Business News Desk !! Raghuram Rajan (English: Raghuram Rajan, Full Name: Raghuram Govind Rajan, Birth: 3 February 1964) has been a former (23rd) governor of the Reserve Bank of India. On 4 September 2013, he took this charge after D. Subbarao’s retirement. Raghuram Rajan, one of the ten economists of the world, took over as Governor after Dr. D. Subbarao. Along with handling the falling rupee on Raghuram Rajan, the biggest challenge was to bring back the country’s economy again. On September 4, 2016, Raghuram Rajan’s term was completed and Urjit Patel took charge as the new Governor of RBI from 5 September 2016.
Life introduction
Raghuram Rajan, who has won several awards related to the economy and was an economic advisor to Prime Minister Manmohan Singh, was born on 3 February 1964 in a Tamil family in Bhopal, Madhya Pradesh. Since his birth, he continued to roam Sri Lanka, Indonesia and Belgium with his family and his early education also continued. In 1974, he came to India from Belgium and did the rest of his studies from Delhi.
Education
In 1985, he completed his graduation in the Directory Engineering from IIT, Delhi. Raghuram was given the gold medal of the Best All Round Achievement by the Director of IIT Delhi. He then completed his post graduation in Business Administration from IIM Ahmedabad where he got a gold medal again. In 1991, Raghuram received his PhD from MIT in the subject of ‘Banking Essay’ in management. Raghurajan became a faculty in the booth school of business of Chicago University only after the Graduate. In 2003, he became the youngest Economic Advisor and Director of Research in the International Monetary Fund (IMF). In 2003, the American Finance Association attended the award show program for economists under 40 years of age, where he was awarded the 5th Duthe Bank Award by the Center for Finance Study for his significant contribution to the Finos Economics. In 2005, Raghuram introduced a research paper on the Critical of the Fincial Sector at the US Federal Reserve. His experience in recovering from the 2008 economic crisis came in handy. After this, in 2009, he was published about him at The Wall Street General, after which he interviewed the Academy Award winning document Inside Job.
Scope
In 2008, he was appointed as the Economic Advisor to Prime Minister Manmohan Singh and the same year a meeting of the High Level Committee on Financial Refom was held under his chairedness, whose final report was submitted to the Planning Commission. In 2012, he was appointed as the head of Economic Advisor in the Ministry of Finance Indian. Raghuram Rajan wrote a research paper for the 2008-12 period of 2008-12 regarding the economic crisis in Europe and US during the 2008, which gave detailed information on the reasons for this economic crisis.
Research paper
In 2012, he participated in the discussion on how to strengthen US and Europe with Rajan and Paul Krugman where they were included in the Editor Committee. He along with several authors also wrote several research papers including ‘Saving Capitalilm Fomm Capitalistus’, ‘The True Lesson of the Region’.
Middle class man
Raghuram Rajan may not satisfy politicians during his tenure, but he did a lot of work for the common people in such a short time. He is called a middle class man. Because he became the only governor who did not think about the upper class tax and economy but made the bank scheme according to the lower and middle class. Rajan did not make much changes in the policy, but the growth of three years suggests that if he had been made for some more time, then there could have been a huge change in India’s economy.
Friends of banks
Rajan has no answer in bank loan and inflation. He worked renewed every time on monetary policy. He took many new initiatives in the banking sector. He announced the opening of microfincial branches such as IFDC and Bandhan as banks. This has happened for the first time in the last two decades. Banks said that the interest rate was always minimum during their tenure, due to which there was no effect on inflation. He returned a lot from social media and politics, but he never adopted a negative attitude. There were many private attacks on him, yet he did his work correctly. He made his mark as a sensible and serious governor. Small finance and NPA planned to open.
Paytm and Airtel machines also came to the market during their era. When Rajan took charge, inflation was at its peak, but he worked on the policies of the Central Bank. However, even today we are fighting inflation. The Finance Minister has also accepted this. In November of 2015, he improved asset quality. When Rajan took over in 2013, inflation was 9 per cent and wholesale inflation went down 7 per cent, but within three years retail inflation went under 4. One thing to remember is that the rupee became very strong in his time. There was also a historic bounce in the stock market. The rupee strengthened more than 60 rupees within a year.
Prize and honor
Raghuram Rajan had already predicted the financial crisis in India. In April 2009, Rajan wrote a guest column for ‘The Economist’, in which he proposed that there should be a regulatory system that can reduce the unexpected profit in the financial cycle. Raghuram Rajan has received the following awards
By Nasakom in 2011 – Global Indian of the Year. Honor to Economic Science by Infosys in 2012. 2013 Center for Financial Studies, Dutash Bank Samman Publication for Financial Economics.
