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What's Your View About Raghuram Rajan (The Much Revered RBI Governor Of India)

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sensible-indian-fan

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New Delhi: Even as BJP MP Subramanian Swamy has written for a second time to Prime Minister Narendra Modi demanding Reserve Bank of India Governor Raghuram Rajan’s ouster, an online petition seeking a second term to him has got more than 50,000 signatures so far.

Rajan is unlike most of his predecessors. He has a formidable reputation as an internationally renowned economist and is still being hailed all over the world for accurately predicting the 2008 global meltdown.

No RBI Governor before him enjoyed a celebrity status like he does. His words on the economy are taken very seriously in the West.

Rajan’s predecessor D Subbarao had once said that the RBI Governor’s job was the easiest and all that he had to do was decide interest rates. But Rajan seems to have changed that perception.

When Rajan, a celebrated Chicago University Finance Professor, took charge as RBI Governor on September 4, 2013, he got a rock star welcome. Socialite Shobha De’s praise of Rajan’s physique got both bouquets and brickbats.

A month after taking charge, he made public a report on the state of economy and Indian states. According to that report, 11 states were ahead of Gujarat in overall development with six of them being Congress ruled. He was mocked and targeted by Modi fans. But he never reacted.

Rajan is credited with stabilising the volatile rupee and bringing down inflation. Low crude oil prices have also helped him. His style is unconventional and he is known to speak his mind.

His comments linking dosa price to the inflated property market got him huge media attention. At the same time he managed to rub some leaders of the ruling alliance the wrong way with his views on 'Make in India', a reference to Hitler at the DD Kosambi ideas festival and on the 'tolerance debate’.
In September 2015 he surprised everyone by announcing a rate cut by 50 basis points as against the expected 25 basis points. According to “The Business World” he had bailed out the economy amidst fears of another global slowdown.

In a recent interview with senior journalist Vir Sanghvi, former Chairman of Unique Identification Authority of India Nandan Nilekani praised Rajan’s economic capabilities and ways, and hoped that he would be considered for a second term as the RBI governor.

While there is a lot of speculation about his future, the Prime Minister in an interview to Wall Street Journal (WSJ) said that Rajan’s second term was not the concern of the media.
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http://www.news18.com/news/business/why-raghuram-rajan-is-much-revered-at-rbi-1248686.html
 
To the economists out here, what do you think about this guy and his policies?

From what I hear, he is an absolute STAR but it looks like he may not get a second term.
 
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He will not get a second term but his presence of mind is brilliant although our local MEGA Start economist Dr.Swamy hates him to the core.

Also I have been to Gujarat recently and from a middle class perspective i don't see any state better than that,its a remarkable state with great infrastructure,networks,roads only thing missing is Booze for which one has to travel to Daman.

There has been a lot of discussion on him keeping interests rates high but personally i support that decision considering the humongous default loans being faced by PSU banks -seeing Axis and ICICI in them as well,it would had only created a bubble.

Him preferring calculating inflation to use CPI instead of WPI is also debated by many but again i consider that to be the right way to measure inflation and i think Parliament also agreed recently.
 
JaDed said:
Remove the bias the man speak well 75% of the time eventhough on Rajan i don't agree with him.
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Some of his quotes :


  • Declare India a Hindu Rashtra in which non-Hindus can vote only if they proudly acknowledge that their ancestors were Hindus.
  • Dubai, ISI have funded movie PK
  • Today is Dusshera. Ravana was NOIDA born. Rama was Ayodhya born. Both UP walas. But both went to war in Sri Lanka. Nation celebrates.
  • 99% of the my twitter followers with Muslim names tweet like mental retards. Are these retards tweeting with faked names or is it congenital?
  • With the authority vested in me I hereby appoint Namo as a Brahmin since he has Brahminical gunas
  • Being gay is mental disorder.
  • Rajan is in the country on a Green Card provided by the U.S. Government and, therefore, mentally not fully Indian.
 
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He is legend.

I wish I had been taught a class by him.
 
LastManstanding said:
Some of his quotes :


  • Declare India a Hindu Rashtra in which non-Hindus can vote only if they proudly acknowledge that their ancestors were Hindus.
  • Dubai, ISI have funded movie PK
  • Today is Dusshera. Ravana was NOIDA born. Rama was Ayodhya born. Both UP walas. But both went to war in Sri Lanka. Nation celebrates.
  • 99% of the my twitter followers with Muslim names tweet like mental retards. Are these retards tweeting with faked names or is it congenital?
  • With the authority vested in me I hereby appoint Namo as a Brahmin since he has Brahminical gunas
  • Being gay is mental disorder.
  • Rajan is in the country on a Green Card provided by the U.S. Government and, therefore, mentally not fully Indian.
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Seriously?

What a loon.

I still remember FB banning his real fanpage cos the posts were so idiotic and hateful that they thought it was a troll account. :)))
 
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sensible-indian-fan said:
Seriously?

What a loon.

I still remember FB banning his real fanpage cos the posts were so idiotic and hateful that they thought it was a troll account. :)))
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His real page was run by some of his supporters in states. When that parody page came up, he complained to FB and they asked both these pages to prepend Unofficial to the name of the page. Parody account put it and was allowed to continue whereas his fanpage failed to do that and hence was taken down :)))
 
sensible-indian-fan said:
So any comments about his economic policies for India?

The actual reason why I opened this thread.
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He doesnt have control over economic policies per se. As RBI governer he can mostly work on monetary policy

When he took over the major aims spelled out were to lower inflation and consequently increase savings and see growth in financial markets. From what Ive seen India's indicators have improved on the first two.
 
Slog said:
He doesnt have control over economic policies per se. As RBI governer he can mostly work on monetary policy

When he took over the major aims spelled out were to lower inflation and consequently increase savings and see growth in financial markets. From what Ive seen India's indicators have improved on the first two.
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Thanks.

And yeah I should have said monetary policy.
 
sensible-indian-fan said:
Thanks.

And yeah I should have said monetary policy.
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I do think he gets a free pass due to his international prestige and reputation.

I guess a lot of Indians take pride in him (and rightly) so sometimes he does tend to not get deserved criticism especially when he comments on political matters occassionally because that is sth he shouldn't be doing while in office.

btw there are rumors that he will take over from Christine Lagarde.
 
LastManstanding said:
Some of his quotes :


  • Declare India a Hindu Rashtra in which non-Hindus can vote only if they proudly acknowledge that their ancestors were Hindus.
  • Dubai, ISI have funded movie PK
  • Today is Dusshera. Ravana was NOIDA born. Rama was Ayodhya born. Both UP walas. But both went to war in Sri Lanka. Nation celebrates.
  • 99% of the my twitter followers with Muslim names tweet like mental retards. Are these retards tweeting with faked names or is it congenital?
  • With the authority vested in me I hereby appoint Namo as a Brahmin since he has Brahminical gunas
  • Being gay is mental disorder.
  • Rajan is in the country on a Green Card provided by the U.S. Government and, therefore, mentally not fully Indian.
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:))) thanks hilarious stuff ,what about that "mangalsutra video"

 
Slog said:
I do think he gets a free pass due to his international prestige and reputation.

I guess a lot of Indians take pride in him (and rightly) so sometimes he does tend to not get deserved criticism especially when he comments on political matters occassionally because that is sth he shouldn't be doing while in office.

btw there are rumors that he will take over from Christine Lagarde.
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He gets a lot of flak in India among conservatives for his interest rate policies usually like by the Urban and maybe NRIs not big among business community in India.
 
JaDed said:
:))) thanks hilarious stuff ,what about that "mangalsutra video"

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Lol you know this video too?

My mother once called me and showed this video when she was reading some tamil daily online.. Was hilarious to say the least:asif
 
Slog said:
I do think he gets a free pass due to his international prestige and reputation.

I guess a lot of Indians take pride in him (and rightly) so sometimes he does tend to not get deserved criticism especially when he comments on political matters occassionally because that is sth he shouldn't be doing while in office.

btw there are rumors that he will take over from Christine Lagarde.
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That's why I started this thread.

He does have the great rep where everyone says he is great but what about his actual performance. I have zero knowledge about this topic so wanted to know.

Why is there opposition to his policies? Why will he not get elected for the 2nd term (is it because of his policies or just cos he spoke against the ruling party)?

And yeah....I guess he shouldn't comment about political stuff while in office.
 
sensible-indian-fan said:
That's why I started this thread.

He does have the great rep where everyone says he is great but what about his actual performance. I have zero knowledge about this topic so wanted to know.

Why is there opposition to his policies? Why will he not get elected for the 2nd term (is it because of his policies or just cos he spoke against the ruling party)?

And yeah....I guess he shouldn't comment about political stuff while in office.
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He won't get second term because him keeping interest rates high will mean less short term benefit for BJP(2019 elections) as right now there is jobless growth.

Also there seems to be an argument on that there is no correlation between Inflation and interest rate which i think is far fetched but seems to be his opposition right now.Some opinons say

"Jobless growth is neither an accident nor a coincidence. It is the outcome of policies. Macroeconomic policies sought to focus on stability, defined in terms of prices rather than output or employment, so that managing inflation and balancing budgets became the essential objectives."
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http://www.business-standard.com/article/opinion/a-v-rajwade-will-rajan-get-a-second-term-116051801735_1.html
 
JaDed said:
He won't get second term because him keeping interest rates high will mean less short term benefit for BJP(2019 elections) as right now there is jobless growth.

Also there seems to be an argument on that there is no correlation between Inflation and interest rate which i think is far fetched but seems to be his opposition right now.Some opinons say



http://www.business-standard.com/article/opinion/a-v-rajwade-will-rajan-get-a-second-term-116051801735_1.html
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Oh I see....thanks. Checking it out.
 
Modi will do a blunder not to give the best Central ban governor in the world a second term.

While Swamy himself has a very formidable resume in economics his views on Rajan are laughable.
 
JaDed said:
He won't get second term because him keeping interest rates high will mean less short term benefit for BJP(2019 elections) as right now there is jobless growth.

Also there seems to be an argument on that there is no correlation between Inflation and interest rate which i think is far fetched but seems to be his opposition right now.Some opinons say



http://www.business-standard.com/article/opinion/a-v-rajwade-will-rajan-get-a-second-term-116051801735_1.html
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Of course, there is a correlation between inflation & interest rates. Read the Fisher equation.
 
Many foreign investors have stayed put in the economy only because he is the central bank governor. The BJP may not like him due to obvious reasons but his approach towards inflation & deleveraging is correct. And by not giving him the second term, BJP will only lower India's credibility in the financial world. I will write a detailed post on the tenets of his monetary policy when I get home.



I felt so jealous of a friend who got to present his paper in front of him in the RBI Policy Challenge (a competition for MBA students). Hopefully, I can get there next year.
 
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cricketjoshila said:
Modi will do a blunder not to give the best Central ban governor in the world a second term.

While Swamy himself has a very formidable resume in economics his views on Rajan are laughable.
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CJ: It is not so straightforward.It is a matter of what policy is better rather than individuals.

As per Swamy Rajan is killing the small/medium industries with his high interest rates.He *maybe* right.

He thinks Rajan is throwing the baby away along with the bathwater with his policy.
 
You are giving way too much credit to him.If foreign investors are relying on him being there then they should loose all their money.
 
hurricanes said:
CJ: It is not so straightforward.It is a matter of what policy is better rather than individuals.

As per Swamy Rajan is killing the small/medium industries with his high interest rates.He *maybe* right.

He thinks Rajan is throwing the baby away along with the bathwater with his policy.
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Lowering Interest rates to improve industrial growth won't prove effective in the long term when there are fundamental flaws in the economy. It will in fact be counterproductive. Rajan knows that but the govt is only focussed on short term gains with a view on the future elections. Brazil also lowered its rates despite the economy growing at 7%, resulting in over-spend & overdrawing of credit, which later led to high inflation and slow growth for years.
 
A lot of people revere him without even knowing about his policies, just because he wears a suit, speaks fluent english and is foreign educated - the aspirations of the wretched middle class.
 
sensible-indian-fan said:
To the economists out here, what do you think about this guy and his policies?

From what I hear, he is an absolute STAR but it looks like he may not get a second term.
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I'm not an economist but here goes.

Rajan's policies are very good. If India is doing relatively better than most others on the economic front, it is largely due to his policies.

His critics accuse him of thwarting industrial development and investment by keeping interest rates high. But what they don't realize is that lowering interest rates will result in runaway inflation, something most people don't want. It is creating this 'economic bubble' that Rajan wants to avoid.
 
Have heard great things about him, especially during the 2007-2009 crash. Apparently he warned a lot of bankers that the recession would happen...and because of that I've also heard that he was disliked by the entire banking industry on wall st. Larry Summers even tried getting him moved out of Booth. These are all hearsay though...not sure how true it is.
 
sshakir411 said:
Have heard great things about him, especially during the 2007-2009 crash. Apparently he warned a lot of bankers that the recession would happen...and because of that I've also heard that he was disliked by the entire banking industry on wall st. Larry Summers even tried getting him moved out of Booth. These are all hearsay though...not sure how true it is.
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Larry Summers was furious at him after he did a presentation in IMF.

I came to know of it from the Oscar winning documentary Inside Job.
 
sensible-indian-fan said:
Larry Summers was furious at him after he did a presentation in IMF.

I came to know of it from the Oscar winning documentary Inside Job.
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Rajan's philosophy centers low risk and actual wealth generation in economy.
Artificial money bubbles is something he likes to prevent.
 
That is always a balancing act.Too much tilt in either direction is not good.Swamy thinks he is too worried about inflation while he should be worried about growth.
 
sshakir411 said:
Have heard great things about him, especially during the 2007-2009 crash. Apparently he warned a lot of bankers that the recession would happen...and because of that I've also heard that he was disliked by the entire banking industry on wall st. Larry Summers even tried getting him moved out of Booth. These are all hearsay though...not sure how true it is.
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It was at a conference meant to say goodbye to Alan Greenspan. Rajan was to present a paper showing how Greenspan & other Fed people's effort had made the economy safer. He says as he began to investigate, he realised that actually the opposite was true. And the commendable thing was he had the guts to present that conclusion in that conference which had Whos-Who of the financial world in attendance. Larry Summers ridiculed him & called him a leftist or something. Ben Bernanke also criticized him. But this wasn't the first time he had done such a thing. While he was at IMF, he presented a paper with Arvind Subramanian showing that monetary aid did not improve conditions in poor countries (and this was a day before the IMF was going to push the developed countries to give more aid). But he has had to be diplomatic in this role, like when he was asked to comment on the govt upgrading to a new GDP calculation methodology to inflate the growth rate, he was quite evasive.
 
anakin said:
Rajan's philosophy centers low risk and actual wealth generation in economy.
Artificial money bubbles is something he likes to prevent.
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Exactly.

Unless theres a manufacturing, export or some concrete value addition fuelled growth, the number juggling of interest rates etc to increase growth is only going to be detrimental in the long term.
 
Abhilash93 said:
It was at a conference meant to say goodbye to Alan Greenspan. Rajan was to present a paper showing how Greenspan & other Fed people's effort had made the economy safer. He says as he began to investigate, he realised that actually the opposite was true. And the commendable thing was he had the guts to present that conclusion in that conference which had Whos-Who of the financial world in attendance. Larry Summers ridiculed him & called him a leftist or something. Ben Bernanke also criticized him. But this wasn't the first time he had done such a thing. While he was at IMF, he presented a paper with Arvind Subramanian showing that monetary aid did not improve conditions in poor countries (and this was a day before the IMF was going to push the developed countries to give more aid). But he has had to be diplomatic in this role, like when he was asked to comment on the govt upgrading to a new GDP calculation methodology to inflate the growth rate, he was quite evasive.
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Wow...that is both rude and gutsy.

Not sure how I feel about that.

As for GDP calculation, who changed the method? Govt? Does the new method accepted in international circuits? We went from 4.9% growth to 7.5% with the new method right?

Right now, I am seeing articles about India being the fastest growing economy. But think its not just indian sites which are posting it.

What's the actual reality?
 
sensible-indian-fan said:
Wow...that is both rude and gutsy.

Not sure how I feel about that.

As for GDP calculation, who changed the method? Govt? Does the new method accepted in international circuits? We went from 4.9% growth to 7.5% with the new method right?

Right now, I am seeing articles about India being the fastest growing economy. But think its not just indian sites which are posting it.

What's the actual reality?
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The base year was changed in GDP and even by IMF and WB calculations India is the fastest growing economy in the world,with growth at 7.9% in Jan-March 2016.
 
NEW DELHI: In late 2014, the knives were out for RBI governor Raghuram Rajan.

Finance ministry officials were frustrated by his reluctance to cut interest rates to stimulate growth, and moves were afoot to ease him out of the job. Some were airing their reservations about Rajan's hawkish stance in the media.

Prime Minister Narendra Modi convened a meeting of senior finance ministry staff that December to hear their complaints, said a person who was present.

At the end, the leader delivered a stern message: do not indulge in a public spat with the central bank.

The moment marked a turning point in ties between the heads of the newly installed government and the Reserve Bank of India. Since then, Modi and Rajan have developed a close working rapport, government officials and people close to the governor say, and that could be crucial to the $2 trillion economy.

With Modi's patronage, it is more likely the government will reappoint Rajan, whose three-year term expires in September, should he wish to stay on, the sources said.

That would allow him to try to revive India's banking sector that has been smothered by distressed debt, which, in turn, is choking off economic recovery.

"Rajan will get another term and he will accept it," said Arvind Mayaram, former finance secretary who Rajan worked with closely first as the government's chief economic adviser and then as RBI governor. "He is well entrenched in India's political economy."

A top government official said the decision rests with Modi and the leader has not yet said what he wants to do. Modi recently told The Wall Street Journal that Rajan's reappointment would come up only in September.

The official, speaking anonymously because he was not authorised to discuss the matter with the press, added that the Prime Minister was "proud" of the RBI governor and that a campaign against Rajan would not affect Modi's decision.

The Prime Minister's office and finance ministry did not respond to requests for comment. Rajan, former chief economist at the International Monetary Fund, has not disclosed his plans, and did not respond to requests for comment for this article.

Modi's support is key

Modi's support would be important if the 53-year-old RBI chief is to get the big state banking sector to complete a cleanup of massive debts and force defaulters to pay up.

Banks making provisions for bad debt are reluctant to issue new loans, leading to criticism within the sector and complaints from smaller businesses and politicians.

Patronage from above will also help shield Rajan from lingering opposition within the ruling Bharatiya Janata Party (BJP) to a man known for his straight talking and willingness to question government policy and achievements.

As the personal understanding between Rajan and Modi appears to grow, some officials still resent him.

The fact that Rajan was appointed by the previous Congress government did not help him win friends in Modi's BJP, and the former University of Chicago professor has been viewed by some with suspicion as a product of the West, not India.

BJP parliamentarian and economist Subramanian Swamy, one of those leading a campaign to remove Rajan, recently accused him of "wilfully and deliberately wrecking the Indian economy."

The governor's penchant for blunt commentary raises hackles.

Rajan's appeal for tolerance late last year was perceived to be a veiled criticism of the government for appealing to the Hindu majority at the expense of minority communities, prompting Swamy to rebuke him for speaking like a "grandfather".

Rajan recently compared India's fast-growing economy to a "one-eyed king in the land of the blind". Trade minister Nirmala Sitharaman publicly censured his comments.

Bonhomie

The first signs of growing bonhomie between Modi and Rajan came early last year, when Modi called Rajan the "best teacher" for explaining complex economic issues to him.

Days later, the governor returned the compliment, saying the teaching went both ways.

The Prime Minister backed Rajan in the monetary policy panel's composition and blocking moves to strip the RBI's authority to regulate government bonds and manage public debt.

Modi's office also directed the finance ministry to pursue only those policies where there was agreement with the central bank, a former finance ministry official said.

The governor frequently visits New Delhi to meet Modi, a government official with direct knowledge said. But their meetings are mostly kept away from the public gaze.

Modi's office declined a request to disclose the number and details of the meetings, saying the information relates to "economic interest of the state".

Rajan had help from junior finance minister Jayant Sinha, a college friend and one of the more influential economic voices in the Modi government.

At the December meeting, Sinha told the attendees that the clashes were undermining the government's credibility, the person present said.

A government source said that Sinha also facilitated meetings between Rajan and Modi to broker a compromise on thorny issues such as the composition of the new monetary panel. Sinha did not respond to a request for comment.

Learning on the job

Rajan may prove a more effective governor second time around if he gets the chance, say some RBI insiders and economists.

Although he fended off a market attack on the rupee early in his tenure, bankers, economists and his former colleagues said he was relatively slow to grasp how liquidity flows through the economy and how to fine tune it to meet his primary policy goal of taming inflation.

Under Rajan, the RBI forced banks to source limited short-term funds from cash-for-bond auctions rather than getting unlimited funds from the central bank at a fixed rate.

Banks complained the new system was forcing up costs and hampering the transmission of rate cuts to the real economy, said several bankers privy to the discussions with the RBI.

At first, Rajan publicly dismissed their concerns as "nonsense". It was only after 16 months of pleading by banks that he finally revamped the RBI's liquidity management in April, the bankers said.

A second stint is likely to see a more accomplished operator as the RBI tackles bank debt, tries to develop the bond market as a viable source of funding for companies and switches to a Western-style approach to decision making.

A new monetary policy panel will be formed later this year to set interest rates, something Rajan favoured to make the RBI more independent and introduce transparency to the process.

In a key victory for Rajan, draft legislation from the finance ministry that would have allowed the government to appoint more than half of the panel's members was amended to split it evenly between government and RBI nominees.

Rajan will get the casting vote in the case of a 3-3 split.

Those who have worked with Rajan said his people skills and powers of persuasion will give him a big say on setting rates.

http://timesofindia.indiatimes.com/...spite-broad-mistrust/articleshow/52532287.cms
 
Rajan knows only too well that any interest rate cut will only benefit the rich Indians. The whole banking system favours them.

Cut the interest rate and the rich will borrow and dump even more money into business and real estate without any coherent plan for long term business sustenance. While this may create a few jobs in the short term, it will only drive up inflation and create more NPAs in the long term.

This is exactly where Rajan is at the loggerheads with the BJP, a party that is primarily supported and financed by the banias and other business types.
 
People love the idea that there are great men out there who understand complex human systems like modern warfare or economy as if it were an actual science.

So you have a whole host of different people all defending their simplistic theories and making correct predictions about the past with them - as well as thousands of false predictions about the future. Sometimes, one of them will get one thing right so he will try to highlight it to the world while the majority who got it wrong will make themselves small. Then, when he gets it wrong, he will make himself small and let others hog the limelight while blaming circumstances and exceptions for his error.

When decisions are made based on these simplistic theories, the results depend entirely on unforseen forces.

The same theories that got a person hailed as a hero when the outside forces were favourable will get him thrown out as incompetent or has-been when the winds of destiny turn on him - and he won't be able to do anything but scratch his head as to where he got it wrong.
Truth is he didn't get it wrong as neither did he get it right before, it was all a gamble.

This is the essence of central banks decisions and day trading.
 
endymion248 said:
People love the idea that there are great men out there who understand complex human systems like modern warfare or economy as if it were an actual science.

So you have a whole host of different people all defending their simplistic theories and making correct predictions about the past with them - as well as thousands of false predictions about the future. Sometimes, one of them will get one thing right so he will try to highlight it to the world while the majority who got it wrong will make themselves small. Then, when he gets it wrong, he will make himself small and let others hog the limelight while blaming circumstances and exceptions for his error.

When decisions are made based on these simplistic theories, the results depend entirely on unforseen forces.

The same theories that got a person hailed as a hero when the outside forces were favourable will get him thrown out as incompetent or has-been when the winds of destiny turn on him - and he won't be able to do anything but scratch his head as to where he got it wrong.
Truth is he didn't get it wrong as neither did he get it right before, it was all a gamble.

This is the essence of central banks decisions and day trading.
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Its about credibility ,ability to tell the truth even when things are hard ,Rajan's saying that India is a one eyed man in the crowd of blind people shows that he isn't joining the bandwagon of (fastest growing economy) cheerleaders and also bringing in accountability among the PSU banks in India proves his credibility.
 
He said no to second term.

Looks like BJP weren't gonna renew it so he decided to go back to academia.

"While I was open to seeing these developments through, on due reflection, and after consultation with the government, I want to share with you that I will be returning to academia when my term as Governor ends on September 4, 2016. I will, of course, always be available to serve my country when needed," Rajan said in a statement.
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http://www.news18.com/news/business/raghuram-rajan-says-no-to-2nd-term-as-rbi-governor-1258223.html
 
Disappointing but not surprising - he'll return to academia and probably sit on the board of a few Fortune 500 companies - he'll earn 10 x as much as he currently does for 10 x less the work load and stress levels.
 
Gabbar Singh said:
Disappointing but not surprising - he'll return to academia and probably sit on the board of a few Fortune 500 companies - he'll earn 10 x as much as he currently does for 10 x less the work load and stress levels.
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Now i am interested in seeing who is the replacement.If its some lightweight yes man i will be extremely extremely disappointed.

These appointments to posts by BJP,the likes of Nihalani,Chetan Chauhan,Gajender Chauhan have been a very poor effort,another such shabby appointment to RBI and i will probably burst a vein.
 
Arvind Panagariya should be the replacement,but i have doubts about his citizenship.
 
Gabbar Singh said:
Disappointing but not surprising - he'll return to academia and probably sit on the board of a few Fortune 500 companies - he'll earn 10 x as much as he currently does for 10 x less the work load and stress levels.
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There were strong and credible rumours of him taking Over from Lagarde at one point
 
cricketjoshila said:
Now i am interested in seeing who is the replacement.If its some lightweight yes man i will be extremely extremely disappointed.

These appointments to posts by BJP,the likes of Nihalani,Chetan Chauhan,Gajender Chauhan have been a very poor effort,another such shabby appointment to RBI and i will probably burst a vein.
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Agree, These appointments are a joke.Had high expectations from Modi.Evaporating very very fast.
 
both Subba Rao and RR worked independently and respective Govts did not like it. This is always a tussle between Govt and Central bank. Monetary and fiscal policy should ideally support each other but to maintain balance between the trinity of inflation, exchange rate and capital movement, central bank need to counter govt at some stage. RR has done great job in keeping MP independent. The next person will be under tremendous pressure to keep CB independent of govt.
 
lol. this guy now wants to go and teach abroad. why not serve indian students if india was your first priority. good riddance mister rajan and never ever come back.
 
gani999 said:
Like all development economists, Basu is left leaning.

The BJP establishment will have even bigger issues with him than it did with Rajan.
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Unless they want a nobody and yes man Kaushik Basu and Arvind Subramaniam are the best shots.
 
I think Rajan stepping into political debates like intolerance etc were the main factor behind the government not wanting him for another term.
 
hurricanes said:
I think Rajan stepping into political debates like intolerance etc were the main factor behind the government not wanting him for another term.
Click to expand...
True. He often used to comment on things he shouldn't have
 
Only an idiot of highest order can debate that reducing interest rate to SMEs and Poor's would have increased inflation, and somehow a 10-12% interest on housing/vehicle doesn't do. and that idiot is rajan. Well done Swamy for raising awareness against this fake messiah for fake economists.
 
neither. the economy is suffering an anemic growth but a convenient accounting trick permits india to advertise a 7%+ growth rate then in fact it is nearer to 5%.

rajan kept the inflation in check and has been no fan of quantitative easing as it usually leads to over valuation. he has a conservative approach to economy - no overheated growth and no dull recessions. he is like the mcgrath of economies and modi and co. wanted shane bond.
 
Patel quits.

<blockquote class="twitter-tweet"><p lang="en" dir="ltr">Reserve Bank Governor <a href="https://twitter.com/hashtag/UrjitPatel?src=hash&ref_src=twsrc%5Etfw">#UrjitPatel</a> steps down from his post citing personal reasons. In a statement Urjit Patel said he is stepping down with immediate effect. <a href="https://t.co/1DW2LwQiRG">pic.twitter.com/1DW2LwQiRG</a></p>— All India Radio News (@airnewsalerts) <a href="https://twitter.com/airnewsalerts/status/1072104621185863680?ref_src=twsrc%5Etfw">December 10, 2018</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 
And now Modi boy can loot the reserves for short term growth. In a few years We can probably have Modi joining Imran Khan on begging trips to IMF and China asking for a bailout. Atleast that could be a good peace move
 
BJP 2013 has easily been the worst govn to have such a huge mandate.
Except for passport office thanks to Sushma and her minstry ,there has absolutely been no difference and BJP has weakened the institutions as well.

Sad they we're supposed to bring the change but nothing on ground ,their biggest positive for 2019 is Raga running from Congress and easily ppll would choose Modi. :facepalm:
 
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