The Chief Economic Advisor Raghuram G. Rajan has been appointed as the next Governor of the Reserve Bank of India...D.Subbarao who holds the same position at present will complete his five year term on September 5, after him Mr.Rajan will take charge in his place as 23rd RBI Governer. Prime Minister Mr.Manmohan Singh has approved his appointment for this post for a term of three years.Rajan will be the youngest governor ever to serve at the RBI. He will be 50 years and six months old when he takes over as the 23rd Governor on September 5. He will be the first non-civil servant in 10 years to steer the RBI. The previous non-IAS RBI Governor was Bimal Jalan, who had an almost six-year stint that ended in 2003.
Rajan has not spent a significant part of his career in Indian Bureaucracy but his International experience and deep understanding of the global economy at a time when external factors are pulling down the rupee would have definitely gone in his favor..Although his journey would no be that much easy as a governer at the time when Indian economy is really in a bad shape external factors are pulling down the rupee..a phase when Indian Rupee has touched a life-time low, he needs to come up with some liquidity tightening measures that RBI has taken over the past few weeks to drain liquidity in the system and increase the cost of money. He has also accepted that there is no magic wand to disappear the economic problems overnight. All of us know that these things can't happen in some moments or even we are not expecting the same to happen in some days..but atleast he must have a plan with him to do some marvellous things in the near future.
India is very much hopeful with the new ruler at RBI..everyone wants to see the Indian economy in a better shape with less inflation in the country, he has to regain the market confidence also..as the market has lose its confidence on the Central Bank.
So as RBI Governer, Mr.Rajan has a big to-do list in hands..Lets see how much of the tasks get implemented and which all will get left.
What all we can say is..All the Best Sir...
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