on) but we didn't get to a point where there was, as I said, a contract on the table," said Rajan to PTI.
		+	Rajan, who was appointed to the RBI by the previous UPA government, had several run-ins with the current dispensation over differences in policy. The former RBI governor was also critical of the Centre's November 8 note ban+ .
		+
		+	"Although there may be long-term benefits, I felt the likely short-term economic costs would outweigh them, and felt there were potentially better alternatives to achieve the main goals," he wrote in his book 'I do what I do', which was released last month.
		+	"I made these views known in no uncertain terms."

	=Legacy=		=Legacy=

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 There is also an impression that the governor's “star status“ did not find adequate resonance in the government. The tendency in the government has been to see the RBI as part of the team that is involved in the management of the economy .
 =See also=
 [[Banking: India]]

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 [[File: Raghuram Rajan, legacy.jpg|Raghuram Rajan: Legacy; Graphic courtesy: [http://epaperbeta.timesofindia.com/Gallery.aspx?id=19_06_2016_011_013_008&type=P&artUrl=Surgeon-leaves-theatre-before-deep-surgery-19062016011013&eid=31808 ''The Times of India'']|frame|500px]]
 [[File: Raghuram Rajan, achievements and criticism.jpg|Raghuram Rajan: Achievements and criticism; Graphic courtesy: [http://epaperbeta.timesofindia.com/Gallery.aspx?id=19_06_2016_011_013_008&type=P&artUrl=Surgeon-leaves-theatre-before-deep-surgery-19062016011013&eid=31808 ''The Times of India'']|frame|500px]]
 =RBI and the government=

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 ''' Bouncing back ''': He said, “I think over the course of this year, we will be solidly in the 5 per cent growth range and by next year we should be in the 6 per cent range.”
-=The economist=
+=As Governor, RBI=
 ==2017: On the Nobel shortlist==
 [https://timesofindia.indiatimes.com/india/raghuram-rajan-among-probables-for-nobel-prize-for-economics-the-wall-street-journal/articleshow/60985791.cms  October 7, 2017: The Times of India]

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 ''' Bouncing back ''': He said, “I think over the course of this year, we will be solidly in the 5 per cent growth range and by next year we should be in the 6 per cent range.”
 =The economist=
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 He is currently the Katherine Dusak Miller Distinguished Service Professor of Finance at the Booth School of Business, University of Chicago.
 =Reforms=
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 There is also an impression that the governor's “star status“ did not find adequate resonance in the government. The tendency in the government has been to see the RBI as part of the team that is involved in the management of the economy .
-Such was his charm that young girls chased him for selfies and columnists penned articles titled `The Unbearable Hotness of Being Raghuram Rajan'.Even the Financial Times waxed on about his squash and tennis honed physique while Shobhaa De pointed out that “it's not often that one gets an RBI Guv who makes hearts (not just female ones) go dhak dhak each time he strides into a room.“ He took office at a time when the foreign exchange market was caught in the storm sweeping the globe. But he quickly steadied the ship which prompted some to compare him with the legendary spymaster James Bond. After all, he did famously declare, “My name is Rajan and I do what I do“.
+=As Governor, RBI=
+==Contributions as the Governor, RBI==
-The former International Monetary Fund (IMF) chief economist was also vocal about the need for tolerance after the Dadri incident, the government's Make in India initiative and the scorching growth rate which the government has been showcasing as one its key achievements. His statement comparing the Indian economy with `a one-eyed king in a blind world' made headlines.
-−
-Rajan, who figured in the Time magazine's list of 100 most influential people in the world, attracted criticism from sections of the Narendra Modi government for his reluctance to cut interest rates. For him economic logic was above populism as he pointed to the lurking inflationary pressures.
-−
-Reams of newsprint were devoted to his reappointment, and thousands went on to sign online petitions demanding a second term for him.
-−
 =Contributions as the Governor, RBI=
 [[File: Economic data during years with Raghuram Rajan as the Governor, RBI.jpg|Economic data during years with Raghuram Rajan as the Governor, RBI; Graphic courtesy: [http://epaperbeta.timesofindia.com/Article.aspx?eid=31808&articlexml=Adieu-A-free-thinker-with-a-side-job-21082016017032 ''The Times of India''], Aug 21 2016|frame|500px]]
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 Small Finance Bank Licences: Likewise in the case of microfinance companies, the RBI addressed the issue of microfinance regulation by allowing some of them to convert into banks. While announcing the guidelines, Rajan clarified that the “small“ in the title referred to the size of the loans and not to the size of the banks. He said that these small finance banks could grow into giant institutions. This was the key difference between the earlier approach to small business lending and the one taken by Rajan. Earlier local area banks and regional rural banks could not make a dent as their mandate was regional and successful players could not grow beyond a point. After taking charge, Rajan did not waste any time in initiating the reform process.
 =See also=
 [[Banking: India]]