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Rajan to step down as RBI Governor in September

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Raghuram Rajan...Putting an end to the suspense over whether or not he would continue as RBI Governor, Raghuram Rajan last week announced that he would step down on September 4. Interestingly, the RBI Governor also declared that would return to the academia.

“I am an academic and my ultimate home is in the realm of ideas. The approaching end of my three year term, and of my leave at the University of Chicago, was therefore a good time to reflect on how much we had accomplished. 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,” he said.

Finance Minister Arun Jaitley tweeted and acknowledged the development of Rajan’s announcement of taking retirement. “Government appreciates the good work done by Rajan and respects his decision. Efforts are being made to take a decision on his successor,” Jaitely said.

However, many experts have raised their concerns over Rajan’s declaration on his retirement as they opine that it would dampen the economy.

Former finance secretary Arvind Mayaram wrote in a tweet, “Raghuram Rajan’s decision not to seek second term would be very costly for the eco(nomy). Not a good omen.”

BJP Rajya Sabha MP Subramanian Swamy in an interview to wire agency ANI said, “Was he getting a second term in the first place? If he says he wants to go, I’ve no problem. Let him pretend that he is giving up and going. As long as he is going, it is good.”

Notably, Swamy had been in the limelight for consistently accusing Rajan of wrecking the Indian economy. In a letter written to PM Modi, Swamy had gone to the extent of calling him “mentally not fully Indian”, and had demanded his sacking.

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